NRAS InformationInvestors (tenants see below)
The NRAS Tax Incentive is $9,981 [2012-2013]. This will be indexed from 1st May each year. 75% of this comes from the Commonwealth as a tax offset and 25% comes from the State as a cash transfer that is non-taxable.
The annual Incentive is available to compliant dwellings for a maximum of 10 years.
The Commonwealth Tax Incentive is payable as a Refundable Tax Offset, this means it reduces your tax bill or if you do not pay enough tax you can receive it as a tax refund. The States contribution is ‘non assessable and non exempt’ for tax purposes.
In laypersons terms these Incentives are ‘Tax-Free’.The Incentive is available to individuals, corporations and superannuation funds.
The Consortium has established its arrangement to ensure that the full value of the Incentive is received by its investor-partners. Both its Headlease and its Delivery Agreement are compliant with NRAS Regulations and NAHC has passed through all nras entitlements in full to investors without any compliance issues each year since 2009.
What if I want to sell?
You can leave NRAS at any time for any reason by using the termination rights in your Headlease [6 months] or Delivery Agreement [3 months]. This allows NAHC time to unwind the property and nras contracts.
You can sell your NRAS dwelling to another investor. NAHC’s documentation means that the tenant can stay in place, nras can continue and the headlease or delivery agreement can be fully assigned to a new buyer.
If you leave the Scheme completely you may lose some or all of the Entitlement to NRAS for the year in question. Your Agreement covers situations regarding sitting tenants relocation or NAHC legal or administration fees.
The CGU Product Disclosure Statement is available here
NAHC provides a packaged solution to NRAS delivery and this includes a minimum set of Insurance that we require across the portfolio. Building, Public Liability, Landlord Contents and Landlord-Tenant Cover. This has been negotiated with AON and CGU
The CGU package includes flood coverNAHC offers some additional cover to achieve zero excess for certain claims under the landlord-tenant policy. This is one of the benefits of packaging nras delivery for investors.
Independent Market Rental Valuation
A valuation must be conducted on the property in order to determine the market rent. This will allow NAHC to determine what the discounted rent will be under the National Rental Affordability Scheme.
NAHC will appoint valuers for years 1, 4 and 7 as required by NRAS regulations. The fee is payable by the investor.
Certificate of Occupancy
A certificate of occupancy must be received by the Consortium and lodged with the Government. The tenant process cannot begin until this is received.
Current and Future Tenants
Applying to Rent an NRAS Home
In order to apply for an NRAS rental, you will need to complete the following steps:
Step 1: Check your eligibility
Step 2: Check for available dwellings
Step 3: Download the NAHC Tenancy Application Form and view an example General Tenancy Agreement
Step 4: Submit your NAHC Tenancy Application for assessment
Step 5: View NAHC property management partners
To be eligible to tenant an NRAS property your income must correspond with the Federal Government's household income limits for tenant eligibility and the upper household income limits for maintaining eligibility, as at 3 September 2013. They are as follows:
|Household Types||At commencement of NRAS tenancy initial income limit must not exceed*||During NRAS tenancy upper income limit must not exceed*|
|Sole parent with 1 child||$63,579||$79,474|
|Sole parent with 2 children||$78,822||$98,528|
|Sole parent with 3 children||$94,065||$117,581|
|Couple with 1 child||$78,778||$98,473|
|Couple with 2 children||$94,021||$117,526|
|Couple with 3 children||$109,264||$136,580|
This list is not an exhaustive list and other household compositions may be eligible to rent NRAS dwellings if their gross household income for the previous 12 months is within the initial income limit as calculated using the formula as set out in Regulation 19.
When calculating incoming NRAS eligibility for household types not covered above, please use the formula below:
Person Type Income Level
First single adult $45,956
Each additional adult $17,579
Each child $15,243
First sole parent $48,336
Please note that tenant income is able to increase by 25 per cent before tenant eligibility is impacted and tenants are given a minimum of 1 year's notice if their income exceeds the upper threshold.
Conditions of Eligibility
- Eligibility conditions apply. In order to be considered for a property, you must first be an approved applicant under the NRAS Scheme. Please visit the Department of Communities website at www.nras.communities.qld.gov.au and complete the online Eligibility Check and application.
- Rental applications can be obtained from website, request to email@example.com or by attending Open For Inspection.
- Initial lease is for six months. Following leases can be for a longer period by agreement.
- One application must be completed by everyone who will be living in the property over the age of 18.
- Priority is given to those who attend Open For Inspection with completed application(s) and copies of all relevant support documentation (refer to Eligibility conditions)
- Applications can only be accepted from those who have viewed the property.
- Any pets must be listed on application. Dogs limited to 5kg. Pets must be registered with local authority. Approval of pets is subject to landlord and body corporate approval.
To be eligible to tenant an NRAS property in Queensland, you must also fulfil the following household eligibility criteria determined by the State Government:
- You must be an Australian citizen, have permanent residency or have been issued with a temporary protection or bridging visa.
- You must be a Queensland resident or provide evidence of a definite need to move to Queensland.
- You or your household members must not own or part-own property within Australia or overseas. This includes residential or commercial property, land, mobile home or caravan.
- Your household’s combined liquid assets, meaning money in the bank, shares, investments and superannuation payouts, must not exceed $71,937 for single person or $89,375 for two or more household members.
- You must have an independent income of a least $174 per week.
Note: Gross income is taken into account in deriving household income.Maintaining Eligibility
To maintain eligibility, as a tenant in the Scheme, the household income of tenants can increase above the initial income limits by 25 per cent, which corresponds to the upper income limit.
A tenant ceases to be eligible when income exceeds the upper income limit in two consecutive years.Assessing Continuing Eligibility
Tenants will be required to advise the property manager of a change in circumstances that would result in them no longer being eligible as tenants.
Continuing eligibility will be assessed at the anniversary of your tenancy each year by the property manager.
Where an annual review indicates that a tenant’s income for the current year exceeded the upper income limit levels for maintaining eligibility, they will be given an adjustment period of 12 months before their eligibility ceases.Application Process
apply in each state, apart from
To apply in
Please lodge this application form with the Department of Housing. The Queensland Affordable Housing Coalition will be in contact with the Department when NRAS tenants are required.