[anm]

I was told by my agent that when we apply for SS (we have done for ACT)...we have to show a Bank Balance of nearly AUD 30000 (for a family of three) in our banks...this being the buffer cash to look after expenses in Australia on entry...
My question is
a) when do we have to show this in amount in our Banks
..most of our amounts are in Real Estate which we would have to liquidate (which is what we intended to do anyway)...but would Assets be accepted as against liquid cash in Banks.
b) When do we need to show these balances to the State?

Thanks
ANM

 

[sraza]

I was told by my agent that when we apply for SS (we have done for ACT)...we have to show a Bank Balance of nearly AUD 30000 (for a family of three) in our banks...this being the buffer cash to look after expenses in Australia on entry...
My question is
a) when do we have to show this in amount in our Banks
..most of our amounts are in Real Estate which we would have to liquidate (which is what we intended to do anyway)...but would Assets be accepted as against liquid cash in Banks.
b) When do we need to show these balances to the State?

Thanks
ANM

anm,
AFAIK , showing funds is not mandatory for state sponsorship. I can tell for sure about Victoria and NSW.

NSW doesn't ask about funds at all.

Victoria asks you to declare funds but doesn't ask for evidence. This is a single field in the online application form. Some applicants were asked to provide evidence later in the application process.

For calculation, you can include any thing from cash to assets. If required to produce evidence, you will have to show breakup of cash vs assets. VIC doesn't mention any desired minimum cash amount.

Seniors can correct me, but I certainly don't think you should liquidate anything just to show funds.

On a general note, agent statements cannot be always taken at face value.

 

[saydur]

anm,
AFAIK , showing funds is not mandatory for state sponsorship.

sorry sraza, this is not true. This varies from state to state. For example, NT asks for certified copies of proof of funds as well. On the other hand VIC asks for the amount of fund only, not for the proof. I don't know whether ACT asks for proof or not.

VIC doesn't mention any desired minimum cash amount.

sraza, VIC doesn't mention minimum cash but does mention minimum financial resources.
check this link (Minimum eligibility requirements->Finances)
Skilled - Sponsored (176) Visa - Live in Victoria

but I certainly don't think you should liquidate anything just to show funds.

I agree. assets in real state can be assessed by CA, that certificate given by CA can be used as proof of fund as well.

 

[saydur]

sorry sraza, this is not true. This varies from state to state. For example, NT asks for certified copies of proof of funds as well. On the other hand VIC asks for the amount of fund only, not for the proof. I don't know whether ACT asks for proof or not.


sraza, VIC doesn't mention minimum cash but does mention minimum financial resources.
check this link (Minimum eligibility requirements->Finances)
Skilled - Sponsored (176) Visa - Live in Victoria


I agree. assets in real state can be assessed by CA, that certificate given by CA can be used as proof of fund as well.

This is what ACT mentions for financial resources:
Financial capacity:
♦ You must declare, by signing the ‘Declaration of Financial Capacity’, that you have access
to sufficient financial resources to fund your migration to Australia and settlement in
Canberra while you secure employment. 6
♦ your signature on the Declaration of Financial Capacity must be witnessed by an
authorised witness (Notary Public, Justice of the Peace, other professional or official
authorised to attest the authenticity and accuracy of information in this pro forma). See
Attachment B.
♦ You are not required to provide documentary evidence to support your financial position
with your application. However, you must be able to provide these documents on
request by the SBM Unit.

 

[sraza]

This is what ACT mentions for financial resources:
Financial capacity:
♦ You must declare, by signing the ‘Declaration of Financial Capacity’, that you have access
to sufficient financial resources to fund your migration to Australia and settlement in
Canberra while you secure employment. 6
♦ your signature on the Declaration of Financial Capacity must be witnessed by an
authorised witness (Notary Public, Justice of the Peace, other professional or official
authorised to attest the authenticity and accuracy of information in this pro forma). See
Attachment B.
♦ You are not required to provide documentary evidence to support your financial position
with your application. However, you must be able to provide these documents on
request by the SBM Unit.

Thanks for correcting me saydur. I applied for VIC and NSW and was sure about that. Sorry for the confusion; I spoke too soon.

 

[lifeisgood]

which ignorant agent is telling you this?....I hate these agents...
SA doesnt ask for any proof...
Neither does Vic and WA....
You need to quote the amount but sending bank account statments or anything of that sort is not at all mandatory nor is it desirable...
I prepared a simple table in word and send it alongwith my application...

I was told by my agent that when we apply for SS (we have done for ACT)...we have to show a Bank Balance of nearly AUD 30000 (for a family of three) in our banks...this being the buffer cash to look after expenses in Australia on entry...
My question is
a) when do we have to show this in amount in our Banks
..most of our amounts are in Real Estate which we would have to liquidate (which is what we intended to do anyway)...but would Assets be accepted as against liquid cash in Banks.
b) When do we need to show these balances to the State?

Thanks
ANM

 

[mimran]

which ignorant agent is telling you this?....I hate these agents...
SA doesnt ask for any proof...
Neither does Vic and WA....
You need to quote the amount but sending bank account statments or anything of that sort is not at all mandatory nor is it desirable...
I prepared a simple table in word and send it alongwith my application...

Hi lifeisgood, I think we can safely say if we get SS approval without showing any bank statement (as in case of WA / VIC / NSW), no one will ask for proof of funds.

For some states, SS is based on proof of funds like for instance we have to show a large amount as proof of fund for NT (and I think ACT). In case we don't show proof of fund we will not get NT (or ACT) sponsorship. Please correct me if Iam wrong

 

[lifeisgood]

I think we can safely say if we get SS approval without showing any bank statement (as in case of WA / VIC / NSW), no one will ask for proof of funds.

You are rite abt that...DIAC rarely asks for proof of funds...

For some states, SS is based on proof of funds like for instance we have to show a large amount as proof of fund for NT (and I think ACT). In case we don't show proof of fund we will not get NT (or ACT) sponsorship. Please correct me if Iam wrong

I can vouch for SA,Vic and WA bcoz I researched for these states only...Cant comment on NT and ACT bcoz I dont have any knowledge abt that..i dont wanna give you wrong info...
I applied in SA and they didnt ask me for any proof...

 

[saydur]

Hi lifeisgood, I think we can safely say if we get SS approval without showing any bank statement (as in case of WA / VIC / NSW), no one will ask for proof of funds.

For some states, SS is based on proof of funds like for instance we have to show a large amount as proof of fund for NT (and I think ACT). In case we don't show proof of fund we will not get NT (or ACT) sponsorship. Please correct me if Iam wrong

Yes, NT asks for certified copies of proof of funds.
For ACT --> please check my last post on this thread.

 

[anm]

bank balances ss

This is what ACT mentions for financial resources:
Financial capacity:
♦ You must declare, by signing the ‘Declaration of Financial Capacity’, that you have access
to sufficient financial resources to fund your migration to Australia and settlement in
Canberra while you secure employment. 6
♦ your signature on the Declaration of Financial Capacity must be witnessed by an
authorised witness (Notary Public, Justice of the Peace, other professional or official
authorised to attest the authenticity and accuracy of information in this pro forma). See
Attachment B.
♦ You are not required to provide documentary evidence to support your financial position
with your application. However, you must be able to provide these documents on
request by the SBM Unit.

Thanks Saydur..your input has been of great help...
regards
ANM