LaurenG

475 ss form - financial capacity section

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    Hello everybody,

    We are just completing the 475 state sponsorship application.

    I am a bit confused about the financial capacity section. As you probably know it asks how much money you have in:

    Cash

    Property

    Shares/investments

    Car/Boat/Caravan

    I am aware that they require you to have a minimum of $10,000 cash and $30,000 in total and have seen that people do get rejected over this section so want to make sure I get it right.

     

    When they assess your form, does the money in cars get counted in to the cash? We have just started saving and will have much more than there minimum come the time to move but at the moment it would mean moving little bits of money around to be able to prove the funds and I think we may be a bit short. :embarrassed: The cars (which we do not intend on selling until the move) will be a big source of cash for us.

     

    Any help, advice or storys of success and failure with this section of the ss would be great.

    Thank you!

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    Guest cliveost

    Hi i have read this somewhere before.

     

    The form states;

    I/We have the financial resources indicated below available for immediate access once I migrate to South Australia.

     

    This if taken literally would mean what you will have available when you move. Bank statements etc are not asked for you will just need to convince/prove to the person who signs the form.

    That was roughly the advice I read somewhere recently and made a mental note of as we are going to apply for SS too.

    Hope that helps and if Ive got it wrong will someone please correct me:wacko:

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    Guest wijaya

    Hi

    We have done for 475 SS to South Australia. For the financial forms, we filled the form to include assets for house, shares, and money in the bank. the House assets is about the money we will bring to Australia after we sell the house.

    We brough the form to a solicitor, and he dutifully signed without looking in our bank statements that I brough along.

    At the time, we put our total assets as about 400 K.

     

    Regards

    wijaya

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    Thanks Cliveost I read it the same way as you 'available for immediate access once I migrate' I should be able to pull together evidence of savings plan and how much we will have by certain dates and the little pools of money we have scattered about shouldn't be too far off the mark already.

     

    Wjaya I think you were definitely in the safe bracket when they accepted you with that amount in assets... just wish we were in the same position. ;-)

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    we were in the same position with our app, our money was tied up in the house and cars and some savings, as long as they know you have the money if needed thats fine, nobody asks for any evidence of funds, so you should be fine. As we held on to a lot of our assetts until the last minute.

     

    Nikkix

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