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.*
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.
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 more than 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.
At Miguel Cordero Residence, 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.
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 per cent below this market valuation. The University’s student residences are already set below market rates.