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The visa is granted for up to 3 or 5 years at a time. Across all 870 visas, the total time a parent can spend in Australia on this pathway is capped at 10 years.
You can choose a visa of up to 3 years or up to 5 years, and you can apply for another 870 after one expires.
However, there is an overall cap: once you have held subclass 870 visas for a combined total of 10 years, you cannot be granted another one. Plan the duration you choose with that 10-year ceiling in mind, especially if you intend to spend extended time in Australia over many years.
Get a personalised assessment from a licensed ACME advisor, or ask Acey.