NATIONAL RENTAL AFFORDABILITY SCHEME (NRAS)
Urgent Call For Properties
Expression of Interest - New Dwellings Require Now
Purpose of this EOI
“My First Property” is seeking expressions of interest from builders, developers and investors to include in our application outlined below. Responding to this EOI does not imply any commitment on either party or from “My First Property”. It is simply a way for you to register your interest in the project and provide a starting point for further discussions.
What is the National Rental Affordability Scheme?
In the 2008 Commonwealth Budget, the Rudd Government delivered on its election commitment to create a National Rental Affordability Scheme (NRAS). This scheme is designed to attract private investment to enable the delivery of up to 50,000 new dwellings as affordable housing by 2012 by providing an incentive (indexed annually) of $6,000 per dwelling per year, matched by $2,000 from the State Government for a period of 10 years. Recipients of the incentive are expected to rent the property to households on low to moderate incomes at no more than 80% of market rent.
“My First Property” NRAS Application
We will be submitting an application that includes new property in
metropolitan Melbourne and regional Victoria to be completed for occupancy
by 30th June 2010. This will consist of dwellings managed by “My First
Property” and third party developers and builders.
Our involvement is a long term commitment which includes this and future
applications involving small and large scale projects with developers.
What is affordable housing?
Affordable housing is generally defined as:
- Modest housing which meets reasonable community standards
- In any form – units, townhouses, detached housing of varying sizes
- Well located in relation to amenities like transport, employment, shops and schools.
What stage of development process will be considered for this application?
Development projects submitted as part of the application can be at any stage of planning however there will be two categories. Those completed for occupancy prior to and post 30th June 2010.
Benefits to Developers
The benefits to developers include,
- Demonstrating greater marketability of your project to your development financier.
- An NRAS dwelling provides a superior yield. (Refer to NRAS Property figures)
- An NRAS dwelling provides greater marketability to investors.
“My First Property”
Our experience includes 10 years of financing and project managing residential and commercial developments. These developments have included single dwellings to 46 lot residential sub divisions. Take out finance has been arranged for hundreds of owner occupiers, investors and joint ventures.
We are a leader in facilitating ordinary Australians to take control of their superannuation with a large proportion of recent developments sold this way. A recent change to the legislation allows Self Managed Super Funds (SMSF) to secure a loan when purchasing a property. This has resulted in the opportunity to use your superannuation to directly invest in residential property. NRAS approved dwellings provide the perfect fit for this market.
As the applicant “My First Property” will have ongoing reporting and compliance responsibilities to the State and Federal governments for the 10 year period.
Urgent call for properties
“My First Property” has been part of a previous application.
All properties that come with NRAS approval in the previous application and
our current application have been pre sold to investors and SMSFs (mums and
dads).
We have further investors and superannuation funds ready to purchase
properties once NRAS approval has been granted.
For this application closing on 27 March 2009 we are seeking an additional
900 dwellings.
For further info please contact Geoff Wood 1300 856 604 or (0416) 2000 55.
