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.

15 minutes ago, 3together said:

Happy New Year to you all! 

We finally made it to Australia on the 188B visa. We arrived 28.12.21 in Sydney. It was very easy at the airport. Just a few checks regarding Covid. The visa was in the system, so they even did not ask for it. All the best for all still trying to get the visa!

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. 

On 15/06/2021 at 19:03, Steve Elliott said:

It’s worth adding that if you really wish to use funds not on your SALP, there is nothing in legislation to say you are compelled to do so, however, and here’s the rub. When you receive your invitation to invest letter, the. DHA has already completed its due diligence on what you have submitted. If you now wish to nominate new funds not detailed on the SALP, the due diligence has to start again and that means delays but also a risk the fresh information could lead to further RFIs or even refusal. 

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

On 09/07/2021 at 02:11, King3 said:

Hi DJT,

Thank you for your information, luckily we got the airline for our initial entry to Sydney on early June and we have came back to our home country. We have scheduled to move to Sydney in Jan 2022.

Cheers

King3

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

8 hours ago, Steve Elliott said:

HI DT

You need to have held your designated investment for at last 4 years before the 888 can be granted. Note this is not from date of visa grant but the date the investment was made as evidenced by your investment conformation from State or Territory. If you apply early, say prior to the mandatory minimum four years, and processing is very quick, you run the risk of refusal so that is water down the drain. I would exercise extreme caution in basing the timing of lodgement of your 888 application based on historical processing times. For example I have witnessed some SIV applications which were taking 12-18 months to process, now taking 2-3 months. If you take the risk and lodge prior to 4 years, and your 188b expires prior to 888 being decided, you would be on a Bridging Visa A.

It is a little known fact that when you apply for the 888, you are simultaneously applying for a Bridging Visa. It just happens by default!

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

5 hours ago, jun689 said:

Great to hear that and hope everything goes smooth on your travel. 

May I have the email address of BIIP Adelaide or apply online?

 

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

On 09/05/2021 at 14:46, Alex Nez said:

Immiaccount displays 20-24 months, which I hope is an overestimation.

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?

On 20/05/2021 at 07:11, Steve Elliott said:

Some readers may be aware that the Australian Government conducted a major review into the Business Innovation and Investor Visas, the findings were published in December which proposed changes set to commence in a few weeks on July 1.

The 188b Investor visa is undergoing a radical overhaul, which should be welcomed by many as a $1.5million investment into State and Territory Bonds really was not of great benefit to both investors and also State Governments (the borrower).

The minimum investment amount is set to increase to $2.5 million and the complying investment framework will comprise a mix similar to the current Significant Investor Visa (SIV) which includes Venture Capital, Emerging Companies and a balancing investment.

For applicants who have already lodged visa applications, this will not impact you however, if you intend to lodge post 1st of July, the new rules will apply to you.

For many,  this may sound both exciting and positive, yet others may have reservations. Personally, I think this, along with other flagged changes, are very positive.

As a qualified financial adviser (and registered migration agent) with considerable experience with the SIV, I'll do my best to answer any questions you have on these changes.

 

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

22 hours ago, 3together said:

No, per annum.  

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. 

10 hours ago, 3together said:

Sounds great to me. Kind of very special status right now. Hope it will stay like this. 

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

On 09/05/2021 at 09:32, King3 said:

Hello, it’s quite difficult to get the flight to Australia nowadays, does anybody know how to apply for extension of initial entry?

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