Evidence of Maintenance funds and Home Loan

[blimpyboy1]

Hi all,

I'm in a pickle.

I have a home loan in the form of a line of credit. I have a loan account with a loan amount of 500,000. I have paid off 300,000. I owe 200,000 for the home loan.

I can withdraw as much of the 300,000 I have paid off in cash whenever I want. It is available as cash, and acts as a transaction account. I can put in cash and withdraw cash. The only limitation is that I cannot withdraw so much that I owe more than 500,000 .

I do not have a dedicated savings account because it doesn't make sense for me. All my salary and income goes directly into my loan account. There's 300,000 there available for me to use.

However on my statements, the balance will show up as 200,000 DR (meaning 200,000 in debt). The australian term for my type of account is line-of-credit.

Am I going to get hosed over this ?

[push]

It is more like an Over Draft Facility that you have from the bank. I don't think it would count towards maintenance funds as such (otherwise ppl would start showing their "line of credits" under their credit card limits!!).

If you are willing to wait for 3 months, I would advise you to draw sufficient funds from your loan account and deposit and maintain it in a separate savings account for 3 + months and use the evidence in support of your application.

[blimpyboy2]

I'd be willing to wait, but I don't have a Masters. So come April, I will not qualify.

I do have 2xbachelor degrees with hons and all that. But apparently not good enough come April.

[blimpyboy2]

It is more like an Over Draft Facility that you have from the bank. I don't think it would count towards maintenance funds as such (otherwise ppl would start showing their "line of credits" under their credit card limits!!).

If you are willing to wait for 3 months, I would advise you to draw sufficient funds from your loan account and deposit and maintain it in a separate savings account for 3 + months and use the evidence in support of your application.

Also, this is not quite the same as overdraft. But I guess there are more similarities.

It's all about the fact that for anyone with a home loan, it generally makes sense for them to put their cash towards the loan. I have put 300,000 to the loan and have access to use these funds how I see fit. It's just that in the official bank statement it says account balance = 200,000 DR which looks different.

Interestingly enough, when I login to my bank online, it choses to say: Available funds = 300,000. Which is perfect.

[blimpyboy2]

Can anyone point me to appropriate contacts in the immigration office that would be able to offer advice here ?

[push]

Can anyone point me to appropriate contacts in the immigration office that would be able to offer advice here ?

You have nothing to lose by applying immediately as if you get past March you dont stand any chance for approval (per your point re Masters Degree).

Can you get your bank to issue a letter satisfying the following conditions:

Letter from bank confirming funds and that they have been in bank for at least three months
The letter from a bank or building society should state:

your name;
the account number;
the date of the letter;
the financial institution's name and logo;
the funds held in your account; and
that enough funds have been in the bank for at least three months.
We will not accept letters which simply show the balance in the account on a particular day as these documents do not show that you hold enough funds for the full period required.

[blimpyboy2]

Can anyone point me to appropriate contacts in the immigration office that would be able to offer advice here ?

You have nothing to lose by applying immediately as if you get past March you dont stand any chance for approval (per your point re Masters Degree).

Can you get your bank to issue a letter satisfying the following conditions:

Letter from bank confirming funds and that they have been in bank for at least three months
The letter from a bank or building society should state:

your name;
the account number;
the date of the letter;
the financial institution's name and logo;
the funds held in your account; and
that enough funds have been in the bank for at least three months.
We will not accept letters which simply show the balance in the account on a particular day as these documents do not show that you hold enough funds for the full period required.

yep - check out http://www.immigrationboards.com/viewtopic.php?t=36652 .

I'll make sure logo and date are there.

[push]

Wonderful. Just ensure that the letter covers everything that UKBA is asking for.

All the best

[push]

The letter should also say that the funds are available for drawdown any moment i.e. no notice period etc. and that you have maintained atleast the min required balance throughout the last 3 month period.