Jack Huang's life has been in limbo for more than a year.

The 28-year-old from southeastern China is one of about 5000 foreign students and skilled workers who borrowed thousands of dollars or sold property to become Australian residents.

Late last year, state and territory governments pulled out of a scheme that allowed visa applicants to gain points towards permanent residence by investing $100,000 in Treasury bonds.

The move followed an alleged multi-million-dollar immigration scam involving the scheme.

But it left applicants such as Mr Huang stranded.

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