DJT

I am considering buying a house (PPoR) while on my 188b visa in Australia. Would love to hear thoughts and feedback from fellow 188 visa holders. 1. Are 188 Visa holders generally advised to wait until they secure PR in order to make a house purchase? 2. AFAIK, if you wish to buy a house while on a 188 visa, you need to (a) secure an FIRB permission (approx. cost 12K for a 1.5mln property purchase) prior to buying (b) pay an additional foreign citizen stamp duty (approx. cost 95K for a 1.5mln purchase in VIC). Are there are any other hoops to jump through? 3. Processing time to secure a PR (transition from 188 to 888 visa) is about 25 months currently. If you were granted a 188 visa in Jan 2020, that means you will secure a PR only by May 2026*. With property prices being hiked by the day one worries what your money can buy at that time (in June 2026). What are your thoughts? 4. Have any other 188 visa holders purchased a PPOR (Principal Place of Residence) already? Kindly share your recommendations, advice and experience. Thank you very much. *188 visa duration is Jan 2020-April 2024 >> transition to Bridging Visa for 25 months while waiting for PR grant >> secure PR in May 2026.

Congrats 3together! Wish you and family a wonderful new year 2022. I have been here in Melbourne on the 188b since May 28th 2021. If you need any help whatsoever as you get settled please don’t hesitate to DM me. Good luck.

Hi Steve, A quick question for you: Would investments in managed funds (ETFs, actively managed funds) through a Victoria-based investment management company such as Vanguard qualify as eligible additional investment for the purposes of the 888 visa nomination? Please note that the obligation during the time of my 188 application in mid-2018 required me to demonstrate that I have undertaken additional business or investment activity in Victoria during my provisional visa period (note there was no explicit mention of the additional investment amount of 500k as is the case for applications after July 2019). Looking forward to your inputs on this front. Cheers, DJT

Good to hear, King3! All the best for your move to SYD next year.

Thanks you for the detail. This is super informative, Steve. I will also check out the link you have posted in another thread and reach out to you once I have found my groove in Melb. Cheers, DJT

Sure, please have a read of this thread: https://www.reddit.com/r/AusFinance/comments/gjwi7a/will_immigration_demand_to_australianew_zealand/fqo1j3u/.compact. You will find a lot of useful info as well as contact details. HTH

Hi Alex, Are you currently on a 188b visa? I am curious to understand at what stage of your 188 visa did you apply for your 888? My 188 visa is valid for 4 years and 3 months. I plan to apply when there’s 6 months left on my 188 visa. However, if the 888 processing time is 24 months, would I be required to exit the country during the waiting period? Or is there a bridging visa?

Hi Steve, These upcoming changes as you put it are both exciting and progressive and can hopefully attract more investment into Australia. I received my 188b (nominated by VIC state) in Nov 2019. I am keen to understand the financial advisory services you provide. Is there a website I can look up? TIA Cheers, DJT

I got .80% per annum back in Nov 2019. At least we have some guarantee on return of capital. With the upcoming new rules, AFAIK, the investment is no longer guaranteed.

Yes, I can confirm 188 visa holders are an automatically exempt category. You can hop in and out pretty much like a Citizen/PR holder. Keep in mind though you will be subject to the same limited quotas available on incoming flights to Australia, expensive tickets and of course the vagaries of changing rules. So my advise is to travel only if you must. Cheers, DJT

Hi folks, I received my 188b visa in Nov 2019 nominated by VIC state. I was unable to travel to Melbourne before Nov 2020 but received a facilitation notice that permits me to travel prior to my must arrive date. I am now ready to mark my first entry into Australia this week. Yay! I would love to meet up with other 188b visa holders from Victoria state and share our experiences and stories. If there’s interest, happy to set up a meet up group. I am from India. Looking forward to connect. Cheers, DJT

Hi King3, I received my 188b visa in Nov 2019. My first entry date was Nov 2020. Since I could not travel owing to the pandemic, I asked for an extension with BIIP Adelaide and received a facilitation notice that permits me to travel anytime before my must arrive date. I am marking my first entry into Melbourne this week. Hope this helps. Cheers, DJT