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$100,000 time limit????

$100,000 time limit????

Old Nov 16th 2003, 7:58 pm
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Default $100,000 time limit????

Does anyone know if there is a time limit after the money is required as to when it has to be deposited?
I'm getting more and more confused. And needless to say extremely annoyed with my agent for not explaining this to me.
Is this why loads of you sell up months before you need to?
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Old Nov 16th 2003, 8:29 pm
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Default Re: $100,000 time limit????

Originally posted by jensteve
Does anyone know if there is a time limit after the money is required as to when it has to be deposited?
I'm getting more and more confused. And needless to say extremely annoyed with my agent for not explaining this to me.
Is this why loads of you sell up months before you need to?
Hi jensteve
we will need to put up the AU$100,000 bond money and as far as i know you get 49 days to lodge after its requested but you need to take so many days off of that to allow for the transfer, we submitted our app. in Sept. and will put our bungalow on the market in the new year so when/if requested we will be ready to go so to speak, hope this helps
rach
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Old Nov 16th 2003, 8:33 pm
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Default Re: $100,000 time limit????

Originally posted by nosuchluck
Hi jensteve
we will need to put up the AU$100,000 bond money and as far as i know you get 49 days to lodge after its requested but you need to take so many days off of that to allow for the transfer, we submitted our app. in Sept. and will put our bungalow on the market in the new year so when/if requested we will be ready to go so to speak, hope this helps
rach
Are you not worried that medicals etc don't go quite as planned and your out of your home, stuck in nowhere land?
If the 49day thing stands I would have to start selling March and hope for a quick purchaser.
Our app went in August.
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Old Nov 16th 2003, 8:47 pm
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Default Re: $100,000 time limit????

Originally posted by jensteve
Are you not worried that medicals etc don't go quite as planned and your out of your home, stuck in nowhere land?
If the 49day thing stands I would have to start selling March and hope for a quick purchaser.
Our app went in August.

Hi Jensteve
nope not worried at all, what's the worst than can happen - we don't get accepted to Australia, so we will stay with mum until we decide what to do next, ie. stay here in the uk or try to emigrate somewhere else! obviously we'd be gutted not to be accepted but we would re think our options,
hope that it all works out for you, where are you hoping to go? where are you now? have you got alot of equity in your property? we've got about £150,000 to take with us, hope its enough to buy outright and have no mortgage at all, all being well that is!
take care
rach
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Old Nov 16th 2003, 9:31 pm
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We were told by our agents that they give you 49 days but you can apply for an extension on this. She said they were pretty understanding as they were aware most peoples money would be tied up in property.

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Old Nov 17th 2003, 4:28 am
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Default time extensions

We too had the nightmare of the $100k bond and the 49day.
Our sale fell through 2 days before our deadline (july 16th) so i emailed our case officer telling them and asked for a extension, which was granted till oct 10th, then it happened again so i did the same and another extension was granted nov 15th so i got a bridging loan as i could tell they was no more extensions coming!
Hope this helps ease your mind, in a way its worked out ok as i still have my house and didnt get such a kicking on the ex rate at time. and still a house owner
good luck
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Old Nov 17th 2003, 7:12 am
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Default Re: time extensions

Hi guys
We have just had our house valued, so that we can increase our mortgage, allowing us to borrow the $100,000. We used HSBC and they have instructions to release the money when we hear from DIMIA - shouldn't take too long. We applied in August and wanted to be "ready" but didn't want to go as far as putting the house on the market.
Larissa
Will be tight on the purse strings when it goes through - hope it comes after Christmas!
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Old Nov 17th 2003, 9:03 am
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Default Re: $100,000 time limit????

Originally posted by jensteve
Does anyone know if there is a time limit after the money is required as to when it has to be deposited?
I'm getting more and more confused. And needless to say extremely annoyed with my agent for not explaining this to me.
Is this why loads of you sell up months before you need to?
Hi jensteve

We have just received (on Fri) our letter re: depositing funds. This is a paragraph from the letter from Adelaide.

'Migration Regulations provide a time limit of 49 days (28 plus 21 days to allow time for postage) for you to respond, that is by 24 Dec 03. If I have not heard from you by that time, I may proceed to decide this application on the basis of the available information.'

Our agent suggests we bring this date forward by a week because of Christmas.

We remortgaged about 6 weeks ago and have most of the money in the bank ready BUT the exchange rate is killing us!!

Hope this helps.
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Old Nov 17th 2003, 8:31 pm
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Default Re: $100,000 time limit????

Thanks Guys for all the feedback, you all say more or less the same thing. The reply today from my migration agent said something different. Needless to say I don't trust them.
They said the 49 days was to "respond" only and not send cash, and that not to sell our house until we get our final letter saying we had been accepted. They also said meds etc where about 8/9 months down the line. I don't quite know how that is supposed to happen because you can't get the letter until the money is paid. Have any of you gone through agents and if so where they reliable with the truth?
How long an extension do you think you can get?

