Temporary Sponsored Parent Visa 870

We have heard the rumors of this Temporary Sponsored Parent Visa aka TSPV (Subclass 870) for over 2 years now. Feel free to read the summary below and contact us to discuss further.
The Law (for those craving to read the clauses)
Legislative Instrument- F2019L00551 - Migration Amendment (Temporary Sponsored Parent Visa and Other Measures) Regulations 2019
Visa Features Summary
"Balance of Family Test" not required. It does not matter how many children you have that are in Australia versus those that are not in Australia.
Quota 15,000 places/year
Maximum 10 years of cumulative stay
No requirement to depart Australia while the visa stil valid
Multiple entries facility
Before being able to apply for another TSPV:
The sponsor must re-apply to be a family sponsored
The parent must have been outside of Australia for at least 90 days consecutively Exemptions are available in limited circumstances.
Condition 8103 - no work
Must have adequate health insurance while in Australia
The TSPV 870 is a temporary visa which does not lead to permanent residency. While in Australia, the parent will be prohibited from applying for these visas:
Parent
Aged Parent
Contributory Parent
Contributory Aged Parent
Contributory Parent (Temporary)
Application Charges
Sponsorship Application $420
3-year TSPV
1st Installment payable at the time of application $1,000
2nd Installment payable before visa grant $4,000
5-year TSPV
1st Installment payable at the time of application $1,000
2nd Installment payable before visa grant $9,000
Sponsorship
Sponsorship applications are opened on 17 April 2019.
Sponsorship approval is required before a visa application.
Sponsors can appeal if they have been refused.
Be at least 18 years of age.
Can be the biological child, adopted child or step-child of the parent.
Must hold Australian citizenship, permanent residency or be an eligible New Zealander that are not "ineligible".
Can sponsor up to 2 parents at a time.
Minimum household annual taxable income $83,454.80 in the recent financial year.
Able to demonstrated accessible fund to support the parent(s) during their stay in Australia. Immigration has yet to release the exact figure required.
No bonds required.
Sponsorship Obligation
Responsible for the parent's medical costs including any public health debts incurred by the parent during their stay in Australia, before their departure and/or before they have been granted Australian permanent residency.
Support the parent financially and provide accommodation.
Keep a record and provide it if requested.
Inform Immigration of certain events e.g. if the sponsor has been convicted with a crime or have been issued an AVO or is in debt to the government.
Agree to disclose criminal history, especially history related to family violence.
Agree for Immigration to share their data with other government agencies.
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