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Investing $100,000 - process questions

Investing $100,000 - process questions

Old May 30th 2002, 7:54 am
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Default Investing $100,000 - process questions

Hi,

In order to get the 5 bonus points we need, we have indicated in our application that we would like (!) to invest $100,000 in a Government investment. There doesn't seem to be anything else that you have to do at this stage, is this correct ? They don't ask for proof of funds or anything so I haven't submited anything else. Do they just contact you when the time comes or should I be doing something else now ?
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Old May 30th 2002, 9:57 am
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Default Re: Investing $100,000 - process questions

hi, we had to show proof of investment, ie got the houes valued and showed their is sufficant funds to cover the investmant just helps them to see your not blagging.
all info helps them.
tim.
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Old May 30th 2002, 10:16 am
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Default Re: Investing $100,000 - process questions

Tipper, did you send this info with you application or later on ?
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Old May 30th 2002, 11:05 am
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Default Re: Investing $100,000 - process questions

We are going the same Route . At the Initial Prcess i Remember a Form we filled in asking for Total assets , I:E House Value, Endownments,Pensions , Savings , as we went through an agency they supplied the form, We heard nothing more until our Application had been processed . Once this happens we had to submit our Medicals, and they also asked for the Money, where it was to be invested and relevent forms & contacts regarding this.

Hopes this is of some help

Cheers
Jamie
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Old May 30th 2002, 11:50 am
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Default Re: Investing $100,000 - process questions

with application.
cheers tipper.
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Old May 30th 2002, 12:21 pm
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Default Re: Investing $100,000 - process questions

Oh Dear, already sent the application off and didn't include any of that stuff, just mentioned that we wanted to do it in the cover letter. It doesn't mention a form anywhere in the guide. I expect they'll request anything they need anyway, oh well.
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Old May 30th 2002, 2:52 pm
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Default Re: Investing $100,000 - process questions

Hi There ,
I dont think it really matters as long as you can send them the money when they request it.

Cheers
Jamie
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Old May 30th 2002, 6:23 pm
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Default Re: Investing $100,000 - process questions

we invested ours in february, put in initial application that we would need to for the points. We got a letter asking us to send the money over in feb after medicals etc.. , you don't need proof at the first stage as the letter you get when your application has been done states that the application cannot be processed further until they have proof of the funds in oz. We borrowed it off the bank sent it over got a certificate about 2 weeks later and a letter from oz house a week or so after that confirming acceptance. you also get interest on the money twice yearly which is a nice little extra.

Good luck

Lynn
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Old May 31st 2002, 7:47 am
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Default Re: Investing $100,000 - process questions

Thanks Lynn, can you give me a bit more detail on the order of events e.g it seems to be medicals, then the investment bit, then visa ? How long a wait was there between events ?
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Old May 31st 2002, 6:15 pm
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Default Re: Investing $100,000 - process questions

we had our medicals in october 2001. the beginning of february this year we got a letter asking us to send the money to oz. you also get three forms to send off to the area where you are sending the funds(one for you to complete (it asks you to say where the funds are from - we just put equity in property, you fax this over to advise you are depositing the money, then post it on) one for the state where the funds are going to complete and send back to oz house and one completed by oz house with a reference number on. We sent the funds a week later by telegraphic transfer, got a faxed advice two days after that confirming receipt of funds, received a certificate from them about aweek later and then got a letter from oz house first week in march confirming we had been accepted. we had to send off our passports for the visas to be put in we did that and only 4 days later got them back with the visas in. JUst as a little note I phoned ox house when we got the letter to send the money if this was it and they more or less told me that unless some major change in legislation happened then we would be accepted.

Hope this helps, sorry its long winded.

Good luck Lynn
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Old Jun 1st 2002, 1:41 pm
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Default Re: Investing $100,000 - process questions

Hi,

Before I get totally confused. When you say investing $100,000, where do you fill this in the Form 47SK? Is it under Part B (Your details) Question no. 23:

If you are applying from outside Australia:
What is the value of money, goods and assets which you (and your spouse) intend to bring to Australia?

Local Currency: ...
Australian dollar equivalent: ...

This does not sound like we HAVE to bring. What happen if we cannot bring the money, goods, assets we specify?

And how do measure non-money things in dollars? This doesn't make sense at all. And if we would really have to give evidence about how much we bring, it would have been almost impossible to value any good or asset we intend to bring.

Rgrds,
Jonny
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Old Jun 2nd 2002, 4:18 pm
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Default Re: Investing $100,000 - process questions

they just ask you how much you think you will be bringing into the country, not how much your furniture etc is worth. It is just gives them an idea as to how much you will bring in.. It is possibly to do withthe strict regulations set down now for money laundering. I work in an offshore bank and when opening a new acc we ask the question how much will you be putting in and wherer does it come from ie sale of house, shares lottery win(id be lucky!). If the person says one amount and the funds far exceed this we then want to know why and again where from. When you open an oz account they ask the same question and may cross ref with your application if the amt is excessive.

Lynn
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Old Jun 3rd 2002, 5:00 am
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Default Re: Investing $100,000 - process questions

Hi Lynn,

Thanks.

So, can I assume that if I fill in the form that I intend to bring $xxx and for some reason when I come to Oz but bring much less than that, the Oz government won't mind?

Regards,
Jonny
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Old Jun 4th 2002, 2:50 pm
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Default Re: Investing $100,000 - process questions

As far as I know that would be ok.

Lynn
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Old Jun 4th 2002, 7:40 pm
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Default Re: Investing $100,000 - process questions

Hi, I would like to add that we may also have to go down the $100,000 investment route, we have yet to take that decision, but our circumstances are slightly different. To raise the money we will have to sell our house and our endowments and live in rented accomodation. We have some savings but most of the money we are taking will be the $100,000. Therefore I posted several questions on this NG asking if we could invest the money for a year then go when our visas are granted (yes we know the risks ie failing medicals etc, but we need 5 points!) The experts replied and were all of the oppinion that we could invest the money as soon as we liked and go to Oz with our $100,000, once it was received back from Oz after the year. So there must be some facility to invest the money before its requested. Sorry my reply is so long winded, I hope you can understand it and it helps,

Carol.
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