Wagga residents looking to build a new home or renovate an existing one would be matched dollar for dollar to a cap of around $25,000 under the proposed homebuyers grant.

The news comes to the relief of Lancaster Homes builder Baden Lancaster, who said the industry needed all the help it could get to get back up and running.

"There's been a lot of inquiry from apprentices looking for work, so we definitely are feeling it in Wagga," Mr Lancaster said.

"I don't think we've felt the full impact of it yet, so if they do approve this scheme it will kick the economy along and help all the tradesmen, subcontractors, suppliers."

Precise details of the grant are still shrouded in mystery, however the government has indicated it will reveal its plans in the coming days.

In the meantime, many Wagga residents are weighing up their options about whether to start renovations, according to RE/MAX director Dave Skow.

"Everyone I've spoken to so far is a little bit on the fence, because they're going to need to work out how much cash they're going to have to chip in and if they're in a position to do that," Mr Skow said.

"There are also a few buyers that are holding out to see what the incentive might be to build, rather than buy depending on what the government announces."

Mr Skow said he was crossing his fingers in the hope the government would lift stamp duty, which he says has been "prohibitive" for homebuyers.