Property Search


Why should I consider buying an investment property under NRAS?
NRAS is a tax incentive designed to encourage residential property investment. NRAS adds significantly to the return on rental properties by adding a tax-free incentive "bonus" to the annual cash-flow of the rental property. Generally, a typical investor will be better off by between $6,000 and $9,000 per year (after tax) owning an NRAS property versus owning the equivalent non-NRAS one. Please view the NRAS example on this site to see how this works.

What is the NRAS incentive?
The incentive is currently $11,114 per annum. It is a refundable tax offset, meaning if you have tax to pay it will offset your tax and if you have no tax to pay you will receive it as a refund. 

Can I still make my usual tax claims?
Yes. All of the normal negative gearing claims against your income still apply. So you can still claim the depreciation, interest, property management, maintenance etc.

This all sounds too good to be true, what is the catch?
The owner of an NRAS property is required to make the property available to pre-approved NRAS tenants at least 20% below the current market rent.

Who are these NRAS approved tenants?
NRAS is designed to provide quality housing at an affordable price to "middle Australia". The income guidelines for tenant eligibility are available here and they show that up to 1.5 million Australians are eligible to apply for NRAS. The government hopes that NRAS will assist the key community workers such as nurses, teachers and social workers to find an affordable rental property near to their workplaces.
Will I get bad tenants?
There really is no way of knowing how tenants will treat any property, NRAS or otherwise, but under NRAS you have the security of knowing that the NRAS property manager has been accredited and is an expert in tenant management. It is wrong to assume that because NRAS tenants are on low to median incomes, that in any way implies that they are poor quality tenants. Conversely, we believe the NRAS tenants have a greater motivation to be good tenants as they do not want to lose their NRAS entitlements and be forced back into the open market where they will have to pay full market rent.
Who decides how much rent is charged?
Every NRAS property must have an independent rental valuation done prior to the first tenant moving in. This valuation is done by a registered valuer and is used to determine the fair market rent. The NRAS discount is applied to this figure.
Can I raise the rent?
Yes. The rent can be raised annually by the rental CPI. At the end of year 1,4 & 7 the owner of the property has the right to another independent rental valuation to ensure that the rent stays in line with the current market.
How long does the NRAS incentive run for?
The government has committed to pay the NRAS incentive to owners of NRAS approved properties for 10 years from the date of initial habitation.
Can I sell or withdraw at any stage within the 10 years?
Yes. Provided you give appropriate notice to your tenant to allow them to relocate.
What happens at the end of the 10 years?
Your obligations under NRAS cease and you can revert to charging full market rent.
Can I renew for another 10 years?
No. All properties under NRAS are new and of high quality. If the government decides to increase the supply of NRAS housing at that point then new properties will be constructed at that time.
How do I claim the NRAS incentive?
Firstly you must purchase a pre-approved NRAS property. Then you simply lodge your NRAS certificate with your tax return.
Does the NRAS incentive go up each year in line with the rent?
Yes. It will move up in line with the rental portion of the CPI.
Does the government have any ownership rights to the property?
No. You are the full owner. NRAS is a separate agreement.
Can I move into the NRAS property myself?
Yes, but you will no longer be eligible for the NRAS tax incentive.
Do I have any say in who the tenants are?
Yes. As the landlord you have the final say over who moves into your property. You can recommend tenants to the NRAS approved tenancy manager provided they meet the NRAS qualification criteria. Even members of your own family can become your tenants. 
What does it cost to be a part of NRAS?
The normal costs of owning a rental property still apply under NRAS. So, you will still be responsible for the council rates, strata fees, landlord insurance, maintenance and property management fees.
Can I do my own property management?
No. When you enter into an NRAS agreement you assign the property management to an accredited NRAS manager.
Does NRAS provide me with a rental guarantee?
Some NRAS providers do offer a rental guarantee but the government does not guarantee 100% tenancy. It is logical, however, that since your property is rented at 20% below the current market rent that it will be very easy to find a tenant. NRAS is relatively new but the observable evidence so far is that NRAS property has a very low vacancy rate.
With all the benefits of NRAS do I pay more for an NRAS property?
No. NRAS property is indistinguishable from any other property. In most developments no more than 30% of the available properties have NRAS endorsement. Therefore, the developer simply could not ask a different price for the NRAS ones without it being patently obvious. The valuation process for NRAS properties is even more stringent than in the "normal" market and the builder has been approved as a suitable participant in the program.
How do I compare the value of an NRAS approved property to a "normal" non-NRAS property?
We are happy to show you how to calculate the present value (PV) of the expected cashflows of a property. Usually you will find that an NRAS property will have a PV roughly $75,000 higher than an equivalent non-NRAS one.
I want my investment property in a high capital growth area, can I buy an NRAS one in such areas?
Yes. By definition the government has determined the areas of highest need when allocating the NRAS endorsements. It follows then that if an area has a high need for new housing there is likely to be upward pressure on prices.
Can I claim more than one NRAS incentive?
Yes. There is no limit to the number of NRAS properties you can own. Some NRAS properties even come with two NRAS certificates. Please call us to discuss finding one of these as they generally sell before they make it into our hotlist.
So, how do I find a pre-approved NRAS property?
We thought you'd never ask!!!  PASA has been advising both developers and investors on NRAS since the scheme started in 2009. We have the largest number of pre-approved NRAS properties available and we are constantly searching for new ones to offer our customer base. NRAS properties range from inner city apartments to four bedroom homes to six bedroom duplexes. They are newly built or off-the-plan. If it exists and has NRAS approval we will find it for you.

