A new immigration system will be start from 2012 July.(permanent residence)
Under the new system the period of stay will be extended from 3 to 5 years
I think it will be better to apply now because after the new system begins ,there is a possibility that 5 years valid visa will be required to apply for permanent resident.
( the immigration department is in the process of new guidelines now)
Those who want to know the condition of permenent resident please mail for detail information mail me :)