For many people the chances of investing in a property is
very slim. Most people have dreamt about taking the plunge and investing in
property but in the end they pay off the purchase because of lack of
affordability. Well if this is you then listen carefully because now you dream
can come true thanks to the new initiative introduced by the Australian
government. They have introduces the NRAS property investment specifically
designed to help middle income earners to invest in NRAS property. This is done
by offering tax free incentives.
But unfortunately there is plenty of misinformation there
when it comes to NRAS property investment. While investing in NRAS property can
be a very valuable exercise, there are several things that you need to be aware
of before you proceed. There are several companies that have taken the NRAS
acronym and used it for their business or web address. This is because the
government has failed to give the required protection to the NRAS acronym. Some
of these companies try to give an impression to their clients that they are
part of the NRAS and that they sell NRAS property.
So if you are thinking of NRAS property investment please be
careful when dealing with a company. All the private companies who are claiming
NRAS property should have a disclaimer clearly stating that they are not the
part of NRAS and that they are private companies. Be careful about all the
information of NRAS that you may get to hear from journalists, property authors
or commentators. Rely on reputed sources because they up to date with the
latest NRAS changes. Also be careful when you read about NRAS on the internet,
you may still find articles written two years back on the internet. They do not
give the latest information.
Another thing to be aware of is that many industry
professional have not heard about NRAS property investment. There are many
mortgage brokers, financial planners, accountants who are not aware of the
existence of NRAS property. Another reason why lenders do not lend for NRAS
property is because of out of date information. This is one of the reasons why
these properties are valued below the purchasing price. The bottom line is that
NRAS works differently now than what it used to when it was launched. So make
sure you deal with somebody who the right information and has his facts clear.
In the end there are some last key points for you to
consider when thinking about NRAS investment. Lodge an income tax variation
form or cash flow could be a matter of concern. Some NRAS models cost more to
run, not all of them are equal. Some finance limits may also apply. Like any other
property investments not all NRAS approved properties are suitable for
investment. Your main aim should be to look for good long term investment
property whether it is any other property investment or NRAS. And the last
thing is that avoid being ripped off some NRAS approved properties are priced
above their true value, so when invent in any make sure you are in trusted
hands.
