- What is NRAS?
- What are NRAS approved dwellings at Miguel Cordero Residence?
- What’s the minimum commitment of an NRAS approved dwelling at Miguel Cordero Residence?
- Can I apply if I am an International Student?
- What are the criteria for eligibility?
- How can I prove that I am eligible?
- Why do I need to provide my income information? Who will assess my eligibility?
- If I am eligible, does that mean I can move in straight away?
- What documents does Miguel Cordero Residence require me to provide for an NRAS application?
- What does household income mean?
- What’s the difference between an NRAS approved Studio Apartment and a Standard Studio Apartment?
- How come an NRAS approved Studio at Miguel Cordero Residence is not 20% less than a regular Studio Apartment?
- What happens if my gross annual income exceeds the Initial and Upper Income Limits?
- Where can I get more information about NRAS?
Frequently Asked Questions
The National Rental Affordability Scheme (NRAS or the Scheme) is a long term commitment by the Australian Government in partnership with the States and Territories, to invest in affordable rental housing.
The Scheme, which commenced in 2008, seeks to address the shortage of affordable rental housing by offering financial incentives to persons or entities such as the business sector and community organisations to build and rent dwellings to low and moderate income households at a rate that is at least 20 per cent below the market value rent.
NRAS aims to:
- increase the supply of new affordable rental housing
- reduce rental costs for low and moderate income households
- encourage large-scale investment and innovative delivery of affordable housing.
The Australian Government is committed to stimulating the construction of 50,000 high quality homes and apartments, providing affordable private rental properties for Australians and their families.*
There are 50 NRAS approved Studio Dwellings at Miguel Cordero Residence.
In accordance with NRAS requirements, ACU will offer you a 52 week lease. Should you wish to discuss a shorter or longer lease term, please feel free to discuss your requirements with one of our staff members.
Yes, International Student can apply as long as they meet the eligibility criteria (refer to Questions 5 & 6)
The annual Income Limits specified below applies for 2015-2016 NRAS Year (indexed in accordance with the NRAS tenant income index on 1 May each year)
|Person Type||Initial Income Limit (AU$)||Upper Income Limit (AU$)|
- Provide the most recent payslip from each Australian or International employer (showing your year-to-date income).
- Provide a letter from each Australian or International employer (showing your year-to-date income).
- Provide notices of assessment for annual tax returns (e.g. Tax Group Certificate)
- Provide Statements from Centrelink
- Any stipends received (including parents/guardians) is considered as income
- International students who have not earned over AU $47,904 during the past 12 months and who currently receive a small stipend from their parents/guardians towards rent and living expenses, can submit a letter from their parents/guardians.
Please ask Miguel Cordero Residence staff for further assistance if you are unsure of what documents need to be provided.
Income information is gathered solely for the purpose of assessing eligibility for an NRAS approved Studio at Miguel Cordero Residence.
Your application for an NRAS approved Studio at Miguel Cordero Residence may not be approved even if you are eligible. It will depend on the availability of NRAS approved dwellings.
If you are not eligible for an NRAS approved Studio, the Manager at Miguel Cordero Residence may, subject to availability and suitability, offer you a non-NRAS dwelling.
Preferences for NRAS approved Studios are given in the following order:
- Australian residents living outside Sydney
- Australian residents living in Sydney
- Non-Australian residents
- Proof of income (refer to Question 6)
- National Rental Affordability Scheme tenant Consent Form (provided by Miguel Cordero Residence)
- Miguel Cordero Residence Application Form for NRAS approved Studio (provided by Miguel Cordero Residence)
At Miguel Cordero Accommodation, only some Studio Apartments are NRAS approved. Since all Studio Apartments can only be occupied by ONE person at all times. The household income is based on ONE occupant - that is the student’s income only.
Both NRAS approved Studios and Standard Studios have the same inclusions. The only difference is that one is part of the Australian Government’s NRAS Scheme ant the other is not.
How come an NRAS approved Studio at Miguel Cordero Residence is not 20% less than a regular Studio Apartment?
The market value of the NRAS approved Studio at Miguel Cordero Residence is determined by an independent property valuer (market valuation) and the residential fees for the NRAS dwellings are then set at 20% below this market valuation. The University’s student residences are already below market rates.
Application Stage – if your income exceeds the Initial Income Limit at the application stage, you may be considered for another non-NRAS dwelling, subject to availability and suitability.
During Term of Tenancy - if your income exceeds the Upper Income Limit during the term of your tenancy:
- You must notify the Manager at Miguel Cordero Residence in writing immediate;
- You will no longer be eligible to live in the NRAS approved Studio Apartment under the NRAS conditions;
- Miguel Cordero Residence may offer you another non-NRAS dwelling for the balance of your unexpired term, subject to availability and suitability.