What happens to the current 489 and 187 visa holders of Australia?

I heard that recently the Australia home office has replaced the 489 and 187 visa categories with the new 491 and 494 visas. What happens to the current 489 and 187 visa holders?

Answers

On November 26, 2019 Angela Julian-Armitage answered:

Nothing, as there are grandfathering provisions to cater for those visa holders.

On November 27, 2019 Lisa De Leon answered:

The 187 visa holders are already permanent residents as the 187 is a permanent visa. The 489 visa holders still have a pathway to permanent residence through the 887 visa. Transitional arrangements exist for an existing 457 or 482 visa held prior to Nov. 16, 2019, and an applicant who is applying for a 187 visa in the Temporary Residents Transition stream. Otherwise, the 187 and 489 visas are closed to new applications.

On November 28, 2019 Quentin Kuo answered:

If you already hold 489 or 187 visas, no changes will occur to you. If not yet lodged, your eligibility may change.

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