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immigrant589

QLD Settlement fund requirement

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Hi,

I want to inquire about the settlement funds requirement by QLD 190 Visa. I am eligible and met all other requirements but have some confusion in the settlement funds requirement.

I am Offshore. I have 3 secondary applicants(1 spouse and 2 children). As per website I require 45000AU$ for settlement fund. I want to inquire

 

  1. How much minimum cash in bank is required. I have around 15000AU$ in Bank.
  2. I have property (House) worth around 100,000AU$. Do I need to sell it actually to meet the requirement
  3. Will 15000AU$ and this property(without selling) suffice the settlement funds requirement?

 

 

 

Waiting for your response. Thanks

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It seems you need to hold AUD$45,000 in 'total liquidable assets' including AUD$15,000 in cash in bank.

Liquidable assets include cash, term deposits, fixed term investments, net value of stocks and shares, and termination payments (paid out leave, pensions etc).

Fixed assets such as property and equipment don't appear to be accepted for this purpose.

 

Note also that Queensland has currently suspended (as of 1 August 2016) the processing of offshore skilled nominations until further notice. See http://migration.qld.gov.au/skilled-migration-queensland/outside-queensland-or-overseas/


Richard (Ric) Stacey

BEng, GradDipEd, GradCert Australian Migration Law & Practice

Registered Migration Agent, MARN: 1681158

staceymigration.com.au

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You meet the "cash" requirement with your $15,000 which is good. And as long as you can show that you own your property (no mortgage), or that the equity in the property (if you still have a mortgage on the property) is at least $30,000 then that's fine. You do not need to sell your house to meet the requirement. You just have to be able to show that that remaining amount (30,000 or more) will be available IF you sell your property.


Migration Consultant

Registered Migration Agent Number: 0301155

info@sortoutmyvisa.com

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