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First time home buyers are suddenly given two choices to move to buy or build their first homes.
First home buyers will be eligible for grants of up to $21,000 designed to stimulate housing activity.
The scheme will be time limited.
All contracts entered into by June 30 next year will be eligible for the new assistance.
The payment under the first home buyers scheme will be doubled from $7000 to $14,000 and first home buyers who buy newly-constructed home will receive an extra $14,000 taking their total grant to $21,000.
The Government will invest about $1.5 billion in the housing market over 2008/09 and 2009/10 through this initiative.
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