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Non-bank to accept NRAS applications

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Determined to make it easy for home buyers to jump on the property ladder, one non-bank lender has announced it will now accept applications as part of the National Rental Affordability Scheme.

Yesterday, Iden Group said it will apply standard residential lending to all NRAS applications.

Under the terms of the policy enhancement, Iden Group said apartments are not acceptable and low doc loans are not available.

NRAS is an Australian Government initiative to stimulate the supply of 50,000 new affordable rental dwellings.

Successful NRAS applicants are eligible to receive an incentive for each approved dwelling where they are rented to eligible low and moderate income households at a rate that is at least 20 per cent below the prevailing market rate.

Iden Group’s director Barrie Gauber said he is excited with the prospect of the NRAS product enhancement.

“We can provide solutions for not only our brokers but for their clients,” he said.

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