Financial Requirements for Australian Student Visa

Getting approved for an Australian Student Visa (subclass 500) is highly dependent on fulfilling the financial requirements to study in Australia. The minimum financial requirement for an Australian student visa is AUD29,710.

Proving financial requirements is the most crucial part of applying for a Student Visa in Australia. As an International Student, you may face some difficulties in arranging all the documents appropriately because it is very sensitive and complicated. However, the financial requirements for an Australian Student Visa are pretty much similar to other student visa requirements and if you search it online, you don’t have to face much difficulty.  

This article aims to cover every question related to financial requirements for an Australian Student Visa, so if you have any queries, please read through the article. 

What are the Financial Requirements for an Australian Student Visa?

To get an Australian student visa, you need to meet certain requirements. One of these is showing that you have enough money to cover your travel, course fees, and living expenses while you’re in Australia. This is to make sure you won’t face financial problems during your studies.

How to show the Proof of Funds for an Australian Student Visa?

Since you are an International Student, you need to provide enough evidence of your funding in order to cover your tuition fees, living expenses, travel costs, and other relevant expenses. You have to ensure the flow of finance throughout the time of your study duration. There are two ways of proving the financial requirements for an Australian Student Visa. Such as-

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Preference 1: 

You can show the evidence of a fund that can cover your tuition fees, living costs, and travel costs for 12 months (including the expense of family members, if any).

Preference 2: 

You can provide evidence of your annual income that meets the government requirements. This income can be either the income of your parents or spouse. annual income required for Australia student visa

What are the total financial requirements for an Australian Student Visa?

Showing the required amount of money as a bank statement is important to get your Australian student visa approved. The Australian government has fixed the amount of money you need to show as your proof of funds. Such as-

	Financial capacity requirement before 10 May 2024	Financial capacity requirement after 10​​ May 2024
Primary applicant	AUD24,505	AUD29,710
Spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant)	AUD8,574	AUD10,394
Dependent child	AUD3,670	AUD4,449
Annual school costs	AUD9,661	AUD13,502
Personal annual income if there is no member of the family	AUD72,465	AUD87,856
Personal annual income where there is a member of the family unit	AUD84,543	AUD102,500

How do you calculate the funds for a student visa in Australia?

The total amount of funds required for an Australian student visa can be calculated easily. Whether you live for 1 year or 3 years in Australia you need to show a 1 year cost that must cover all the expenses of your study. The calculation of financial requirements for an Australian Student Visa is given below-

Particulars	Expenses
Living Cost	AUD8,000-$9,000
Course Fees	AUD 20,000 (Approximated)
Total =	AUD28,000- AUD29,000

The living cost and travel fee are set by the Australian government but the health insurance depends on your education institution. Hence, this is the approximate cost that you must meet as financial requirements for an Australian Student Visa. 

Acceptable sources of financial requirements for an Australian Student Visa

The Immigration department always looks for the evidence that you’ve given to be genuine. The sources that are acceptable as financial requirements for Australian Student Visa are given below-

Bank Statement

If you are a self-funding student and your annual income meets the requirements, you need to show the bank statement of your account for at least one year. If your parents or spouse are sponsoring you, then the bank statement should be their savings account. 

Government Loan

If you applied for a government loan to support your study, you can show it as financial requirements. In that case, the amount of loan and your name must be written clearly on the statement. 

Scholarship

If you’ve received any fully funded scholarships, you can use that statement as proof of your bank statement for Australia student visa.

Property

If you’ve applied for a scholarship against your property, you have to provide a property evolution report as well. The report should be provided by the financial institution or the bank that provides the loan.

Who can show funds for Australian student visa?

As an international student, you can show proof of your financial requirements for an Australian Student Visa in 3 options. Such as-

• The Students
• Parents
• Spouse

Final Words

Fulfilling the financial requirements for an Australian Student Visa is a crucial step for an international student to study in Australia. This article has covered all important information about the financial requirements to study in Australia. However, if you have any more queries, contact AIMS Education without any hesitation.

FAQ

Disclaimer

The university authority can anytime change their entry requirements, tuition fees, course options, scholarship opportunities and other requirements for international students. This blog is written with current information regarding the university requirements. But if there is any confusion about any kind of information regarding any university you can contact us directly.