Proof of funds

[j1mehta]

Hi guys,

I noticed today that for proof of funds, you are required to show *six months* of average balance. The problem is, I send most/all of my salary to my education loan and didn't maintain the balance (10k USD) for the last six months. However, I can show this amount by saving my next 2 months salary and maintain that there on. My question is, is *six* months average salary a hard requirement or 2 months
is good too? Thank you! Apologies if this has been asked elsewhere in the forum.

PS: I've already done everything else (except medical) like Police certificate, IELTS, WES and am afraid they might expire by next 6 months.

Best,
Jayant

 

[cansha]

Hi guys,

I noticed today that for proof of funds, you are required to show *six months* of average balance. The problem is, I send most/all of my salary to my education loan and didn't maintain the balance (10k USD) for the last six months. However, I can show this amount by saving my next 2 months salary and maintain that there on. My question is, is *six* months average salary a hard requirement or 2 months
is good too? Thank you! Apologies if this has been asked elsewhere in the forum.

PS: I've already done everything else (except medical) like Police certificate, IELTS, WES and am afraid they might expire by next 6 months.

Best,
Jayant

It is not a hard requirement. The purpose of the requirement is to make sure the funds are not borrowed to just fulfill the funds requirements. And hence any large deposits in account will be questioned or require a backup.

In your case it doesn’t seem difficult. So don’t worry

 

[j1mehta]

It is not a hard requirement. The purpose of the requirement is to make sure the funds are not borrowed to just fulfill the funds requirements. And hence any large deposits in account will be questioned or require a backup.

In your case it doesn’t seem difficult. So don’t worry

Thanks a lot for the quick response!

 

[Indiancreative]

Can funds obtained from two different persons be shown via two different gift deeds ? I mean can we show two different gift deeds or only one is to be shown ?

 

[hodari]

Can funds obtained from two different persons be shown via two different gift deeds ? I mean can we show two different gift deeds or only one is to be shown ?

Why not have one person give the money to the other and that person gives it to you in one lump sum? It's best not to overcomplicate things.

 

[THRISHI]

Hi guys,

I noticed today that for proof of funds, you are required to show *six months* of average balance. The problem is, I send most/all of my salary to my education loan and didn't maintain the balance (10k USD) for the last six months. However, I can show this amount by saving my next 2 months salary and maintain that there on. My question is, is *six* months average salary a hard requirement or 2 months
is good too? Thank you! Apologies if this has been asked elsewhere in the forum.

PS: I've already done everything else (except medical) like Police certificate, IELTS, WES and am afraid they might expire by next 6 months.

Best,
Jayant

IMO, two months balance, even with sufficient amount may not be enough to convince VO. The purpose of six months balance statement is to demonstrate that you are able save your settlement funds long enough even after spending on your daily needs and that it’s not a temporary arrangement for sake of application. Furthermore if this is only fund you are planning to show, it could certainly become a questionable point. Since you have to submit six months statement, VO can definitely see that you require these funds to pay your debts (loan that u mentioned) which you will need to explain.
I derive these points after going through
-posts
-cases of rejection
-my own (approved) application.
My suggestion is either show few funds eg. FDs, PF, PPF etc to substantiate your settlement OR IMO, wait for few months, build up required amount and then apply.
Good luck

 

[j1mehta]

IMO, two months balance, even with sufficient amount may not be enough to convince VO. The purpose of six months balance statement is to demonstrate that you are able save your settlement funds long enough even after spending on your daily needs and that it’s not a temporary arrangement for sake of application. Furthermore if this is only fund you are planning to show, it could certainly become a questionable point. Since you have to submit six months statement, VO can definitely see that you require these funds to pay your debts (loan that u mentioned) which you will need to explain.
I derive these points after going through
-posts
-cases of rejection
-my own (approved) application.
My suggestion is either show few funds eg. FDs, PF, PPF etc to substantiate your settlement OR IMO, wait for few months, build up required amount and then apply.
Good luck

This sounds reasonable. The reason I'm trying to expedite my application is that I'm afraid the CRS score might get higher in the coming months. Mine is 353 right now.

 

[vorador]

It is not a hard requirement. The purpose of the requirement is to make sure the funds are not borrowed to just fulfill the funds requirements. And hence any large deposits in account will be questioned or require a backup.

In your case it doesn’t seem difficult. So don’t worry

I agree with this, just go ahead and explain everything in your LOE to clear any doubts.

 

[j1mehta]

So, if the officer sees the amount coming in from company PayRoll, that should serve as sufficient proof for a reliable source of income?

 

[vorador]

So, if the officer sees the amount coming in from company PayRoll, that should serve as sufficient proof for a reliable source of income?

definitely especially if the work experience letter contains a salary matching with the transferred amount.

 

[j1mehta]

I'm planning to show the work experience of my previous job only (2 years) and not the current one (whose salary would be matched). I am not taking the letter of experience from the current one because I don't want my manager to know of my immigration plans as that is equivalent to saying I'll be quitting in the near future.

 

[xuan512]

Hi Guys, Im new in this forum and going to apply my EE by this December.

My application is for 2 people so I need around $15K - $20K right?

I do have the fund of ($15K) however its on my superannuation account (regular payment made into a fund by an employee towards a future pension) So I do have the money, but I only can access it when im leaving Australia for good.
Can I use it as a proof of fund?

To have $15K-$20K on my daily account, I will need to save it at least until March, but I wanted to apply EE by this December. Reason is my Australia visa is expire soon and If im applying EE in this December assuming everything go through 8-9 I will have EE approve before my Australia visa expire in 2019.

Please advise if this is possible of if there any other way I should do for proof of fund?

Looking forward for any advise. Thank you

 

[j1mehta]

definitely especially if the work experience letter contains a salary matching with the transferred amount.

Also, please link me to any good letter of explanation for funds if you've come across for a situation similar to mine. Thank you!

 

[THRISHI]

This sounds reasonable. The reason I'm trying to expedite my application is that I'm afraid the CRS score might get higher in the coming months. Mine is 353 right now.

Sorry I didn’t understand. Do you already have an ITA or Provential Nomination? 353 is not an eligible score as it is. Shall be in range of 440.

 

[j1mehta]

Sorry I didn’t understand. Do you already have an ITA or Provential Nomination? 353 is not an eligible score as it is. Shall be in range of 440.

Sorry, I meant 453. I don't have an ITA and I am planning to do it for draws after 30 oct for saving up money.