Thousands of potential property owners are missing out on a Government ‘Second Home Owners Grant’ worth up to 15 times the First Home Owners Grant because the media have ignored it, and the Government has failed to promote it.
Property expert and author Ruby Janssen estimates an incentive she has dubbed the ‘Second Home Owners Grant’, is worth $113,817 over 10 years to purchasers on new investment property.
The Grant is provided to people buying new investment properties for rent under the National Rental Affordability Scheme (NRAS).
Established in 2008 with bipartisan support and the cooperation of Federal and State Governments, NRAS was designed to combat Australia’s chronic housing shortage by stimulating the construction of new dwellings for rent.
“We’ve spoken to thousands of people interested in buying a second property, and it’s astounding just how few know about this grant,” says Ruby Janssen who is the Managing Director of Onyx Domain - a leading property advisory and professional service company assisting people to create wealth through property.
“Our clients are very excited when they find out about the grant but almost without exception they ask, ‘why haven’t we heard about this before?’” says Ms Janssen.
According to the National Housing Supply Council (NHSC), Australia is currently undersupplied by more than 178,000 homes.
The latest State of Supply Report released by the NHSC states that, “The gap between demand and supply is likely to continue to grow,” with the undersupply expected to reach 640,000 by 2029.
According to Ms Janssen, the Grant overcomes the major barrier most people have to investing in rental property which is the need to contribute each week to the loan interest payments.
“In the majority of cases the Grant means property investors have positive cash flow. That is, the property more than pays for itself without the investor having to contribute each week from their pocket.”
“Everyone knows about the First Home Owners Grant because it has received massive media attention and Government promotion” says Ruby Janssen.
“Increasing the supply of rental housing is just as important as assisting new home owners so this ‘Second Home Owners Grant’ deserves similar attention.”
For more information go to www.nrasincentives.com.au
To see a list of NRAS properties on offer go to onyx.net.au/property-catalogue