scaredycat Posted January 6, 2023 Share Posted January 6, 2023 4 hours ago, Leni W said: Latest update for 888 (Significant Investor): 25% of applications: 26 Months 50% of applications: 27 Months 75% of applications: 30 Months 90% of applications: 34 Months 34 months is almost 3 years on a bridging visa. When we applied it was supposed to be 1 year. Hi Leni, Was the 1 year based on 90% when you applied, as that’s a really big increase on processing time if so. It helps to know as it affects decisions on whether to take the hit on the extra stamp duty and buy a property from the outset or just be prepared to rent for a few years longer than expected. Hope you get yours granted soon as it’s not easy living on a bridging visa when you can’t even go on holiday without permission to get back home. Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted January 9, 2023 Share Posted January 9, 2023 Hi again Scaredycat. Your migration agent or other professional advisers should be able to advise you on this as you appear confused. I was under the impression you are on a 188c and not a bridging visa? if on a bridging visa, which visa have you lodged an application for? The tables published by DHA are often mis-interpreted and I urge clients to disregard this info as it is misleading. Essentially, the data refers to the age of the application when the visa was decided. During covid, the 188c was receiving priority processing, however this is no longer the case. Under the current regulations, 188c holders cannot apply for the 888 until they have held the 188c for a minimum of three years. I hope this helps. Quote Link to comment Share on other sites More sharing options...
scaredycat Posted January 10, 2023 Share Posted January 10, 2023 Hi Steve, I’m sure you didn’t intend to patronise me, nor to insult my intelligence, although I’m afraid it did rather come across like that. However, I’m neither confused nor am I even in Australia yet. As I previously mentioned to you when you emailed me, I’m still in the process of completing my application for 188C and am now awaiting an invitation to invest which I already have the help of an agent to do. I was merely expressing concern at how much processing times for the next stage appear to have increased since Leni applied and hope this is not an indication of what it will be like when I’m at that same stage, especially if she was only expecting to wait 1 year rather than 3 years. I’m fully aware that it changes according to the situation at the time and it will be several years before I can even think about applying for my 888 visa. I also expressed sympathy for those frustrated on bridging visas, especially if they are still living in rented accommodation and ultimately spending more than if they’d purchased a property despite the additional cost of stamp duty or FIRB fees. I will need to make some decisions to mitigate against this and it’s more around judging how property prices are likely to be impacted over the next few years. I don’t think even the experts get that one right all the time. Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted January 11, 2023 Share Posted January 11, 2023 Hi Scaredycat I certainly did no intend to patronise, I simply wanted to clear up a a common misconception re processing times. Taking note of published data from immi is like going for a drive using your rear view mirrors as it is historic data as opposed to current. While 888 processing times are still unacceptably slow, my interpretation is that IMMI takes the view that the applicant is already in Australia or has the rights to be in Australia, working, studying, investing etc and is probably already paying taxes etc so it's low priority compared to say a skilled offshore visa applicant. It is common practice for IMMI processing staff to be moved around and allocated to processing specific visa classes which the minister deems a priority at that point in time. Also, the BIIP is currently undergoing another comprehensive review (submissions closed just before Christmas) which may potentially result is a total overhaul of the program which is now effectively closed to new applicants. An initial allocation of places was very quickly exhausted with indications no further places will be allocated until the review has been completed. So my take is that while the business visa program is under review, it's not a priority for them (even visas already lodged). You are absolutely correct when it comes to the outlook for property prices. There are however strategies you could potentially consider to mitigate the potential risk of rising prices. 1 Quote Link to comment Share on other sites More sharing options...
Leni W Posted January 12, 2023 Share Posted January 12, 2023 On 06/01/2023 at 22:24, scaredycat said: Hi Leni, Was the 1 year based on 90% when you applied, as that’s a really big increase on processing time if so. It helps to know as it affects decisions on whether to take the hit on the extra stamp duty and buy a property from the outset or just be prepared to rent for a few years longer than expected. Hope you get yours granted soon as it’s not easy living on a bridging visa when you can’t even go on holiday without permission to get back home. Hi, I just remember it was 12 months processing time. They didn’t have all the different ‘% of applications’ at the time we applied. It doesn’t matter what rights we have, you can’t just put people on a bridging visa indefinitely. How can the processing time of a visa be 34 months and potentially longer? It should be stated as a requirement of the visa when applying so that people know what they're getting themselves into. Quote Link to comment Share on other sites More sharing options...
scaredycat Posted January 12, 2023 Share Posted January 12, 2023 Hi Leni, Thanks for clarifying. I agree it shouldn’t be that long given all that’s required is to prove that all conditions on the 188 have been met so there shouldn’t actually be that much work for the visa processing staff to actually do. I accept that the priority is to focus on visas for people to actually be allowed to come into the country, but it wouldn’t be so bad if we had an exemption on the 7% additional stamp duty so we can buy a home and also maintain travel rights during the time on the bridging visa. It’s actually making me seriously reconsider whether I should even make the investment if it means I’m either having to pay for an expensive rental property in 5 years time or unable to enter Australia if my 188 visa runs whilst I’m offshore. Quote Link to comment Share on other sites More sharing options...
