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By Jessica Thakur, October 24 2024
Skilled migration to Australia often involves navigating a complex web of requirements. One critical aspect, particularly for the Subclass 190 and 491 visas, is demonstrating sufficient funds. This proof of financial capacity assures the Australian government that you can support yourself (and any dependents) during your initial settlement period.
This blog post provides a comprehensive breakdown of the funds requirements for each Australian state, clarifying the often-confusing landscape of financial eligibility for these visa subclasses.
Understanding the Basics
Subclass 190: This is a permanent residency visa for skilled workers nominated by an Australian state or territory government.
Subclass 491: This is a provisional visa (valid for five years) that allows skilled workers and their families to live and work in regional Australia. It offers a pathway to permanent residency after fulfilling certain conditions.
Financial Capacity: You need to demonstrate access to sufficient funds to cover living expenses, typically through liquid assets (cash, bank deposits, shares, etc.). Some states may also consider fixed assets (property, vehicles).
Funds Requirements by State
South Australia: Not Required
New South Wales: Not Required
Northern Territory:
Single Applicant - AUD 35,000
Applicant + Spouse - AUD 50,000
Applicant + Spouse + 1 Child - AUD 60,000
Applicant + Spouse + 2 Children - AUD 65,000
Victoria: Not Required
Western Australia:
AUD 20,000 - Single Applicant
AUD 30,000 - Couple
Australian Capital Territory: AUD 20,000 for each dependent
Queensland:
Cash: AUD 15,000 (offshore applicants); AUD 5,000 (onshore applicants)
Primary applicant: AUD 30,000 (offshore applicants); AUD 10,000 (onshore applicants)
Primary applicant + 1 Secondary applicant: AUD 35,000 (offshore applicants); AUD 15,000 (onshore applicants)
Primary applicant + 2 Secondary applicants: AUD 40,000 (offshore applicants); AUD 20,000 (onshore applicants)
Primary applicant + 3 Secondary applicants: AUD 45,000 (offshore applicants); AUD 25,000 (onshore applicants)
Primary applicant + 4 Secondary applicants: AUD 50,000 (offshore applicants); AUD 30,000 (onshore applicants)
Primary applicant + 5 Secondary applicants: AUD 60,000 (offshore applicants); AUD 40,000 (onshore applicants)
Tasmania:
Main applicant: AUD 25,000
Main applicant + 1 dependent: AUD 30,000
Main applicant + 2 dependents: AUD 35,000
Main applicant + 3 dependents: AUD 40,000
Important Notes:
Evidence: Be prepared to provide documentation (bank statements, property valuations, etc.) to support your financial claims.
Maintenance: Some states require you to maintain the funds for a specific period leading up to your visa application.
Financial Support: In some cases, you might be able to rely on financial support from family members. However, strict conditions and evidence of the relationship will be required.
Conclusion
Meeting the funds requirements is a crucial step in securing a Subclass 190 or 491 visa. By understanding the specific requirements for your chosen state, you can ensure your application is complete and increase your chances of success.
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