Make an appointment with a MyState Bank lender to start your application
What is a 'new home'?
Eligible NHG properties include:
- newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
- off-the-plan dwellings (e.g. whether a freestanding house, townhouse or apartment)
- house and land packages
Under the MyState policy, for the building of a new home, a combined land purchase and construction contract is required on submission. We do not accept a separate land purchase with later construction.
To be eligible, the borrower purchasing the newly built dwelling must be a first home buyer.
Who is eligible?
The eligibility criteria for the NHG is the same as the criteria for the FHLDS. Applicants must:
- be Australian citizens
- be at least 18 years old
- be first home buyers who have not previously owned, or had an interest in, a property in Australia, either separately or jointly with someone else (this includes residential strata and company title properties)
- have between 5 and 20 per cent of the value of an eligible property for the loan deposit
- have a taxable income of up to $125,000 per annum for the previous financial year (if applying as a single applicant)
- have a combined taxable income of up to $200,000 per annum for the previous financial year (if applying as a couple* application)
- intend to be owner occupiers of the property**
You need to satisfy all these checks to qualify for the NHG. If you don’t meet the requirements for one or more of these checks, or have questions about any of these matters, you should seek advice on your application from a participating lender.
* Only single (individuals) or couples are eligible for the NHG. Couples are defined as those who are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for the NHG.
** Investment properties are not eligible for the NHG. In the case of active Australian Defence Force member applicant(s), the guarantee is not subject to the owner-occupier requirement after entering into the loan if they cannot meet this requirement because of their duties.
What are the revised property price caps?
A revised set of property price caps will apply specifically for eligible properties under the NHG and are detailed in the table below.
|Region||NHG property price cap|
|TAS – Capital City||$550,000|
|TAS – Other||$400,000|