Australians will be offered $25,000 to build or substantially renovate their home as part of a new HomeBuilder package.

The $688 million program will offer a one-off cash payment to owner-occupiers and first home buyers from June 4 to December 31.

Singles who apply must earn up to $125,000 and couples up to $200,000 between them.

The cash will only be provided for major renovations, with new home builds valued up to $750,000, including land, and renovations in excess of $150,000.

Construction must be contracted to begin within three months of the contract date to avoid causing a blowout in property prices.

Treasurer Josh Frydenberg told Ben Fordham they hope it will prop up the construction industry.

“This program will be managed by the states.

“We think around 30,000 new homes and renovations will take place.

“The idea is to put more than 100,000 tradies back to work.”

Click PLAY below to hear the full interview