The guarantor must be an Australian resident, whether an individual applicant or a joint applicant.
A company must be registered in Australia to qualify for the guarantee. Companies that are not registered overseas are not eligible for guarantee.
Age requirement
Guarantors must be over 18 years old, and all co-guarantors must be over 18 years old.
Income requirement
The prospective guarantor cannot accept any social welfare allowance (excluding family allowance).
The income requirements of the guarantor depend on:
* the guarantor's family situation
:: Guaranteed number of people
Whether it is a hard guarantee or a non-hard guarantee, the requirements for proof of income will change with the number of minor children in the guarantor and the insured's family. A separate guarantor must provide a two-year tax return certificate to Centrelink. Collective organizations must provide a biennial official account report to Centrelink.
If there is a hard and fast rule on the guarantee of immigrant applicants, the guarantor's guaranteed income must be no less than the highest FTBPartA income in two years, and the current income level is $32,485.
For non-rigid guarantees, the income requirements for the guarantor depend on:
* Family conditions of the guarantor
:: Guaranteed number of people
If the prospective guarantor is married and has minor children, the taxable income of the guarantor must be no less than the highest FTBPartA income in two years, and the current annual income level is 32,485 US dollars.
If the prospective guarantor has more than one child, his/her income must be increased by 1 250 Canadian dollars for each additional child.
If the future guarantor wishes to sponsor more than one person, the income of the guarantor shall be increased as follows:
* $2,500 for each additional adult education.
* An increase of 1 250 Canadian dollars for each additional insured minor child.
If the prospective guarantor is unmarried and has no minor children, the taxable income of the guarantor within two years must not be lower than the income of low-income HHC, and the current annual income level is 17628 USD.
Asset proof (non-rigid AOS)
If the potential guarantor does not meet the income requirements, but the gap is not too big, Centrelink will consider the assets of the potential guarantor. Social security act1991defines assets that can be considered. joint guarantor
If an independent guarantor cannot meet the income and asset requirements, joint guarantee can be considered.
A joint guarantee may have three cosigners. Each of them must bear the same social insurance allowance liability risk. All guarantors must be over 18 years old.
System guarantee requirements
If an organization wants to provide a guarantee, it must be legally registered in Australia. Whether it is hard or not, the income level of this organization must reach the income level of FTBPartA. Because an organization will not be considered as a single and unburdened individual. All institutional guarantees depend on whether it meets the income level of FTBPartA.