Assistant Minister to the Prime Minister Ben Morton announced on Saturday that the mid-century 'Lodge in Waiting' would be entrusted to the Whitlam Institute, within Western Sydney University.

Institute chair John Faulkner says ensuring and protecting the heritage value of the residence at 32 Albert Street in Cabramatta will be a significant legacy for future generations.

"We look forward to meeting the responsibility of protecting and managing this important national heritage asset in perpetuity," Mr Faulkner said.

Part of the Community Grants Development Program, the funding of the home aims to protect the impressive historical significance of the building.

"This home is an indelible part of Australia's national history - and it should be preserved and treasured for future generations," Mr Morton said.

"I am delighted the Whitlam Institute and Western Sydney University have committed to hold and manage this important national asset for the long term where visitors can be engaged in Australia's democracy."

Director of the Institute, Leanne Smith described the acquisition as an honour, especially as it occurs on the eve of the 50th anniversary of the Whitlam government's election.

Australian Associated Press