We provide our investor clients, who own an NRAS approved property with a specialised service in addition to traditional Property Management Services.
Our staff are trained to meet the exacting demands of the National Rental Affordability Scheme (NRAS) and we employ an NRAS Administrator to oversee the process and ensure our clients are fully compliant.
NRAS approved properties are advertised and leased much the same as any other rental property but our team will assess the applicants to determine their eligibility and guide them through the complicated process.
NRAS homes are not social housing — they are affordable rental homes owned by private investors or not-for-profit companies.
NRAS is a Federal Government initiative that aims to significantly increase the supply of new and affordable rental dwellings, reduce rental costs for low to moderate income households and encourage large scale investment in affordable housing.This is achieved by providing financial incentives to investors who choose to invest in approved NRAS dwellings and rent such dwellings out at a minimum of 20% below current market rates to eligible tenants.
Tenants can check their eligibility to rent an NRAS property.
NRAS approved homes are available for rent to eligible low to moderate income households. To be eligible to rent an NRAS property, potential tenants:
- Must search their choice of NRAS properties advertised on www.magnarealty.com.au and identify a property that will suit their needs.
- Contact Magna Realty to arrange a time to view the property.
- Complete an application form designed for NRAS.
- Provide all documents required to calculate the overall household income for that property.
More information on tenant eligibility requirements and to see the current NRAS household income limits, follow this link www.dss.gov.au.
What makes Magna Realty NRAS specialists?
Magna Realty carries out tenancy and property management of NRAS dwellings for a range of NRAS approved properties and participants, including its parent company, Access Housing Australia Ltd. As an NRAS tenancy and property manager, Magna Realty’s responsibilities include;
- ensuring the dwelling is activated under the scheme, strict time frames apply.
- viewings and appointments with NRAS eligible tenants.
- ensuring the dwelling is rented at an eligible rental amount at all times, in compliance with valuations and the NRAS index.
- ensuring the dwelling is rented to a household with income not exceeding the limits set by the scheme
- using approved documents and agreements and
- supporting ongoing compliance and providing required information for annual reporting.
The NRAS reporting and compliance requirements to Government are detailed and complex and any mistakes or timing failures in submitting information can result in the loss of the NRAS tax credit.
To help ensure NRAS investors supply correct, comprehensive and complete reporting material back to NRAS, Magna Realty has established its own robust compliance reporting systems. This has been done to ensure that Magna Realty is able to provide its investors with a professional and compliant property and tenancy management service whilst ensuring Australian Government reporting requirements are able to be met.