Financial Requirements for Australian Student Visa

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.

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: 

The living expenses of a student in Australia for 12 months is AUD$ 21,041. For a dependant, it is AUD$ 7,362. If the dependant is under 18 years of age, the amount will be AUD$ 3152. If any school-aged children are accompanying you then the school amount will be added. The cost may vary from state to state but the approximate cost is AUD$8000 per year. In addition to those, AUD$ 2000 for travel expenses and your tuition fees for 1 year will be added. 

Option 2: 

You can also show your annual income as proof of your financial requirements for an Australian Student Visa. In that case, you need to show at least AUD$60000 as your annual income. Your own, parents or spouse’s income may also be considered. It is important to make sure that the sponsor does not travel with the student. If you are traveling with your dependant, you need to show AUD$ 70000 as your annual income. 

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 CostAUD$ 21,041
Course FeesAUD$ 35,000 (Approximated)
Travel ExpensesAUD$ 2000
Health InsuranceAUD$ 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

How much bank balance is required for an Australian Student Visa?

Ans: As an international student you need to show sufficient money in your bank as proof of financial requirements for an Australian Student Visa. You’ll need AUD 59,391 to apply for the visa.

How much annual income is needed for an Australian Student Visa?

Ans: You can show your annual income as a source of your funds for an Australian Student Visa. In that case, your annual income should be AUD$60000.

How much money do I need in my bank to apply for an Australian visa?

Ans: Whether your course duration is 1 or 3 years, you need to show 1-year expenses on your bank statement. You will need to show AUD 59,391 in your bank account to apply for an Australian visa.

What is proof of sufficient funds for a visa to Australia?

Ans: You can show bank statements, government loans, and scholarships as proof of sufficient funds for a visa to Australia.

What can I show as proof of financial requirements for an Australian student visa?

Ans: You can show a bank statement, government loan, scholarship, or your annual income as proof of financial requirements for an Australian Student Visa.

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.

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