Federal FSW settlement funds

[Dorothygao]

Hi everyone, I would like to ask a question about the Federal FSW settlement funds.
My score is now raised to over 500 and I expect I am going to be screened in.
But currently, most of my deposits are in my wife's account and she will not accompany with me.
Can I ask my wife to transfer it to me now and I deposit a 1-year fixed deposit?
Is it feasible if I can prove that my wife is allowing me to use the money in her account.
Thank you very much for your help!

 

[AndyUK]

Hi everyone, I would like to ask a question about the Federal FSW settlement funds.
My score is now raised to over 500 and I expect I am going to be screened in.
But currently, most of my deposits are in my wife's account and she will not accompany with me.
Can I ask my wife to transfer it to me now and I deposit a 1-year fixed deposit?
Is it feasible if I can prove that my wife is allowing me to use the money in her account.
Thank you very much for your help!

Why 1 year fixed deposit? You need access to the funds when you move so they shouldn't be locked in.

I was in a similar situation - the funds were in an account in my wife's name (although she's accompanying me) and we just added my name to the account a couple of days before the application and it was fine.
The alternative was transferring the funds to an account in my name and providing a letter in which she would state that I have full access to those funds, it's not a loan, etc. If you go for this option, the letter should ideally be notarised, not just a statement from your wife.

 

[Dorothygao]

Appreciate your help very much.
However, my wife is not accompanying with me and I am not sure if the settlement funds have to be deposited for 6 months. If I can provide proof of my personal financial resources, is it possible that I do not have to deposit for 6 whole months before submitting my application ?

 

[sbali]

Appreciate your help very much.
However, my wife is not accompanying with me and I am not sure if the settlement funds have to be deposited for 6 months. If I can provide proof of my personal financial resources, is it possible that I do not have to deposit for 6 whole months before submitting my application ?

Wife accompanying or not , you need to show amount for all members.

Current balance is important

Last 6 months, monthly balance is just to indicate your savings and ability to bring that kind of money when you are given PR. So this figure can vary somewhat and will not get you rejected.

Yes you can show financial resources and they will be counted, but it should be liquid funds like FD and/or stocks and bonds

 

[AndyUK]

Appreciate your help very much.
However, my wife is not accompanying with me and I am not sure if the settlement funds have to be deposited for 6 months. If I can provide proof of my personal financial resources, is it possible that I do not have to deposit for 6 whole months before submitting my application ?

If you provide documents for the source of funds (notarised letter from your wife) then the funds don't have to be in your account for 6 months. It's better if they are though.