ACT Fund Requirement question
Nov 29th 2010, 3:28 am
#1
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Joined: Jun 2010
Posts: 71
ACT Fund Requirement question
following is included in the ACT financial capacity requirement
The main applicant must have at least A$20,000 in transferable assets, with A$10,000 for each additional dependent family member, to assist with successful settlement and employment search in Canberra. Supporting financial evidence, in the name of the applicant/spouse, must be provided, including:
Bank statements for the last three months immediately before applying for nomination.
term deposits/investments/share portfolio/ provident funds etc
This means we cannot immediately deposit money to account and meet the requirement because bank statement should be from 3 months prior to state applying date as per first bullet point requirement
However second bullet point which says
term deposits/investments/share portfolio/ provident funds etc
It doesn't mention that fixed deposits should be for 3 months?
Therefore if FD's are used as proof of fun,to my understanding it doesnt have to be showing from 3 months prior to lodging date....am I right?
please clarify
The main applicant must have at least A$20,000 in transferable assets, with A$10,000 for each additional dependent family member, to assist with successful settlement and employment search in Canberra. Supporting financial evidence, in the name of the applicant/spouse, must be provided, including:
Bank statements for the last three months immediately before applying for nomination.
term deposits/investments/share portfolio/ provident funds etc
This means we cannot immediately deposit money to account and meet the requirement because bank statement should be from 3 months prior to state applying date as per first bullet point requirement
However second bullet point which says
term deposits/investments/share portfolio/ provident funds etc
It doesn't mention that fixed deposits should be for 3 months?
Therefore if FD's are used as proof of fun,to my understanding it doesnt have to be showing from 3 months prior to lodging date....am I right?
please clarify
Nov 29th 2010, 7:42 pm
#2
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Joined: May 2008
Location: Canberra
Posts: 126
Re: ACT Fund Requirement question
Both terms "term deposits" and "fixed deposits" refer to the same thing as per my knowledge so answer to the question would be that it needs to be 3 months old.
Nov 30th 2010, 3:58 am
#3
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Joined: Jun 2010
Posts: 71
Re: ACT Fund Requirement question
Hi i reckon you have too obtained ACT SS,would you be able to tell me about showing evidence of fund.Because iam confused wt the guidelines given by ACT
1) Aus $ 20,000 could be only of money deposited in a savings account or Fixed deposit.Both options have to show money from 3 months backward to nomination date?
2)Can we value property or land and show the remaining amount we cannot submit in cash?
even though they say fixed or immovable assets are not considered ,i saw in the declaration form they have a separate area asking for value of property?therefore isnt it a way of providing proof then?
3)Also if the fixed deposits have been under my fathers name for more than 3 months and if he is going to transfer it to my name,immediately under my name funds wont be 3 months old.Therefore if he gives a statement,iam a dependent on him he had planned to save those funds for me as iam the only child which is true,would that be acceptable..
please let me know.It would be really great to hear from expertise who has been through same process and gotten ACT SS
1) Aus $ 20,000 could be only of money deposited in a savings account or Fixed deposit.Both options have to show money from 3 months backward to nomination date?
2)Can we value property or land and show the remaining amount we cannot submit in cash?
even though they say fixed or immovable assets are not considered ,i saw in the declaration form they have a separate area asking for value of property?therefore isnt it a way of providing proof then?
3)Also if the fixed deposits have been under my fathers name for more than 3 months and if he is going to transfer it to my name,immediately under my name funds wont be 3 months old.Therefore if he gives a statement,iam a dependent on him he had planned to save those funds for me as iam the only child which is true,would that be acceptable..
please let me know.It would be really great to hear from expertise who has been through same process and gotten ACT SS
Nov 30th 2010, 4:51 am
#4
Forum Regular
Joined: May 2008
Location: Canberra
Posts: 126
Re: ACT Fund Requirement question
Let me tell you that when I was going through ACT SS, the 3 months rule was not there
1. If you can show AU$ 20,000 in total (FD+Savings+Shares+Provident Fund..etc), you are good. If you fall short (like 18,000) then you have to justify how you can survive with that amount. You can submit a monthly expense statement that you think you might incur while in Australia. But my advice is to stick with 20,000.
2. No. You cannot value assets like land, house, vehicles...etc. They will not accept it.
3. This could work but you need to do more research on it.
Hope this helps.
Cheers
1. If you can show AU$ 20,000 in total (FD+Savings+Shares+Provident Fund..etc), you are good. If you fall short (like 18,000) then you have to justify how you can survive with that amount. You can submit a monthly expense statement that you think you might incur while in Australia. But my advice is to stick with 20,000.
2. No. You cannot value assets like land, house, vehicles...etc. They will not accept it.
3. This could work but you need to do more research on it.
Hope this helps.
Cheers
