NRAS being removed from you property

Discussion in 'NRAS & NDIS SDA' started by smallbuyer, 9th Sep, 2018.

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  1. smallbuyer

    smallbuyer Well-Known Member

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    Does anyone know if the NRAS manager can remove the NRAS from an investors property without the investors consent. I have read somewhere about some providers being able to do this or using it as a threat. Have recent changes with DSS which allow investors to change the provider mean this cant be done any more?

    Just curious

    Cheers
     
  2. euro73

    euro73 Well-Known Member Business Member

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    what's motivating the question?
     
  3. smallbuyer

    smallbuyer Well-Known Member

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    Was reading an article about an nras provider using the threat of transferring the nras to get people to agree to a new contract or change property managers or maybe both. Scary stuff and it seems unreal but hey banks charge dead people and for no service so nothing much surprises me.
    I am curious perhaps some of these people years late for their nras credit could be the credit was moved to another property??
     
  4. euro73

    euro73 Well-Known Member Business Member

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    You are talking about Ethan and Quantum and Tebter. There are multiple threads on this already :)
     
  5. smallbuyer

    smallbuyer Well-Known Member

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    Thanks for your reply.

    Not talking about any particular provider im just curious if any NRAS AP can move the NRAS off a property without the property owners consent. Ive read these other NRAS threads and havent seen a clear answer (unless i missed it) apart from some people apparently being threatened with this happening. Has anyone actually had their NRAS taken?

    Perhaps another way of looking at it is what is the process for moving an activated NRAS from one property to another? Does the property owner need to sign something about the NRAS being removed from their property? Has their been any changes in this process in the last year as i have read safe guards for investors have been improved recently but i could see no mention of this.

    Cheers
     
  6. smallbuyer

    smallbuyer Well-Known Member

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    so noone has any idea if anyone ever has had their nras removed without their consent or if this is actually possible??
     
  7. euro73

    euro73 Well-Known Member Business Member

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    I’ve never seen it happen where an AP removes an incentive - but yes you can move between approved participants if you wish
     
  8. smallbuyer

    smallbuyer Well-Known Member

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    Cheers Euro,
    To move between AP's they have to have done one of the things below (from reading your paperwork in another thread). Any idea how many people have moved properties NRAS using the below and how many have been knocked back by DSS or challenged by the current provider?
    I think owners of property with an NRAS allocation should be able to move between providers if they want, why should it be restricted? This will keep NRAS providers on their toes and make sure they do a good job.

    The application must specify the ground(s) under which the investor is making the request. These grounds include where:
    (a) the approved participant fails to comply with a condition of the allocation, which includes a new condition of allocation which prohibits an approved participant from providing false or misleading information to the Department, or failing to provide information to the Department it knows or ought reasonably to know is relevant
    (b) the approved participant fails to comply with its obligations in relation to incentives, including a requirement to pass on the incentive to the investor where there is a contractual arrangement to do so
    (c) the approved participant provides false or misleading information about the Scheme to an investor in relation to the investor’s approved rental dwelling
    (d) the conduct of the approved participant in relation to the allocation has contravened a consumer protection law 2
    (e) the approved participant claims the tax offset in respect of an approved rental dwelling to which it was not entitled
    (f) the approved participant is likely to be de-registered as a company by the Australian Securities and Investments Commission or a court has ordered the de-registration
    (g) the approved participant becomes bankrupt
    (h) any application under the Regulations by the approved participant includes false or misleading information or fails to include information the approved participant knew or ought reasonably to have known was relevant.
     
  9. euro73

    euro73 Well-Known Member Business Member

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    I’m aware of all these things . There is very little about NRAS I am not across . :)

    You continue to ask a lot of detailed questions for someone who is “just curious” :) .... it seems you are asking for a reason , not just out of curiosity . Perhaps if you ask precisely what you want to know and explain what is motivating it I can provide you with the information you are seeking

    In the interim let me say this as plainly as it can be said - these changes were introduced specifically because of the behaviour of Ethan ( and by proxy, Quantum) so if you are with Ethan or Quantum the feedback Ive had is that you will likely experience no issues whatsoever in changing to a different AP. It will basically be waved through with little or no fuss.

    Regarding other AP’s - No other AP has failed to pass on payments to eligible investors , so you would be required to demonstrate one of the reasons outlined above if you request a move from one of them . It’s unlikely you’ll have much joy unless they have done something improper .
     
    Last edited: 19th Sep, 2018
    Redwing likes this.
  10. smallbuyer

    smallbuyer Well-Known Member

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    Hello euro73 your insights and knowledge on this area are appreciated. I do have a great interest in many issues relating to property, including NRAS, my favourite hobby J Helps to know as much as possible when looking at opportunities and decision making. It never ceases to amaze me how many people make huge investments in property without having a great understanding of what they are buying (or having good advisers). Some people spend more effort on checking on a $10k car before purchase than a $1m property .
     
  11. euro73

    euro73 Well-Known Member Business Member

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    If you are interested in NRAS... and in Perth NRAS specifically ... P M me ;)