$4200 requirement in case of ongoing work contract

[VedSaumya]

Hi Friends,

I have a current post study work visa expiring soon. The earlier plan was to get 2 years employer assisted visa. As per new rules effective 26 Nov., employer assisted visa is now scrapped and I need to apply for 2 years open post study work visa.

While I appreciate this change in favor of immigrants, I do not understand why they have $4200 requirement for someone to apply for this visa when the person is already in work visa and a valid work contract.

I work for an immigration accredited employer, with annual salary exceeding NZ median salary (for skilled migration purpose). I did not budget for $4200 because there was no indication for this for cases such as mine (current post study work visa to additional 1 or 2 years visa). The provision appears illogical to me, especially when someone is working in valid contract. Why should I show funds in my accounts to live in New Zealand when I am already earning the amount here?

Is it that the minimum funds of $4200 should be maintained till the visa decision is made? If not I can make an application immediately when the salary is credited to my accounts.

OR is there any way out for this? Is borrowing funds an option (coz. source should be justified)? Do you think immigration will consider this on case to case basis, though it is not announced that way?

Thanks for your help.

[JandM]

While I appreciate this change in favor of immigrants, I do not understand why they have $4200 requirement for someone to apply for this visa when the person is already in work visa and a valid work contract.

Where have you seen this mentioned? Can you give a link?

Looking at the INZ information pages about this change, I found this https://www.immigration.govt.nz/new-...tudy-work-visa, and at the bottom it tells you to fill in the application for a work visa on that form, where there is no mention at all of any need for proof of finances.

[VedSaumya]

Hi JandM,
Here is the information, under Funds section. https://www.immigration.govt.nz/new-...ZL&applying=co

The INZ1015 form has a requirement for this in the checklist in Page 2.

[dnsuriya]

I have the same question.

[JandM]

Oh, sorry - I missed that.

I agree that it doesn't seem to make sense, but then, it doesn't have to, because the government can set what criteria it wants, and anyone applying just has to meet them. No, I don't think this is a situation where the CO would have an option to bend the rules. Yes, the funds will have to be in a bank account accessible to you during the processing time, and yes, this can be done by borrowing the sum for the time being. (Whether you borrow privately, from a friend or family member, or commercially, this still shows INZ that you have the goodwill and/or creditworthiness to gather that amount of money. That, come to think of it, may be the point of this requirement, which I still think is peculiar, but...)

[ysc5]

I have the same question.

interestingly the evidence can include credit card. does it means credit limit of bank overdraft is possible ?
if that is so then its easier ay

[dnsuriya]

Oh, sorry - I missed that.

I agree that it doesn't seem to make sense, but then, it doesn't have to, because the government can set what criteria it wants, and anyone applying just has to meet them. No, I don't think this is a situation where the CO would have an option to bend the rules. Yes, the funds will have to be in a bank account accessible to you during the processing time, and yes, this can be done by borrowing the sum for the time being. (Whether you borrow privately, from a friend or family member, or commercially, this still shows INZ that you have the goodwill and/or creditworthiness to gather that amount of money. That, come to think of it, may be the point of this requirement, which I still think is peculiar, but...)

Hi JandM,

But in that case, they have to bend following requirement too.

"You must apply for a work visa no later than 3 months after your student visa expires, or 6 months if you were granted a visa to complete a doctorate.
We’ll check our records to make sure that you’re applying in time."

Under 'Work Visa Application'

Our situation is kind of special. INZ has given us one year post study work visa and then now, because of new rules we can extend it to another two years. This is little bit confusing, they have not given much info for our scenario.
https://www.immigration.govt.nz/new-...ZL&applying=co

[VedSaumya]

I do not see any issue with that. There is a transitory provision that applies to us. Refer Page 5 of this document here. https://www.immigration.govt.nz/docu...-questions.pdf

[JandM]

Thank you, VedSaumya - that seems to cover it.

[VedSaumya]

Oh, sorry - I missed that.

I agree that it doesn't seem to make sense, but then, it doesn't have to, because the government can set what criteria it wants, and anyone applying just has to meet them. No, I don't think this is a situation where the CO would have an option to bend the rules. Yes, the funds will have to be in a bank account accessible to you during the processing time, and yes, this can be done by borrowing the sum for the time being. (Whether you borrow privately, from a friend or family member, or commercially, this still shows INZ that you have the goodwill and/or creditworthiness to gather that amount of money. That, come to think of it, may be the point of this requirement, which I still think is peculiar, but...)

Hi JandM,

You have indicated that borrowing of fund is accepted. This is new for me. In case of student visa, immigration does ask for source of funds for any significant deposits made in last six month. If funds can be borrowed for this visa, doesn't this defeat the purpose of asking minimum balance in accounts for maintenance purpose?

Do you also mean that the fund (min. $4200) maintained in our account cannot be used till visa decision is made?

Thanks for your guidance.