Jen and Steve
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Old Nov 18th 2003, 12:21 pm
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Hi Jen & Steve

Perhaps you can ask DIMIA or the officer processing your application (you should know this from your case reference number) what the 49 days limit really mean. For all you know, your immigration agent could be correct, i.e., you only need to come out with the money when you are successful in your application.

I will be in the same situation as you soon. Just completed my medicals and police clearance, and told the immigration officer than I am claiming 5 bonus points for $100,000 investment. Hope to learn from your experience.
Thanks.
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Old Nov 18th 2003, 8:45 pm
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[QUOTE]Originally posted by EdwardCh

I have mailed my agent back, they still gave me a non-helpful answer that did not even answer my question. As I said to him there is a lot of people saying one thing and only them saying another, now he wants to talk.
They have said all I do is respond to the bond letter when it arrives, they have failed to tell me about the 49 days although they say it exists, they have also not told me exactly when I would have to transfer the money but not to sell my house until we are 100% sure we have got in. Judging by what I've read on here its a catch 22. Cant get the final letter until funds have been sent, therefore must sell beforehand..
I am annoyed at them for not being precise with details.
I intend seeing him in person next week to go over all that has been said to me, with my findings from here and see if he can look me in the face.
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Old Nov 18th 2003, 8:58 pm
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[QUOTE]Originally posted by jensteve
Originally posted by EdwardCh

I have mailed my agent back, they still gave me a non-helpful answer that did not even answer my question. As I said to him there is a lot of people saying one thing and only them saying another, now he wants to talk.
They have said all I do is respond to the bond letter when it arrives, they have failed to tell me about the 49 days although they say it exists, they have also not told me exactly when I would have to transfer the money but not to sell my house until we are 100% sure we have got in. Judging by what I've read on here its a catch 22. Cant get the final letter until funds have been sent, therefore must sell beforehand..
I am annoyed at them for not being precise with details.
I intend seeing him in person next week to go over all that has been said to me, with my findings from here and see if he can look me in the face.
Hi Jensteve
all i can say is, if you don't get in for whatever reason, would you still move? to say another property in your area? reason i am asking is, Mark and I have discussed this at length and have decided that if and i hope its a big IF we don't get in, then we would sell anyway and move to something else, so we will put the bungalow on the market after the new year, then hopefully we'll get accepted and will have the bond money ready for when it is requested, if not we'll have a large deposit to put down on something else. after all the problems others on here are having with so many troubles selling or getting to exchange i think it is better to sell sooner rather than later, hope this helps
rach
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Old Nov 18th 2003, 9:17 pm
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[QUOTE]Originally posted by nosuchluck
Thanks for reply. How did you find out about the money being deposited with barely enough time to get a for sale sign up?
The answer to your question we would never had sold this place and move anywhere else other than OZ. This place is our dream home, we never expected we would move, until we realised after years of looking at OZ and Steve's bro moving out there we finally have the finances behind us to do so, it just happens to be in bricks.
I am not happy about being in the catch 22 situation but can't see another way round it. Any idea after they ask for the cash they are happy to extend the time up to before they get really to the point of not letting you in?

Jenny
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Old Nov 18th 2003, 9:23 pm
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Default Jenny

[QUOTE]Originally posted by jensteve
Originally posted by nosuchluck
Thanks for reply. How did you find out about the money being deposited with barely enough time to get a for sale sign up?
The answer to your question we would never had sold this place and move anywhere else other than OZ. This place is our dream home, we never expected we would move, until we realised after years of looking at OZ and Steve's bro moving out there we finally have the finances behind us to do so, it just happens to be in bricks.
I am not happy about being in the catch 22 situation but can't see another way round it. Any idea after they ask for the cash they are happy to extend the time up to before they get really to the point of not letting you in?

Jenny
As far as i understand it, the bond money is only requested once you have satisfied all the other aspects of the process, ie. meds/pcc's etc. So its the very last thing before the visa pre grant letter comes, i think! there is the option of an extension if your house still hasn't sold but i dont' know how long it would be for or how many times they would be willing to extend. One other option for you is maybe to go to your lender and tell them of your plans and then get a further advance on your mortgage then pay the whole lot back when you sell, although it seems a bit technical for me! we just sell and hope that we get good, honest buyers after xmas
best of luck mate
rach
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Old Nov 18th 2003, 9:31 pm
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Default Re: Jenny

[QUOTE]Originally posted by nosuchluck

Having a headache thinking of the time scales in advance. I would like to have buyer in the wings waiting with just contracts to sign but whats the chance of that. Its a bit confusing why the say not to sell your property, when they know your capital is in it.
Going to see estate agents tomorrow to ask what housing market like for our style and price of house, we may end up on market after xmas as well. Didn't quite have it originally planed that way but there seems no other way round it.
The only good thing my agents done so far was my hubb's tra application, they explained that so well it flew through. He's a roofer with no qualifications whatsoever, but he got it.

Jenny
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