The baby boy is Courtney’s third child and Woodford’s first.
The 2010 champion has a daughter Zara and a son Cadel with his former partner.
The newlyweds shared photos of their newborn’s arrival on Instagram, revealing Tegan had given birth on Tuesday.
It comes after the new parents revealed they had secretly tied the knot earlier this month.
The Tickford driver tied the knot last month
Courtney returned to his Gold Coast-based home following Sunday's dramatic Repco Bathurst 1000, which saw the #5 Snowy River Caravan Mustang crash out in the opening laps.
Courtney’s co-driver Zane Goddard came unstuck following an attempt to overtake Greg Murphy at The Chase on lap 5.
It is understood Courtney will contest the Boost Mobile Gold Coast 500 across 28-30 October 2022.
Courtney is one of several drivers to welcome a new addition to the family in the next 12 months.