Understanding Funding Requirements for Australian PR Visas: Skilled Independent Visa and Beyond

Dreaming of migrating to Australia as a skilled independent professional? Understanding the financial requirements for your visa application is paramount. This article will specifically delve into the funding requirements for the Skilled Independent Visa (Subclass 189) and highlight the differences for other visas that do have a funding requirement.

Introduction to Skilled Independent Visa (Subclass 189)

The Skilled Independent Visa (Subclass 189) is designed for highly skilled individuals seeking to live and work in Australia independently. Unlike some other visa categories, applicants for the Subclass 189 are not required to prove financial stability as a prerequisite for their application.

No Funding Requirement for Subclass 189

One of the unique aspects of the Subclass 189 visa is that it does not require applicants to demonstrate a fixed amount of savings or income. This means that financial proof is not a mandatory part of the application process for those opting for this route. However, it's important to note that even though financial proof is not required, it's advisable to have a sufficient level of financial resources to support yourself and any dependents once you arrive in Australia.

State Nominated Visas and Funding Requirement

For those applying for visas under the state-sponsored nomination pathway, the funding requirement can vary significantly. Depending on the state or territory you are applying through, you may be required to demonstrate a certain level of financial savings or income. This is particularly true for visas like the Skilled Nominated Visa and the State Nomination Visa.

Understanding Settlement Fund

Settlement funding is a critical aspect of migrating to Australia, as it ensures that you will have the necessary financial resources to establish yourself in your new country without relying on social welfare programs. The amount of settlement funding required can vary based on multiple factors, including the number of dependents accompanying you.

Determining Your Settlement Fund

The primary factor in determining your settlement fund is the number of people you intend to sponsor. The Australian Government provides a detailed guide on the minimum settlement fund requirements, taking into account accommodation costs, basic living expenses, and other necessary expenses for a given period. Here’s a simplified breakdown:

Single applicant: Typically requires a minimum of $11,700 AUD or its equivalent in the local currency for a family of 4. Applicant with one dependent: Requires approximately $16,900 AUD or its equivalent. Applicant with two dependents: Requires around $29,200 AUD or its equivalent. Applicant with three or more dependents: Requires at least $34,100 AUD or its equivalent.

Conclusion: Navigating Australian PR Visas

Whether you are looking to apply for the Skilled Independent Visa (Subclass 189) or other state-nominated visas, understanding the required funding can make a significant difference in the success of your application. While the Subclass 189 does not require explicit financial proof, a strong financial position can demonstrate your capability to support yourself and your dependents. For state-nominated visas, ensuring you meet the minimum settlement fund requirements is crucial for a smooth migration process.

Further Reading

For more detailed information on settlement funds and other aspects of Australian PR visas, including links to official government documents, please refer to the following resources:

Settlement Fund Guide on the Home Affairs Website State and Territory Government Websites