* Cash grants of $25,000 will be available for new home builds and major renovations

* Renovations worth between $150,000 and $750,000 are eligible

* Existing properties cannot be worth more than $1.5 million

* New homes can be worth $750,000 including land

* Renovations cannot be for outside additions, ruling out swimming pools, tennis courts, outdoor spas and saunas, sheds or garages

* Singles earing up to $125,000 a year will be eligible while couples must have a combined income of less than $200,000

* Owner-builders and investment properties are ineligible

* Contracts must be signed by December 31

* Construction must start within three months of signing a deal

* Contracts should not be inflated compared to the fair market price

* The measure is predicted to cost $688 million, provided 27,500 people take up the offer

* The program is designed to work alongside existing state and territory first home owner grants and stamp duty concessions.

(Source: Australian government HomeBuilder fact sheet)

Australian Associated Press