The parent visa is designed as part of the family migration scheme for eligible individuals and it is officially identified as the Subclass 103 visa. The visa allows parents or even step-parents of a child who is an Australian citizen or a settled permanent resident to migrate into the country. New Zealand citizens who are deemed eligible can also sponsor their parents to join them. The visa will allow you to reside in Australia permanently and there are additional entitlements if granted.
30 March 2015