EMB 145 First Officer reported hydraulic system failure during final approach and loss of nosewheel steering after landing. Aircraft was towed to parking.

Narrative

On final approach after selecting gear down; we received a HYD SYS 1 failure; with associated amber and cyan messages on the EICAS; approximately 5 seconds after gear extension. We confirmed that the landing gear was down and locked; and all indications were normal.Referencing the QRH; we noted that landing performance would be affected; requiring an increase in landing distance by a factor of 1.6. Based on our weight and runway available; we determined that we could safely land and elected to continue the approach.After a normal touchdown; we were unable to taxi due to loss of nosewheel steering; so we came to a stop on the runway and advised ATC of the issue. We completed the After Landing Checklist and reviewed the Hydraulic System 1 failure procedures in the QRH. ATC [gave us priority handling] on our behalf. The landing itself was uneventful and all systems remained stable post-landing.The Captain coordinated with Maintenance and Dispatch; while I was delegated to communicate with ATC and update the passengers. Ground personnel advised that the aircraft could not be towed with passengers onboard; so we arranged for a shuttle bus and deplaned passengers on the runway.The airplane was towed to a parking spot. After the aircraft was parked; it was noted that there was a broken hydraulic line.