Make an appointment with a MyState Bank lender to start your application
What is a 'new home'?
Eligible FHLDS (New Homes) 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.
* MyState is currently accepting applications for the purchase of newly constructed dwellings only.
Who is eligible?
The eligibility criteria for the FHLDS (New Homes) 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 FHLDS (New Homes). 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 FHLDS (New Homes). 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 FHLDS (New Homes).
** Investment properties are not eligible for the FHLDS (New Homes). 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 FHLDS (New Homes) and are detailed in the table below.
|Region||FHLDS (New Homes) property price cap|
|TAS – capital city||$550,000|
|TAS – other||$400,000|
|NSW – capital city||$950,000|
|NSW – regional centre (Newcastle and Lake Macquarie)||$950,000|
|NSW – regional centre (Illawarra)||$950,000|
|NSW – other||$600,000|
|VIC – capital city||$850,000|
|VIC – regional centre (Geelong)||$850,000|
|VIC – other||$550,000|
|QLD – capital city||$650,000|
|QLD – regional centre (Gold Coast)||$650,000|
|QLD – regional centre (Sunshine Coast)||$650,000|
|QLD – other||$500,000|
|WA – capital city||$550,000|
|WA – other||$400,000|
|SA – capital city||$550,000|
|SA – other||$400,000|
|Jervis Bay Territory & Norfolk Island||$600,000|
|Christmas Island & Cocos (Keeling) Island||$400,000|