Designated Investment Routes to Australian PR: 891 and 893 in 2026
If your capital is already committed to an Australian government bond-style instrument and you hold, or held, a provisional investor visa, subclasses 891 and 893 are the two residence routes built around that position. Subclass 891 continues from the Subclass 162 Investor (Provisional) visa; Subclass 893 continues from the 165 visa and requires state or territory nomination. Both turn on the same core test — a designated investment as defined in regulation 5.19A of the Migration Regulations 1994, held for four years — which is set out in the Migration Regulations 1994 as published on the Federal Register of Legislation and in the Department of Home Affairs policy guidance known as PAM3. Because these provisions are amended from time to time, figures and commencement status should be confirmed against the current official text.
What are subclasses 891 and 893, and which provisional visa does each continue from?
The two subclasses are not alternative entry points. Each is the second stage of a specific provisional visa, and the main applicant must already satisfy the main-applicant criteria of that earlier visa.
| Subclass 891 | Subclass 893 | |
|---|---|---|
| Predecessor visa | Subclass 162 Investor (Provisional) | 165 visa, with state/territory nomination |
| Main applicant | Must hold Subclass 162 and meet its main-applicant criteria; a spouse or de facto partner cannot be the main applicant | Must be the person nominated, with nomination continuing in force |
| Investment test | Designated investment, AUD 1,500,000, held at least four years | Designated investment held four years; amount taken as at the time of investment |
| Residence | Counted only over the period the Subclass 162 visa was held | At least two years in the sponsoring state/territory within the four years before application, as a 165 holder |
| Nomination | Not required | Required, on form 949, and must remain in force until decision |
The practical consequence is that the choice between 891 and 893 is usually made years earlier, when the provisional visa is chosen. By the residence stage you are documenting what you already did, not selecting a new strategy.
What counts as a designated investment?
A designated investment is narrowly defined, and the definition is where most capital-allocation mistakes occur. Under regulation 5.19A and the relevant Gazette Notice, the instrument must be government securities — described in the guidance as primary stock — with a term of not less than four years, an express guarantee that the principal will be repaid, and no potential financial liability to the Australian government.
That last condition matters for anyone who assumed "government-backed" and "government-guaranteed" are interchangeable. An instrument that exposes the Commonwealth to a contingent liability falls outside the definition even if it is issued by a public body.
For Subclass 891, the guidance records the designated investment as AUD 1,500,000 held for at least four years, and states that no additional proof of funds is required beyond the investment itself. For Subclass 893, the guidance states the amount is taken as at the time the investment was made and that no separate evidence of other assets or income is needed. Neither subclass involves employer sponsorship.
How long must the money stay invested, and how is that proved?
Four years, from the date of the investment, with no withdrawal in that period. The proof is documentary and comes from the government body that received the money, not from your broker statement alone.
- Subclass 891 (clause 891.222): a certificate from the relevant state or territory treasury department confirming the investment date and confirming that the investment was not withdrawn within the four years.
- Subclass 893 (clause 893.223): a certificate from the state or territory Treasury Corporation confirming that the designated investment, held in the applicant's own name or jointly with a spouse or de facto partner, was held for four years and not withdrawn.
Suppose an applicant topped up the investment in year three, or rolled part of it into a new instrument. A rollover can restart the clock or break the "not withdrawn" chain, so the certificate has to cover a continuous four-year period for the qualifying instrument. Bank records and investment vouchers support that chain but do not replace the certificate.
What residence does each subclass actually require?
Residence is assessed only over the provisional visa period, which is why time spent in Australia on other visas is usually wasted effort for this purpose.
For Subclass 891 (clause 891.213), only the period in which the applicant held the Subclass 162 visa counts. Time held on any other visa does not count, and time accumulated by a spouse or de facto partner does not count either. The department verifies the period through the Movements database or travel documents; if neither is available, the case officer can request supporting documents. Confirm the applicable day-count against the current official text before lodging.
For Subclass 893 (clause 893.212), the main applicant must have lived in the sponsoring state or territory for at least two years in the four years before the application, and only time held as a 165 visa holder counts. The two years do not have to be continuous — short stays can be accumulated — but they must fall within the four-year window and inside the sponsoring state or territory.
Where travel documents or Movement records are missing, the guidance points to leases, utility accounts, property records and correspondence as supporting evidence. Building that paper trail while you are living there is far easier than reconstructing it later.
Can a spouse or children be included in the application?
Yes, but the family unit has to be assembled at the right time and it carries a single shared risk.
