Bank guarantee

If you give a bank guarantee you should be ready to put money in the bank to cover its value.

Setting up a bank guarantee

Finalising an application

To finalise most applications, we’ll write to you and ask you to:

  • open a term deposit, and
  • arrange a bank guarantee.

Our letter will let you know all of the following:

  • how long the bank guarantee is for
  • how much money you must deposit for the bank guarantee
  • names of the people the Assurance of Support covers
  • when you must complete the bank guarantee, and
  • the deadline date to submit documents.

Opening a term deposit

You can open a term deposit at a branch of the Commonwealth Bank of Australia (CBA). This type of term deposit is used as security for immigration visa purposes. We use the term deposit as security for the bank guarantee.

Once you’ve opened the term deposit, CBA will issue you with both:

  • a copy of the bank guarantee, and
  • your account confirmation statement.

You’ll need to upload these documents to your Centrelink online account through myGov. This will need to include a copy of our letter asking you to complete the bank guarantee. If you’re unable to upload documents you can go into your local service centre.

When we get the documents, we’ll let you know the result of your application.

As an individual

The bank guarantee and term deposit must be in the name of the person applying. If multiple people are applying, you can list all the people applying on the bank guarantee and term deposit account.

You can’t include anyone other than the people applying to provide support. This means you can’t include a partner or sibling, unless they’re applying to provide support.

As an organisation

If an organisation is applying, the bank guarantee and term deposit must be in the name of the organisation. It must not be in the name of the person applying on behalf of the organisation.

Amounts

How much the guarantee is for depends on if:

  • the assurer is an individual or an organisation
  • there are 1 or 2 adult assurees
  • the Assurance of Support is for 2 years, 4 years or 10 years.

From an individual

For an Assurance of Support that is 2 and 4 years the guarantee is:

  • $5,000 for 1 adult
  • $7,000 for 2 adults

For an Assurance of Support that is 10 years the guarantee is:

  • $10,000 for 1 adult
  • $14,000 for 2 adults.

From an organisation

If the assurer is an organisation, it must guarantee:

  • $10,000 for 1 or 2 adults for 2 or 4 years
  • $20,000 for 1 or 2 adults for 10 years.

Bank guarantee release

You can ask us to release your bank guarantee when the Assurance of Support period ends.

When we can release your bank guarantee

We can’t release it until the end of the Assurance of Support period.

If a sole assurer or assuree dies we may cancel the agreement. Where there is 2 assurers and one dies the Assurance of Support period will continue until the end date is reached.

At the end of the period we send you and the Commonwealth Bank of Australia a letter.

As long as the assuree didn’t get any payments from us, the letter will say:

  • the bank guarantee has been cancelled
  • the bank can release the funds to the assurer.

The funds will be available to the assurer 31 days from the date they contact the Commonwealth Bank of Australia to arrange their release.

How to ask us to release your bank guarantee

  1. Fill in the Assurance of Support Bank Guarantee Release form.
  2. Submit it to us online, by post or at a service centre - the details are on the form.

Page last updated: 27 June 2022