Property developers have the opportunity to access government incentives in return for offering affordable rental housing to low income earners. Under the National Rental Incentive, each dwelling that is rented at a rate 20 percent lower than the market rate is set to attract an annual payment over a period of ten years. The National Rental Incentive is part of The National Rental Affordability Scheme, an Australian Government scheme that has been developed to increase the amount of new affordable housing while encouraging growth and investment.
Meeting the criteria for rentingIn order to rent a real estate Brisbane property under the scheme, a criterion needs to be met. It is required that people applying for the scheme are Australian citizens, be permanent residents or possess a temporary protection or bridging visa. They are also required to be a resident of Queensland or be able to show there is a real need for them to move to Queensland. No property is to be owned or part owned by the applicant or anyone in his or her household either overseas or in Australia.
This is inclusive of caravans and mobile homes that are connected to utilities on a permanent basis. There is a table of limits that the entire household gross income must fall into and the applicant must also have an individual income of at least $174 a week. Superannuation payouts, shares, investments and money in the bank are classed as liquid assets. If the applicant is single, these must not exceed $71, 937 or if there are two or more household members they must not exceed $89, 375.
Applying for the schemeOnce the applicant has confirmed that they meet the criteria, they can apply for the National Rental Affordability Scheme. The applicant can access the list of properties and locations available on the department website . It is acceptable to apply for more than one property.
If a previously application for social housing with the department has been made, the applicant not required to complete the application form for this scheme. They will be contacted by the department when a property becomes available within their nominated area following which they chose to take up residence there. If they would like to change their preferred area for a house under the scheme you will need to contact the Department of Communities.
The National Rental Affordability Scheme has been designed to ease the financial pressure for many Queensland households. More information on this scheme is available through your property management Brisbane company.