Feature Property


Dual NRAS - 10 Monarch St. Rosewood

more information...


CLICK HERE to go to a calculator showing the benefits of investing in NRAS properties


  • Dominik - Sydney
    I have dealt with Pasa Investment Properties and Mark McKenzie since 2011 when I bought an investment property in Brisbane. I received professional service, attractive pricing and even advice on which conveyancer I can use in South East Queensland. I got a return of over 70% on my investment within the first year and after 2 years the return nears 200%. I am likely to purchase more in the future and surely will go to Mark first. I strongly recommend his services to anyone interested in NRAS properties.
  • Hari - Canberra
    Recently we purchased an investment property from PASA,  The NRAS property was exchanged and settled within a very short period of time due to the exceptional service and experience of PASA manager and staff.  Prior to purchasing the property, we searched the NRAS property from the PASA website, it's one of the best website to guide us through finding the most suitable NRAS property which serves our interest.  The information provided in the website is very informative. 
  • David - Brisbane
    I bought an NRAS property through PASA in 2013. I'd been looking at NRAS for a while, but other agents had been uncommunicative or evasive. Mark showed me properties that would be good for both potential tenants, current cash flow and for future capital growth. He helped greatly with interactions with the consortium in answer to questions from myself, lawyer, mortgage broker and bank as NRAS can be complex. Mark was a great help and showed much patience. I wholeheartedly recommend PASA.
  • Girish - Sydney
    We have been given professional service and advice by Mark McKenzie when we were planning to buy some properties in QLD. With the level of knowledge and professional service, we were impressed and ended up buying more NRAS properties than what we were initially aiming for. It has been a great relief in dealing with professionals who have a good grasp about the location, prices, which is especially important when buying in a location that is not known to us. If we happen to buy more, I’ll use their services once again.
  • Mayumi & Rajesh - Sydney
    We would like to sincerely thank Mark Mckenzie from PASA for his professionalism and enthusiasm in securing our TWO NRAS properties and assisting us building our property portfolio. When we decided to build our property portfolio we wanted someone who can help us to find properties which suit our criteria.   We shared our plan with Mark. Mark has spent his lot of his time understanding our strategy. Then, He carefully introduced properties to us including pro and cons. We particularly appreciated his dedication towards help and showing us on how to enter in the property market with calculated risks. He was always carrying out hard negotiation part for us and we never had issues with bank valuation. The properties which he has proposed has appreciated over the last 16 months and producing positive cash flow for us. He was always prompt, patient and polite in addressing any concerns we had right through to after settlement - even on his day off! 
  • Melanie - Brisbane
    As a new entrant to the property market, it’s easy to get overwhelmed and worry that you’re making the wrong choice.  Mark from PASA went out of his way to provide me with options that met my criteria, answering all my questions and guiding me through the purchasing process.   His knowledge and expertise in the market was invaluable, and I cannot recommend him highly enough.   I’m now on the property ladder and 100% confident that I’ve made the right investment choice – thank you Mark & PASA for making it happen!
  • Jenny - Melbourne
    I recently bought a NRAS property through Mark.  I was apprehensive initially. As I live in Victoria,  I had no ideas on where to invest, what to buy in terms of future capital growth and rental yield in Queensland. 
    Mark has guided me and provided me a lot of professional advice  and information relentlessly to my requests. I felt I was in good hands in terms of making a right investment decision for my family. 
    I certainly recommend him to any investors who would consider to invest for their future.
  • Mark G. - Brisbane
    I have been dealing with Mark for about three years now, and always found him to be professional, courteous and answered any questions I had in a timely manner. PASA is in touch with the intricacies of an NRAS investment and can make the whole process easy and understandable for those not familiar with it. I would like to personally thank Mark for the help and guidance thought my first investment property purchase and I will be looking to him for my next purchase in the not too distant future.