In order to be eligible for an Australian student visa, an international aspirant must satisfy the financial requirements criteria.
Throughout the duration of your stay in Australia, you must declare in a student visa financial support system that you have genuine and adequate funds to meet all the expenses for you and any accompanying family members.
You will need to present evidence that you meet this condition. In this Step-by-Step Guide for International Students, the Migration Act specifies the minimum financial requirements and alternative sources of funding that are acceptable for an Australian Student Visa.
It is crucial to emphasize that having actual access to the funds is a crucial factor in this regard. Also, there are other compulsory requirements that must be met in addition to the financial one in order to be eligible for an Australian student visa.
The Evidence of Financial Capacity
The expenses you must pay to meet the student visa’s financial requirements are:
- Course fees or the tuition fee for the primary applicant for the first 12 months.
- Travel expenses for the primary applicant and all accompanying family members (cost of flights to and from Australia).
- Living expenses for the primary applicant and all accompanying family members.
- School expenditures of $8,296 for all school-age dependents for the first 12 months.
The Migration Act specifies the minimal amounts for this category.
Also read: Western Sydney University December 2022 Intake and Scholarships
Options for Annual Income
Students aspiring to get admission to an Australian institute should provide documents for the bank statement that shows the students have enough money to cover all the necessary expenses they could face in Australia.
There are some conditions that a student has to abide by while moving to Australia as a single person or with a spouse, or with a spouse and a child.
When a student is moving to Australia for their studies, they need to show a bank statement that contains enough funds to meet all the necessary living requirements.
Expected Financial Requirements for Australian study visa:
Condition 1: For a Student
- University Fees: Fee for the 12 months (Vary according to the different institutions)
- Living Expenses: $21,041 AUD
- Traveling Expenses: $2000 AUD
- OSHC: $685 AUD approx. (Vary according to the different companies providing their services)
Condition 2: Student With a Spouse
- University Fees: Fee for the 12 months (Vary according to the different institutions)
- Living Expenses: $21,041 AUD
- Traveling Expenses: $2000 AUD
- OSHC: $685 AUD approx. (Vary according to the different companies providing their services)
- An additional amount of $7362 AUD for an accompanying spouse
Condition 3: Student With a Spouse and Child
- University Fees: Fee for the 12 months. (Vary according to the different institutions)
- Living Expenses: $21,041 AUD
- Traveling Expenses: $2000 AUD
- OSHC: $685 AUD approx. (Vary according to the different companies providing their services)
- An additional amount of $7362 AUD for an accompanying spouse
- An additional amount of $3152 AUD for a dependent child
Condition 4: Student with a Guardian
- At least an amount of $62,222 AUD for a single student
- At least an amount of $72,592 AUD for an accompanying guardian
Documentary Proof Is Important
When submitting your student visa application to the Department of Home Affairs, you should include documentary proof to show that you have enough money to meet the aforementioned financial requirements for an Australian student visa.
They can turn your application down if you don’t offer sufficient supporting documentation. We can use a bank statement from the past year or six months as documentary proof.
Make sure to comply with any requests from the Department of Home Affairs for additional supporting documentation within the deadline stated in the request letter.
If you require a longer time to gather the information and/or documents, let the Department know in writing and ask for more time.
Make sure to complete this as soon as you can after receiving the request; if you wait too long, your application can be rejected.
Genuine Access to Funds
The ability to prove that you have actual access to the funds is crucial in order to satisfy the financial capacity criteria for student visas. You, the primary applicant, and any accompanying family members, should be able to use this money to cover your living expenses while in Australia.
The Department may take into account both your circumstances and/or the circumstances of the person providing the funds when making a decision regarding your application for a student visa.
This is done to determine whether you (and any accompanying family members, if applicable) would actually have access to the funds.
This could include a person’s career history, financial situation, assets, and source of income, such as whether money is coming from a third party.
Here are some of the frequently asked questions that might assist you, as they have helped many other people facing similar problems.
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