The grant can be used towards Building a New Home or conducting major renovations valued between $150,000 to $750,000.

The grants will be means tested, allowing singles who earn up to $125,000 and couples who earn up to $200,000 to access the scheme.

If renovating, the value of the house must not exceed $1.5 million and excludes sheds, pools, granny flats and any other structures not attached to the property.

The government has stated this grant is a temporary scheme and will only be available from now until December 2020.