Eligibility

Affordable Housing

Eligibility for Affordable Housing is first assessed on your household income, which must be within the maximum limits set by the Australian Government’s National Rental Affordability Scheme (NRAS) and a minimum income based on the percentage of your income which will be used for rent. Additional factors which will be considered include your assets, your residency status and your ability to maintain a successful tenancy.

Once every year, we will ask every tenant to provide current income details for the purpose of assessing your income to determine ongoing eligibility.

Maximum Income Limits

The majority of Venture’s Affordable Housing dwellings have incentives allocated to them under the National Rental Affordability Scheme (NRAS).

A household’s gross income for the 12 months prior to the commencement of a tenancy of an NRAS dwelling must be equal to or less than the relevant income limit for the household’s composition. Proof of income from all income earners residing in the property must be supplied by way of current payslips, tax assessment notices, Centrelink Statements and bank statements.

Household composition

Initial household income limit ($)

Existing tenant income limit ($)*

One adult

50,489

63,112

Two adults

69,804

87,255

Three adults

89,119

111,399

Four adults

108,434

135,543

Sole parent with one child

69,852

87,315

Sole parent with two children

86,600

                     108,250

Sole parent with three children

103,348

129,185

Couple with one child

86,552

108,190

Couple with two children

103,300

129,125

Couple with three children

120,048

150,060

Minimum Income to assess affordability

Minimum income limits are there to ensure your household is able to afford the rent and still have money for daily living expenses. Weekly rent can be no more than 35% of your combined gross (before tax) weekly income including any business income, Centrelink benefits, dividends, maintenance payments etc. The percentage will vary depending on the weekly rent.

How this is calculated –

Weekly Rent ÷ Gross Weekly Income × 100 = Affordability percentage

For example –

$363 ÷ $1200 × 100 = 30.25% Check   Yes, earning enough income
$363 ÷ $920 × 100 = 39.46% cross   No, not earning enough income
$320 ÷ $920 × 100 = 34.78% Check   Yes, earning enough income

If the affordability percentage is too high, we recommend applicants look at properties with a lower rent or find a way to increase their income. Please talk to us about your options if this is the case.

Other factors considered in assessing your eligibility

  • Be in housing need and unable to resolve this need in the medium to long term without assistance.
  • Whether you are a citizen or permanent resident of Australia or a partner/spouse of a citizen or permanent resident of Australia.
  • Whether you are currently residing in the Northern Territory.
  • Whether you are in paid employment.
  • Whether you own any assets (e. a property) which you could use to solve your housing need.
  • Be 18 years of age.
  • Whether you can demonstrate that you are able to maintain a successful tenancy. If this is your first tenancy, please discuss this with us and we will endeavour to find a solution.
  • Whether you can afford the initial Bond (4 weeks’ rent) plus 2 weeks’ rent in advance. If you cannot afford the initial Bond, please discuss this with us and we may be able to identify some options.
  • Provide proof of identification.