How do I buy an NRAS property?
NRAS incentives are provided by the Government in minimum lots of 20 approved houses (formerly 1,000). In this form they are outside the reach of the normal property investor. The Government’s hope was that large financial institutions would bulk purchase residential properties. This type of property investment has not suited the large institutions as residential property is generally a market for individual investors.
However individual investors can now access the NRAS incentives through companies such as Onyx. We work with NRAS Approved Participants who manage the implementation of NRAS, as well as developers across Australia to assist individual investors to purchase an NRAS property.
The first step in purchasing an NRAS property is to review your financial situation and decide what type of NRAS property you want to purchase. Some typical considerations include the price, location, and contract structure.
Once you are ready to make your purchase, you can use our NRAS Property Catalogue to search for properties that match your requirements. Once you have found a property that interests you, you can contact Onyx using the form on the listings page or by calling 1300 1400 15. At this stage you can either reserve your property straight away, or request a more detailed financial analysis from our NRAS property consultants.
From here, your sales consultant will guide you through the process of finalising your purchase and, if required, arrange mortgage finance and conveyancing for you. You will be the direct owner of your NRAS property, just as with any normal property investment.
Can I buy more than one NRAS property?
Yes, you can buy as many NRAS properties as you want. Each property will receive its own incentive.
I recently purchased a property, is it eligible for NRAS?
No, unfortunately not. For a property to be eligible for the NRAS incentive, it needs to be approved for participation in the scheme before it is built. In addition, due to the large scale nature of the project, individual properties cannot be approved for participation. Instead, NRAS Approved Participants must apply to have minimum lots of 20 properties approved for the scheme at one time. These properties are then made available to individual private investors after approval.
Is the price of an NRAS property inflated because of the incentives?
No, the properties are sold at current market prices. This can be confirmed by a valuation at time of purchase.