Investor Retirement Visa (405)
This visa is closed to new applicants (since 2018) but existing holders can renew. It allowed retirees over 55 with significant assets to live in Australia. If you hold a 405, continue meeting requirements: maintain designated investments, hold private health insurance, and not work more than 20 hours/week.
Sponsored Parent Temporary Visa (870)
The 870 visa allows parents of Australian citizens/PR holders to stay for 3 years ($5,735) or 5 years ($11,470). Renewable once (maximum 10 years total). Sponsor must earn at least $83,454.80/year (combined family income) and pass a sponsorship assessment. Limited to 15,000 visas per year. No Medicare access — private health insurance is mandatory ($3,000-8,000+/year).
Practical Alternatives
Many Chinese families use rolling Visitor Visas (600) — 3, 6, or 12-month stays with breaks between visits. Cost: $190-1,065 per application. Allows parents to spend extended time in Australia without the high costs of 870 or contributory parent visas. Combine with the contributory parent visa queue (143) for eventual permanent stay.