Buying your first home is exhilarating—but without proper preparation, it can quickly become overwhelming. At Lyon Legal, we’ve helped hundreds of first-home buyers across Northern NSW navigate the conveyancing process successfully. This guide provides your essential step-by-step checklist, plus key insights into grants and schemes that could save you thousands.
Why This Checklist Matters
Statistics show:
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42% of first-home buyers regret not understanding conveyancing better (ABS 2023)
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1 in 5 NSW property purchases face delays due to avoidable conveyancing errors
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Eligible buyers often miss out on $10,000+ in grants by not claiming correctly
Our checklist helps you:
✅ Avoid costly legal pitfalls
✅ Maximize your first-home benefits
✅ Move into your dream home stress-free
Pre-Purchase Essentials
1. Understand Your Budget (Including Hidden Costs)
Beyond the purchase price, factor in:
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Conveyancing fees: $1,500-$2,500 (NSW average)
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Stamp duty: Use the NSW Revenue Calculator
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Building/pest inspections: $500-$1,000
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Lender’s mortgage insurance (if deposit <20%)
Case Study: A Byron Bay buyer saved $32,000 using the First Home Buyer Assistance Scheme after we identified their eligibility.
2. Research Grants & Schemes
Key NSW Programs:
| Scheme | Potential Savings | Eligibility |
|---|---|---|
| First Home Buyer Assistance Scheme | $0 stamp duty (<$800k) | Must be Australian citizen |
| First Home Guarantee | 5% deposit (no LMI) | Income <$125k singles/$200k couples |
| Regional First Home Buyer Grant | $10,000 grant | New homes in regional NSW |
Action Step: Download our free grant eligibility guide .
Contract Exchange: Critical Checks
3. Contract Review (Non-Negotiables)
Your conveyancer should verify:
✔ Zoning and permitted uses (e.g., can you add a granny flat?)
✔ Easements (rights others have over the property)
✔ Special conditions (e.g., “subject to finance” clauses)
✔ Strata reports (for apartments – check levies and sinking funds)
Red Flag: We recently saved a Lismore client from buying a property with an undocumented sewer line easement.
4. Cooling-Off Period Strategy
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Standard 5 business days for residential purchases
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Can be waived with a 66W Certificate (requires lawyer approval)
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Use this time for:
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Final inspections
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Finance confirmation
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Reviewing strata reports
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Between Exchange and Settlement
5. Document Preparation Timeline
| Task | Deadline |
|---|---|
| Pay deposit | Usually 10% within 7 days |
| Final mortgage approval | 3-4 weeks pre-settlement |
| Pre-settlement inspection | 1 week before settlement |
| Insurance commencement | From exchange date |
6. Property Searches You Need
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Title search: Confirms ownership and restrictions
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Council records: Check for approvals/notices
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Road widening plans: Especially important for regional properties
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Flood/bushfire maps: Critical in Northern NSW
Settlement Day: What to Expect
7. Final Checks Before Keys Are Yours
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Verify all contract conditions are met
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Confirm adjustments (rates, strata fees) are calculated
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Ensure bank funds are ready for transfer
8. Post-Settlement Essentials
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Update electoral roll and driver’s license
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Notify utilities providers
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Store all documents safely (you’ll need them for tax/CGT)
First-Home Buyer FAQ (Schema Optimized)
Q: How much does conveyancing cost for first-home buyers in NSW?
*A: Typically $1,500-$2,500. Some firms offer first-home buyer discounts.*
Q: Can I get stamp duty relief if I buy a $900k property?
A: Partial exemptions may apply – our grant guide explains thresholds.
Q: What if the building inspection finds problems?
A: You may negotiate repairs/price reduction before settlement.
Why Choose Lyon Legal?
✔ Northern NSW specialists (we know local council nuances)
✔ Fixed-fee packages tailored for first-home buyers
✔ Grant maximization – we ensure you claim all entitlements
Limited Offer: Free 30-minute conveyancing consultation for first-home buyers.
Call (02) 6722 4898
Email: conveyancing@lyonlegal.com.au
Key Takeaways
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Research grants early – savings can exceed $30,000
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Never skip inspections – future repairs cost more
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Choose local expertise – NSW laws differ from other states
Next Step: Download our First Home Buyer Conveyancing Timeline
