National Rental Affordability Scheme
The National Rental Affordability Scheme (NRAS) is a rental program created and run by the Commonwealth Government in partnership with the State Governments. An annual payment of $8000 indexed annually is provided to owners of properties rented under the scheme. In return, properties must be rented to eligible tenants at a minimum 20% discount from the typical market rent for the property.
NRAS provides landlords with higher than market returns, while significantly reducing rental costs for low to moderate income earners.
If you are a potential investor, seeking to purchase units, or a developer who wishes to apply for a later round of NRAS, see here.
Millions of Australians are eligible to be NRAS tenants. In Queensland, the only two requirements are that you are registered on the Department of Communities One Social Housing Waitlist and that your Gross Income is less than the eligibility cut-off for your household type. The following table outlines the example income limits;
The above table doesn't cover all situations, but should be used as a guide; for example, a couple with two children would have a maximum income of $86,710, while a single parent with one child would have a limit of $58,638.
Once you are in an NRAS property, your income can increase by up to 25% for two consecutive years before you are ineligible for the Scheme.
If you are a potential tenant looking to apply for NRAS, see here.
To see if you are eligible or get assistance applying for a NRAS property please:
If you want to know more about the National Rental Affordability Scheme, you can start by following the links below;