NRAS - Perceived pitfalls to be aware and avoid.
NRAS Australia uncovers, explores and explains how to avoid concerns or pitfalls in NRAS investment property. To make your NRAS investment experience the smooth and positive experience it should and can be, BEWARE OF SOME OF THE FOLLOWING COMMON NRAS PITFALLS!
To avoid the poor experiences that some investors have had trying to sort their own NRAS finance with their existing mortgage lenders. Here are some considerations and some of the more common mistakes made by the less aware:
NRAS Pitfall 1. INVESTORS MAY PERCEIVE THAT ALL LENDERS WILL LEND ON A NRAS PROPERTY.
Some lenders do NOT have lending policies for NRAS Properties. Today most do, however in some cases lenders may have very specific and conservative policies that require a considered application approach. For this reason an NRAS finance specialist can be of significant assistance in helping you to negotiate what some scaremongers call the NRAS finance 'minefield'. Contact us on 1300 NRAS AU or 1300 67 27 28 for recommended
NRAS finance partnersNRAS Pitfall 2. INVESTORS MIGHT BELIEVE THAT FOR A LENDER, AN NRAS PROPERTY IS JUST ANOTHER TYPE OF INVESTMENT PROPERTY.
Not true at all unfortunately. A NRAS investment property is quite unique and specialised and a prospective lender is required to create a specific lending policy on NRAS investment properties. In fact, even a lender that DOES have a lending policy for NRAS properties most likely WON?T have an open lending policy for all types of NRAS properties. Which means knowing all of the NRAS lending policies in Australia is critical to selecting the most appropriate lending option for your selected investment.
NRAS Pitfall 3. INVESTORS MAY NOT DECLARE TO THEIR LENDER THAT THE PROPERTY THEY ARE BUYING IS A NRAS PROPERTY.
We advise strongly not to do so. Be very careful about taking this course of action as it opens you up to a potential civil suit from the lender as well as possible fraud charges. Always ensure that your purchase contract states that you are buying an NRAS investment property.
NRAS Pitfall 4. INVESTORS MAY PURCHASE A PROPERTY THAT HASN'T YET RECEIVED ITS OFFICIAL NRAS APPROVAL.
If the NRAS promoter is telling you that the property you're looking to buy has an allocation for NRAS, be certain it has been officially NRAS approved BEFORE YOU BUY IT. Otherwise you may find yourself owning a property that has no official NRAS standing and not be able to claim any of the needed government benefits.
NRAS Pitfall 6. INVESTORS MIGHT THINK THAT ALL FINANCE BROKERS ARE AWARE OF NRAS AND CAN HELP WITH SOURCING LENDING OPTIONS.
Unfortunately, whilst far more are in the know about NRAS now and NRAS is certainly on the lips of the informed, this is not the case. In reality, many finance brokers are neither aware or experienced in sourcing NRAS lending solutions. An effective finance broker in this specialised area needs to understand the unique details and characteristics of the National Rental Affordability Scheme (NRAS) in order to be of true assistance and service.
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