Understanding Bank Balance and Points Requirements for a 489 Visa Application as a Software Engineer

Thank you for turning to me for answers regarding the necessary bank balance and your chances of being selected for a 489 Visa as a software engineer. This article aims to provide a comprehensive understanding of the requirements and expectations, along with practical advice for increasing your chances of securing a visa under the subclass 489.

Bank Balance Requirement for a 489 Visa Application

The settlement funds requirement for a 489 Visa varies across different states of Australia. This is because the 489 visa is a skilled visa, and each state has its own unique requirements and living costs. Therefore, it is essential to research the specific requirements based on the state where you intend to reside.

Victoria Bank Balance Requirement for 489 Visa

For residents of Victoria, a bank balance of approximately AUD 35,000 to AUD 40,000 is typically required. This amount serves as a financial safety net to cover basic living expenses for a period of up to 12 months.

South Australia Bank Balance Requirement for 489 Visa

In South Australia, the recommendation is to maintain a bank balance of around AUD 30,000 to AUD 35,000 to demonstrate your financial stability and ability to support yourself during the initial period of settlement. This is in addition to your income from the salary offered by your potential employer.

Queensland Bank Balance Requirement for 489 Visa

For Queensland, the bank balance requirement is similar to that of South Australia, with approximately AUD 30,000 to AUD 35,000 required to show your financial capability to sustain yourself and your dependents.

Chances of Being Selected with 60 Points under the 489 Visa

The selection criteria for the 489 visa is strict, and it is advisable to have a minimum of 70 points to secure a spot in the most recent invitation rounds. If you have a total of 60 points, it is important to recognize that you are facing a very long wait once you submit your Expression of Interest (EOI).

It is essential to note that an EOI is valid for only 2 years, which means you must submit your application within this period to remain eligible. Furthermore, the limited number of visas available each month (only ten 489 visas were given out per month in the last 5 months) significantly reduces your chances of being selected.

Given these challenges, it might be challenging to receive an invitation at all, hence the recommendation to seek professional advice from a reputable migration agency. A good migration agency can help verify your points calculation and recommend ways to improve your profile, such as obtaining additional qualifications or seeking sponsorship from an employer.

Alternative Pathway to Permanent Residency

One alternative pathway to permanent residency involves obtaining a sponsorship from an employer to apply for the new Temporary Skills Shortage (TSS) visa. The TSS visa pathway offers a more expedient route to permanent residency, provided you secure a sponsor after working for 3 years in a TSS role.

Conclusion

In conclusion, the 489 visa is a sought-after pathway for skilled professionals like software engineers, but the competition is fierce. Understanding the necessary bank balance and points requirements, along with exploring alternative routes such as the TSS visa sponsorship, can significantly enhance your chances of securing a permanent residency in Australia.

For a thorough and personalized consultation, I strongly recommend consulting a reputable migration agency. A good migration agent can guide you through the complexities of the process and provide you with strategic advice to maximize your chances of success.