What is NRAS?
The NRAS program (National Rental Affordability Scheme) is designed to stimulate the building of new rental homes in growth areas to satisfy a high demand for reasonably priced rental property by middle income Australian families.
Grattan Institute economist Saul Eslake identifies the cause of the challenge for rental affordability by highlighting a staggering "Ninety-two per cent of investors in rental property buy established property, so it does nothing to increase the supply of housing or keep rents down..."
The NRAS program is also designed to provide a method and incentive for Australian investors to buy new property, build their wealth and tangible assets, while stimulating the economy and building industry nationally whilst significantly improving the rental affordability in high growth areas.
Explain NRAS.
NRAS is short for National Rental Affordability Scheme. The NRAS scheme is a Federal and State Government backed incentive scheme creating a new
investment asset class designed to:
- encourage investors to develop additional new houses for the rental market.
- provide an affordable rent program for average Australian wage earners as individuals, couples and families. It is not social housing.
- yield higher than usual returns for investors in the residential property market.
- increase the number of rental dwellings built through the stimulation of demand and investment, while supporting the building industry and related jobs and the Australian economy.
- The government aims to achieve this by providing a tax incentive for investors in NRAS properties in return for the properties being rented at a discounted rate.
There are strict guidelines for properties to qualify under the NRAS scheme. NRAS properties must be close to transport, schools, shops etc making NRAS properties desirable for tenants and property investors. There are also specified guidelines for the management of NRAS properties. The manager is responsible for ensuring that tenants meet the income criteria and that they are reviewed against the criteria every two years.
The NRAS scheme is funded for up to 50,000 dwellings but will end for new investments 30 June 2012 although owners of NRAS Properties will continue to get the tax incentives for ten years from acquisition.
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