Yes, when applying for Australian permanent residency under the Subclass 189, 190, and 491 visas, you are generally required to show evidence of sufficient funds to support yourself and your accompanying family members. These funds are commonly referred to as "settlement funds" or "financial capacity."
As of information from Australian Immigration guidelines till June 2023, the Australian Department of Home Affairs specified the following general requirements for settlement funds:
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Subclass 189 (Skilled Independent Visa)
There is no specific requirement for settlement funds for the primary applicant. However, you are still expected to demonstrate that you have sufficient funds to support yourself and your family members until you secure employment in Australia.
Subclass 190 (Skilled Nominated Visa) and Subclass 491 (Skilled Work Regional (Provisional) Visa):
The specific settlement funds requirement is determined by the state or territory government that nominates you. Each state or territory has its own guidelines and may specify the minimum funds required. It is important to check the relevant state or territory government website or nomination guidelines for the most accurate and up-to-date information. Or Consult well experienced Australia Immigration Consultant for the most accurate and updated Information.
- Apply for an Australian PR visa under subclass 189
- Apply for Australia Skilled Nominated visa (Subclass 190)
- How to Apply for 491 visa Australia from India
It's worth noting that the settlement funds requirement may vary depending on factors such as the number of family members included in the application. The purpose of these funds is to demonstrate that you have the means to support yourself and your family upon arrival in Australia.
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Please keep in mind that immigration policies and requirements keep on changing over time, so it is crucial to refer to the official website of the Australian Department of Home Affairs or consult a migration agent like Aptech Visas and Immigration dealing in Australia Immigration for more than 18 years for the most current and accurate information regarding settlement funds for Australian permanent residency applications.
You can also read the latest Australia Immigration News and Draw Updates here.
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Therefore, it's recommended that you check the specific requirements of the program you are applying for and seek advice from a registered immigration consultant.
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