Hi Marisawright,
I appreciate your concern and advice. I'm grateful that everyone's replies have been really useful, including Russel's.
I'm currently on my own BVA (waiting for post-graduate visa), so I'm fully aware of its limitations. I've heard from my acquaintances (and also read threads on different forums) that the processing time for visa 864 is usually 3.5 to 4 years, as opposed to visa 143 (which is allegedly 15 to even 30 years?), so hopefully my parents won't have to wait that long.
We have a track record of being granted visas in a short amount of time. Most of my parents' tourist visas, as well as my student visa, were granted in less than a week, except for the ones that require medical examinations. Those are usually granted within 2 weeks. In my brother-in-law's case (PR), it was the day after we lodged his application. As for me, this is the first time that I have a long bridging visa. However, due to COVID impact, my uni friends are also experiencing the same wait time for post-graduate visa.
My parents are on their extended tourist visa, which is somewhat similar to living on a bridging one (except for the travelling part). They have had Bupa insurance since 2020, and we live near the city centre, so I think there won't be much issues with accessing health care. I don't think they will be buying a house now. However, if they want to, my sister can buy it, and my parents & I can totally pay for the mortgage. Thank you so much for the heads-up about the surcharge & FIRB.
We don't mind applying and paying for their BVB. Plus, they don't like travelling too much, so it's fine. For us, the PR is quite urgent since the final grant decision will depend on their health, which will deteriorate over time. The sooner we apply, the better it is.
Warm Regards,
Long.