Funds Required for Australia PR
Australia is the first choice for those who wish to migrate to another country. The country has a fast-growing economy, great job prospects, excellent study opportunities, and a better quality of life. If you have a desire to immigrate to Australia, you will need to ensure that you have enough settlement funds.
What are Settlement Funds?
Settlement funds are the minimum amount of money you should have available when you arrive in Australia to support yourself and your family. If you want to apply for Australia PR make sure you have the required funds otherwise your visa may get rejected or suspended.
Why is it compulsory for applicants to show the funds?
There are two main reasons why it is compulsory for applicants applying for Australia PR to show proof of the funds to the Australian Immigration Department.
- The government of Australia requires applicants to demonstrate funds to gather information on their financial stability in their native countries and their ability to support their native country dependents.
- It prevents you from relying on social assistance and placing pressure on the Australian government & system until you find a job there.
- To prevent you from having to return to your home country due to financial constraints.
How to prove your funds?
Here are some of the documents that applicants may require to prove the availability of funds:
- Bank Statement – It is a document that is sent by the bank to the account holder, summarizing all the transactions of an account during the month. Applicants may show their bank statements or their spouse’s bank statements in order to prove their funds.
- Fixed Deposits – In a Fixed Deposit, you put a lump sum in your bank for a fixed period at an agreed rate of interest. You can submit your own or your spouse’s FD documents to the Australian Immigration Department as proof of funds.
- Mutual Funds Statement- It provides you with all the information related to your investments made in different mutual fund schemes. It is similar to a bank account statement. Same as a bank statement you can use it to prove your funds to the immigration department.
- Tax Records – It means any Tax Returns, Tax Return work papers, documentation relating to any Tax Contests, and any other books of account or records required to be maintained under the Code or other applicable Tax Laws or under any record retention agreement with a Tax Authority.
- Bonds – bond is a loan from an investor to a borrower such as an organization or government. Bond details include the end date when the principal of the loan is due to be paid to the bond owner and usually include the terms for variable or fixed interest payments made by the borrower.
- Stocks – A stock is a security that represents a fractional ownership in a company. If you have invested in stocks you can show it as proof of funds.
- Provident Funds – It is an investment fund that is voluntarily established by Employers and employees to serve as long-term savings to support an employee’s retirement. Applicants can submit their PF statement as proof of funds.
- Bankers’ drafts – A bank draft is a type of check that guarantees payment by the issuing bank after verifying the requesting customer has enough funds to cover it.
How long do applicants have to maintain their accounts?
Applicants are required to retain their funds in the bank for a minimum of 6 months before starting their Australia PR visa process. Applicants may have to maintain their funds for a longer period, depending entirely on their visa application process.
Why trust BOI Services with your Australia PR visa process?
- Authorized and licensed Immigration Consultancy.
- Check eligibility based on the latest immigration rules & regulations
- Ensure a safe and transparent online process.
- Complaint resolution system to provide excellent customer support
- Profiles are evaluated with specially designed services
- Cases are assessed & rectified multiple times before submission
BOI Services is one of the best Immigration Consultancy in New Delhi, widely regarded as one of the most reputed and trusted Immigration Consultancy in India by its customers. We have helped hundreds of visionary people to successfully immigrate to Australia through subclass visas. Our trained, well-versed, and experienced Immigration Experts are dedicated to support you with your immigration process.