Leni W Posted June 23, 2023 Share Posted June 23, 2023 Latest update on 22 Jun 2023 for 888 (Significant Investor): 25% of applications: 34 Months 50% of applications: 36 Months 75% of applications: 37 Months 90% of applications: 38 Months "Significant investor subclass 888 visa holders protest against permanent residency processing time": https://www.abc.net.au/news/2023-06-16/significant-investor-subclass-888-visa-holders-protest/102490038?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted June 26, 2023 Share Posted June 26, 2023 The 888's are simply collecting dusk and are not being processed. The government argument is that 188 holders are already in the country and have freedom to work and study. The impost of punitive stamp duty on house purchases while still on the 188 is a bitter pill to swallow. However the 1.2m home loans coming off fixed rates over the next 12 months, might result in some softness to partially offset the higher cost of buying a property. Quote Link to comment Share on other sites More sharing options...
scaredycat Posted June 27, 2023 Share Posted June 27, 2023 I’m curious as to what impact reducing the migration planning level to 1900 will have going forward. Is the 1900 just for 188 or is it for both 188 and 888? Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted June 28, 2023 Share Posted June 28, 2023 No impact. it's just the 188 as anyone who holds a 188 is already on a pathway to PR via the associated 888. What I am seeing at the moment is a number of 188 holders now in Australia applying for other visas to fast track PR which makes a big difference to the costs of buying a home. Quote Link to comment Share on other sites More sharing options...
scaredycat Posted June 28, 2023 Share Posted June 28, 2023 On 23/06/2023 at 08:26, Leni W said: Latest update on 22 Jun 2023 for 888 (Significant Investor): 25% of applications: 34 Months 50% of applications: 36 Months 75% of applications: 37 Months 90% of applications: 38 Months "Significant investor subclass 888 visa holders protest against permanent residency processing time": https://www.abc.net.au/news/2023-06-16/significant-investor-subclass-888-visa-holders-protest/102490038?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web Leni, are you still waiting for yours to be processed? Have you had any communication from immigration and a reason for the delay? Quote Link to comment Share on other sites More sharing options...
scaredycat Posted June 28, 2023 Share Posted June 28, 2023 15 hours ago, Steve Elliott said: No impact. it's just the 188 as anyone who holds a 188 is already on a pathway to PR via the associated 888. What I am seeing at the moment is a number of 188 holders now in Australia applying for other visas to fast track PR which makes a big difference to the costs of buying a home. I can fully understand why they would choose another visa to fast track it as it must be really difficult living in limbo. I had my 188C granted just before Easter and have just returned back home after validating it. After reviewing all the options, I’ve decided it’s more cost effective to buy a plot of land and build and at least I won’t have the hassle of trying to find a rental property either. There’s still the extra 7% stamp duty on the land and the FIRB fees but overall it works out a little bit cheaper than if I’d bought the same size established house as a permanent resident on the lower stamp duty and it’ll be brand new and designed how I want it once it’s built. Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted June 28, 2023 Share Posted June 28, 2023 6 hours ago, scaredycat said: I can fully understand why they would choose another visa to fast track it as it must be really difficult living in limbo. I had my 188C granted just before Easter and have just returned back home after validating it. After reviewing all the options, I’ve decided it’s more cost effective to buy a plot of land and build and at least I won’t have the hassle of trying to find a rental property either. There’s still the extra 7% stamp duty on the land and the FIRB fees but overall it works out a little bit cheaper than if I’d bought the same size established house as a permanent resident on the lower stamp duty and it’ll be brand new and designed how I want it once it’s built. Once they have their 188c they have full work, study, travel rights etc so can effectively carry on their daily business either in Australia or offshore. The 188 is still in effect until the other visa is granted. If granted, the new PR Visa comes into effect and knocks out the 188. In terms of your own strategy, there are so many moving parts but I would agree, having a block of land locked in, does provide a degree of certainty and one less thing to stress about! Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted June 28, 2023 Share Posted June 28, 2023 7 hours ago, scaredycat said: Leni, are you still waiting for yours to be processed? Have you had any communication from immigration and a reason for the delay? It's simply a case the Government has publicly stated that they have higher priorities eg skills visas. Trust me, the migration advice industry has lobbied the government on this issue and their have even been public protests from current 188 holders. Alas, the government does not seem to be too interested as they take the stance, 188 holders have full work, study rights and freedom to invest and operate businesses. Australian businesses screaming out for skilled workers are deemed a higher priority. There are only so many public servants to do the visa processing, so if it's not a priority, it will continue to collect dust. There's an old saying "the squeaky wheel, gets the oil" On a more positive front, the new financial year is just two days away, and with that, the wind direction may change !!! - fingers crossed. Quote Link to comment Share on other sites More sharing options...
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