How to purchase a NRAS property
Before purchasing a NRAS property, as with any property, it is important that you completely understand the product you are buying as well as the process surrounding that product. Let's have a look at the NRAS Process.
Blogger: Darren Standish, Property Prosperity
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Even though the property has been NRAS approved by the government it doesn’t become an actual NRAS property until the tenant moves in. Most of these properties available under NRAS are “off the plan” and are yet to be built.
At all time your are in control of the process and you own the property. Because you own the property you can sell it at with or without the NRAS attached to it and you can choose to opt out of the NRAS Scheme at any time.
When you meet with our consultants we talk you through the process and make sure you fully understand your options. The only thing you have to decide on is which property you wish to buy.
If you need assistance with finance we can also assess your eligibility and recommend the most suitable loan products for your situation.
Once you have decided on a property a $1000 refundable holding deposit is then transferred into the vendor solicitor's trust account
Contracts are drawn by vendor's solicitor then sent to you. Contracts have a 21 day finance clause. Settlement usually occurs 14 days after unconditional on finance.
About Darren Standish
Darren Standish established Property Prosperity in 2004 initially as a property development company, however after repeated requests for assistance the business evolved into a development consulting business.
Property Prosperity was initially focused on assisting clients with subdivisions and negotiating with councils to ensure that clients maximized their return on investment. Over the years additional services were gradually added to ensure the development process was as seamless as possible for its clients. We expanded into offering individually tailored finance solutions and then added Property Development Analysis, Property Sales and a Builder Broker Services.
Darren is the overachiever of the team and has more qualifications than your average university graduate. As well as completing a Bachelor in Economics, Bachelor in Commerce and post graduate in Accounting he subsequently went on to complete a Diploma in Financial Service, Diploma in Real Estate and Certificate IV in Building. He is a qualified Certified Practicing Accountant (CPA), a licensed Real Estate Agent, licensed Mortgage Broker and holds a Builders License.
