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:
42% of first-home buyers regret not understanding conveyancing better (ABS 2023)
1 in 5 NSW property purchases face delays due to avoidable conveyancing errors
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:
Conveyancing fees: $1,500-$2,500 (NSW average)
Stamp duty: Use the NSW Revenue Calculator
Building/pest inspections: $500-$1,000
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
Standard 5 business days for residential purchases
Can be waived with a 66W Certificate (requires lawyer approval)
Use this time for:
Final inspections
Finance confirmation
Reviewing strata reports
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
Title search: Confirms ownership and restrictions
Council records: Check for approvals/notices
Road widening plans: Especially important for regional properties
Flood/bushfire maps: Critical in Northern NSW
Settlement Day: What to Expect
7. Final Checks Before Keys Are Yours
Verify all contract conditions are met
Confirm adjustments (rates, strata fees) are calculated
Ensure bank funds are ready for transfer
8. Post-Settlement Essentials
Update electoral roll and driver’s license
Notify utilities providers
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
Research grants early – savings can exceed $30,000
Never skip inspections – future repairs cost more
Choose local expertise – NSW laws differ from other states
Next Step: Download our First Home Buyer Conveyancing Timeline
