It is a requirement of your application that you have sufficient funds available to you in order to settle in Queensland. Settlement funds differ depending on whether the applicant is onshore or offshore, and how many secondary applicants are included in the application.
An applicant is required to have a mandatory cash component of settlement funds that is inclusive of the total cash and liquid assets.
All Applicants are required to complete a Settlement Funds Declaration Form affirming financial capacity. The amount of cash funds specified on your form should match your supporting bank statements. Your supporting bank statements only need to show the current balance (no older than a month) and account holder details (the applicant or partner), and does not need to include your whole transaction history. The other funds component generally only includes assets that you hold overseas. This does not include furniture and clothing. Property in Australia such as a house or car cannot be included your settlement declaration.
Applicants that are 25 years of age or under, or applicants seeking nomination through the Queensland University Alumni stream can declare financial assistance from an eligible relative where they cannot meet the settlement funds requirements in their own right. An eligible relative constitutes:
- Parent or step-parent
- Brother/ sister (including step brother/sister)
- Mother/father in-law
Please note: you will receive a downloadable copy of the settlement declaration form if invited by BSMQ to lodge an application.