ACT Evidence of Finances

[Guest MARTINI]

Hi

 

My daughter and her OH are in the process of applying for State Sponsored Visa via ACT.

 

They have just been told by their agent that they must show proof of £30,000 plus in savings. They do not have this but have about £80,000 in equity in their home and about £10,000 in savings. Their agent has said that ACT are very strict on the minimum savings limits.

 

However, some posts on this forum indicate that ACT will allow proof of fund via house equity.

 

I have told my daughter to contact ACT to try and clarify the position.

 

Has anyone got any further info as to how strict ACT are on this. I did read somewhere on POI that you could possibly apply for a waiver with ACT in regard to your savings.

 

Regards

[Quoll]

The guidelines are quite specific

 

 The main applicant must have at least A$20,000 in transferable assets, with A$10,000 for each additional dependent family member, to assist with successful settlement and employment search in Canberra. Supporting financial evidence, in the name of the applicant/spouse, must be provided, including:

• Bank statements for the last three months immediately before applying for nomination.

• term deposits/investments/share portfolio/ provident funds etc

 

 The following assets will not be considered ‘transferable’:

• funds held in another persons name (except spouse);

• fixed/immovable assets like property or land;

• jewellery, house hold items, cars or motor cycles;

• cash in hand; and

• life insurance policy.

 

 If you are not able to provide documentary evidence that you have the transferable assets required above, you must:

• provide a statement justifying how you will support yourself and any dependents for the first six (6) months following arrival while settling into Canberra and finding employment;

• provide evidence of any fixed assets (and proof of equity). If the plan is to sell the asset before moving to Canberra, explain what will happen if you are unable to sell the asset e.g. how you will fund your travel and settlement.

• include evidence of research into the cost of living in Canberra, with an estimated budget e.g. accommodation, transport, electricity, gas and food etc.

 

From here Business and Industry Development - SMP Guidelines

 

We have certainly had one chap on here who got knocked back but whether that was because he was from a High Risk country or not I have no idea. If the agent is saying that in his experience the ACT are quite strict I would suggest he is probably correct unless their occupation is in ultra high demand - not GPs are they? I am sure they would get in pretty much any time!

[Fashionably Late]

They will definitely not except house equity. We have no mortgage on our home at all and we still couldn't use any of that to count.

 

We had to show bank statement and brokerage statements to show our $60AUD. You can show a budget as to how you would use the $10kAUD but whether that would be accepted I am not sure.

[lavender776]

They will definitely not except house equity. We have no mortgage on our home at all and we still couldn't use any of that to count.

 

We had to show bank statement and brokerage statements to show our $60AUD. You can show a budget as to how you would use the $10kAUD but whether that would be accepted I am not sure.

 

They did with me!

[Fashionably Late]

When did you lodge your SS application? The rules were quite clear for us and the same as what Quoll stated. We have over £600k on our property and we weren't able to use any of it and had to show our investments and savings only. We applied for SS in June 2009 and had it agreed it November 2009 and the rules were the same now. If they aren't applying the rules the same to everyone, then that is blatant discrimination.

[lavender776]

I can't remember the exact date, but I applied before that. Things have obviously changed.

[Fashionably Late]

I certainly wish they counted equity. It would have made things a lot easier but I guess in this economic climate it changes things a lot.