Federal Govt doubles cost of financial requirements for families with ageing migrant parents

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Under the changes which started on 1 April, a couple in Australia who wants to act as financial backers for their parents will now need to earn a combined $115,475 a year, compared to the previous $45,185. A single person will need to earn $86,606.

The changes will also significantly increase the amount families need to have as “security” – usually a bank guarantee.

It is compulsory to have a guarantor for certain visa categories, including parent, aged dependent, contributory parent and remaining relative.

The changes are designed to ensure migrants can support themselves and keep Australia’s social security system sustainable, according to the Department of Social Services.

As we covered here, caring for elderly migrants is expensive – the average lifetime cost of a single parent visa holder between $335,000 and $410,000.