National Rental Affordability Scheme (NRAS) Properties
The National Rental Affordability Scheme (NRAS) is an Australian Government scheme which allows Iglu to offer accommodation options to eligible low to moderate income earning students at a rate below market value.
NRAS rooms are available to both Australian and international students, but to qualify for the discount, you need to have earned below certain gross income* limits for the 12 months preceding your lease start date. The combined gross income limits are as follows:
Studio Apartments – $58,905
6-Bedroom Share Apartments – $171,585 ($28,597 each person)
* NRAS income limits are based on gross income (the income you receive before tax), not net income (the income you receive after tax).
INCOME SCREENING PROCESS
To enable Iglu to assess your eligibility, you will need to do the following.
1. Complete an online application, which includes paying one weeks’ rent, as a holding deposit to hold your desired room.
Note: If your gross income is found to be above the NRAS income limit, your holding deposit will not be refunded. Please ensure you review the NRAS criteria below and if you are unsure of what constitutes income, you are welcome to contact us.
2. You will then receive a request to complete an Income Notification Form, and provide supporting documentation outlining your gross income for the 12 months preceding your application date.
- Both local (Australian) and foreign income should be included.
- It relates to your income only, and not the income of your parents.
- Income from scholarships, bursaries, prizes and stipends paid to you is included in your income.
- Payments from your parents or immediate family members, any trust distributions and any tuition money for your course that enters your bank account in the 12 months preceding your contract start date are considered income.
- Coronavirus Supplement payments, on top of any current income support payments, will be counted as income.
- Jobkeeper payments will also count for income.
- Income paid to your tertiary education provider for tuition costs will not be counted as income if you provide us with proof of payment.
- It does not include inheritance, superannuation income, gambling winnings or lump sum compensation payments, compensation from insurance or emergency relief or similar assistance.
- COVID-19 Economic Support Payments and monies received from access to temporary early release of superannuation will not be counted as income for the purpose of NRAS – see FAQs for full details.
- You are required to upload source documentation for any income listed. Templates are provided for letters from your guardian/family and employers, if applicable.
3. Iglu will use this information to assess your eligibility and, if confirmed, send you a conditional offer of accommodation to accept. If you are not deemed eligible, we will contact you to discuss the alternative non-NRAS room types available.
4. Upon arrival, you will be requested to provide an Income Notification Form for the interim period i.e. the period between your application and lease commencement date. If it is determined that your gross income exceeds the income limits, then:
- Iglu will use its best endeavours to locate an alternative non-NRAS room within the premises. You will be required to pay the market rental rate for this non-NRAS room; or
- Where another room is not available in the same premises, Iglu will use its best endeavours to locate a room in another Iglu Sydney premises.
If your gross income is found to be above the NRAS income limit at the final screening (upon arrival at Iglu), your holding deposit will not be refunded, however your bond and additional weeks’ rent in advance will be refunded.
5. Additional to the updated Income Notification Form, you will be required to provide the following at the commencement of your lease:
- Confirm your final gross income number as stated in your updated Income Notification Form by statutory declaration
- Complete and sign a Tenant Demographic Assessment as required by the Department of Social Services – download template
Please note that Iglu is also required to screen your gross income according to the same process to confirm eligibility on the anniversaries of your first commencement date “Anniversary Date” and at the beginning of any subsequent leases.
Iglu has an appropriately qualified person available on site to witness your statutory declaration. As a result, NRAS room check-in may only take place and between 2pm-5pm on your contract start date or within business hours (9am – 5pm, Monday to Friday) if you arrive after your contract start date.