National Rental Affordability Scheme – Information For Investors
If you have been considering investing in real estate, you can use the National Rental Affordability Scheme. However, before investing using the NRAS, here are some facts you should keep in mind.
This program represents a long-term commitment on behalf of the Australian Government to make rental housing more affordable. Founded in 2008, it addresses the fact that there was previously very little affordable housing available for those seeking to rent a dwelling.
The tax rebate motivates investors to build and rent homes to people with low or moderate income levels. It makes affordable rental housing available while also encouraging domestic real estate investments.
There are substantial tax savings associated with the NRAS Incentive. Businesses, individuals and community organisations can expect to save substantially. They must provide dwellings that rent at a 20 percent savings compared to the prevailing market rate, but they can expect to save up to almost $10,000 in taxes.
A flexible program, NRAS is open to several types of investors. Financial institutions, private developers, non-profit organisations, community housing groups and independent investors are all welcome to participate. Managed by the Department of Families, Housing, Community Services and Indigenous Affairs, the tax savings offered by this program can help you get a mortgage on investment rental properties. The tax rebates are available for ten years. After the program expires on a property, it converts to your full control and ownership.
You should strongly consider the disadvantages of participating in this program. Designed to help lower-income renters, you will have to rent the property to people in low to moderate income brackets at a 20 percent discount from market rates. You will not receive as much money every month as you might with another property, and there will always be the risk that your renter might not be able to pay. Additionally, you will have to supply a tenancy manager of the dwelling to ensure all requirements are met.
There are strict requirements for creating a NRAS approved dwelling. Firstly it must be a new rental; the program will not approve any dwelling previously used as a rental. It should have a separate lockable entrance for independent entry, and it must have proper facilities for the bathroom and kitchen. Mobile dwellings are not considered appropriate and will not be approved.
The NRAS program is a valuable tool for people trying to start investing in real estate and rental properties. The fine print of the program should be fully understood, including the reduced rental rates and stringent requirements where the property is concerned. Given the limitations, you may decide that avoiding this program and using a traditional loan is the better choice.
Talk to experienced finance professionals to determine which is in your your best interests. These should include your accountant and your tax advisor. When applying for an NRAS mortgage you should use a specialist mortgage broker that has access to many banks and lenders. This enables them to find you the best consortium with the lowest interest rates.
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