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. 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. 

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-

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 Australian student visa?

The total financial requirements for an Australian Student Visa depend mostly on the course fee. You can show the required amount in two ways. Such as-

Option 1: 

When planning to study in Australia, it’s essential to consider various living expenses for yourself and any dependents. Here’s a detailed breakdown of the bank balance is required for Australia student visa for a 12-month period:

1. Living Expenses for a Student: AUD$ 21,041.
2. Living Expenses for a Dependant:
   • Adult Dependant: AUD$ 7,362.
   • Dependant under 18 years: AUD$ 3,152.
3. School-aged Children: If you have school-aged children accompanying you, you should budget approximately AUD$ 8,000 per year for their education. This cost can vary depending on the state you reside in.
4. Travel Expenses: You should also set aside AUD$ 2,000 for travel expenses.
5. Tuition Fees: Add your annual tuition fees to these expenses, which can vary widely based on your course and institution.

For example, if you are a student with a spouse and one school-aged child, your expenses would look something like this:

• Student living expenses: AUD$ 21,041.
• Spouse living expenses: AUD$ 7,362.
• Child living expenses: AUD$ 3,152.
• Child’s school fees: AUD$ 8,000.
• Travel expenses: AUD$ 2,000.
• Tuition fees: Variable (let’s assume AUD$ 30,000 for this example).

Total Estimated Cost = 21,041 + 7,362 + 3,152 + 8,000 + 2,000 + 30,000 = AUD$ 71,555.

These calculations will help you prepare financially and ensure a smooth transition to studying in Australia. Always check the latest information as costs can change and calculate how much bank statement required for Australian student visa because it may differ slightly depending on your location and lifestyle.

Option 2: 

When applying for an Australian Student Visa, you can show your annual income as proof of your financial requirements for the Australian Student Visa. The specific requirements are as follows:

1. Annual Income Requirement:
   • If you are applying alone, you need to show a minimum annual income of AUD$ 60,000.
   • If you are traveling with a dependant, you need to show a minimum annual income of AUD$ 70,000.
2. Eligible Sponsors:
   • The income can be your own, or it can come from your parents or spouse.
   • It’s important to note that the sponsor should not be traveling with you.

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	AUD$ 21,041
Course Fees	AUD$ 35,000 (Approximated)
Travel Expenses	AUD$ 2000
Health Insurance	AUD$ 1350 (Approximated)
Total =	AUD$ 59,391 (+, -)

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.