Family members must apply together with the main applicant, and under clause 893.321 a family member cannot be granted the visa before the main applicant is granted. A child born after lodgement can be added under regulation 2.08, and a spouse or dependent child under regulation 2.08A. For Subclass 891, the same structure applies: members must be part of the family unit under regulation 1.12 and apply with the main applicant.
The "one fails, all fail" rule is the part families underestimate. Every member — including those who did not apply at the same time — must satisfy the public interest criteria covering health and character (clauses 891.224, 893.224 and 893.225). Subclass 893 also carries the passport requirement in PIC 4021, and custody must be considered: under clauses 891.225 and 893.226, the visa cannot be granted if doing so would prejudice another person's rights of custody or access to a child.
Members granted while outside Australia may receive a condition setting a first entry date, typically aligned to the later expiry of the health or character checks, and condition 8515, which prevents marriage or entering a de facto relationship before entry. Where a secondary applicant does not have functional English, a second instalment of the visa application charge may apply and the applicant may be notified of Adult Migrant English Program entitlements.
What else does the department assess besides the investment?
Three things: your business and investment history, your stated commitment, and whether your circumstances have changed since you applied.
Business and investment history (clauses 891.211 and 893.211) covers the applicant and the spouse or de facto partner. Neither may have a history of involvement in business or investment activities that are not generally accepted in Australia. The assessment is made by reference to the department's general guidance material rather than a fixed checklist, which gives the case officer discretion.
Commitment to business or investment activity (clauses 891.213 and 893.213) is softer than it sounds. The applicant needs to show an understanding of the Australian business and investment environment and a long-term intention; a fully formed plan is not required, and the officer may only ask for broad details of proposed activity.
Continuing eligibility (clauses 891.221 and 893.221) is usually assumed where nothing has changed and there is no significant delay. For Subclass 893, a delay of more than 18 months between application and decision is treated as significant and can trigger a request for updated business and personal circumstances. This article is general information about how the Regulations and PAM3 frame these subclasses, not personalised advice, and the current official text remains the reference for any individual case.
How and where is the application lodged?
Complete form 47BU. For Subclass 893, make sure the form 949 nomination is in force and covers the lodgement date. Lodge while you are in Australia and not in immigration clearance. Pay the visa application charge. Remain in Australia until the visa is decided.
The main applicant must be in Australia both at lodgement and at the time of grant; family members may be inside or outside Australia at grant. If the nomination for Subclass 893 is withdrawn before decision, the application fails, and the guidance records that an officer may contact the nominator to extend the validity period or withdraw the nomination.
Where do applications most commonly fail?
The recurring refusal grounds are consistent across both subclasses, and nearly all of them are documentary rather than discretionary.
- The designated investment was not held for the full four years, or no treasury certificate was provided.
- The instrument does not meet regulation 5.19A — not government securities, term under four years, or principal not expressly guaranteed.
- The investment was withdrawn within the four-year period.
- The applicant or their partner has an unacceptable business or investment history.
- Residence cannot be evidenced over the qualifying provisional visa period.
- A family member fails health, character or passport requirements.
- The application was not lodged in Australia, or the main applicant was outside Australia at grant.
- For Subclass 893, the nomination was withdrawn before the visa was granted.
Frequently Asked Questions
What is a designated investment for subclasses 891 and 893?
It is an investment that meets regulation 5.19A of the Migration Regulations 1994: government securities, a term of at least four years, an express guarantee that the principal will be repaid, and no potential financial liability for the Australian government. The definition is set by the Regulations together with the relevant Gazette Notice, not by how the product is marketed.
Do I have to keep the money invested for the full four years?
Yes. Both subclasses require the designated investment to be held for four years from the investment date without withdrawal. You prove this with a certificate from the relevant state or territory treasury body confirming the date and confirming no withdrawal during the period.
Can my spouse be the main applicant instead of me?
Not for Subclass 891. The guidance states the main applicant must hold the Subclass 162 visa and meet that visa's main-applicant criteria, and a spouse or de facto partner cannot be the main applicant. The spouse can still be included as a secondary applicant in the same application.
How much residence does Subclass 893 require?
At least two years in the sponsoring state or territory within the four years before the application, counted only over the period you held the 165 visa. The two years do not need to be continuous and can be accumulated across separate stays.
Can family members be added after I lodge?
Yes, in limited circumstances. A child born after lodgement can be added under regulation 2.08, and a spouse or dependent child under regulation 2.08A, before decision. Family members cannot be granted the visa before the main applicant is granted, which is why simultaneous application is the default expectation.
Do these visas require a job offer or employer sponsorship?
No. Neither subclass involves employer sponsorship or third-party sponsorship. The financial assessment focuses on the designated investment itself; Subclass 893 requires state or territory nomination instead, and Subclass 891 does not require nomination.