Student Visa Financial Information for Australia

As of July 1, 2024, the Australian Government has updated the financial requirements for the Student Visa (Subclass 500) to ensure that international students have sufficient funds to support themselves and any accompanying family members during their stay.

Updated Financial Requirements:

• Tuition Fees:
  • Applicants must demonstrate the ability to cover tuition fees for one academic year.
• Living Expenses:
  • Primary Applicant:
    • Required to have at least AUD 29,710 to cover living costs for one year.
  • Additional Family Members:
    • Spouse or Partner:
      • An additional AUD 10,000 per year.
    • Child (Under 18 years):
      • An additional AUD 5,000 per year, per child.
• Travel Expenses:
  • An estimated AUD 2,000 per person to cover return airfare to Australia.

Calculation Formula:

To determine the total funds required, use the following formula:

Total Funds Required = Tuition Fees for One Year + Living Expenses (Primary Applicant + Additional Family Members) + Travel Expenses (All Applicants)

Example Calculation:

For a primary applicant with a spouse and one child:

• Tuition Fees: AUD 30,000
• Living Expenses:
  • Primary Applicant: AUD 29,710
  • Spouse: AUD 10,000
  • Child: AUD 5,000
• Travel Expenses:
  • 3 individuals x AUD 2,000 = AUD 6,000

Total Funds Required = AUD 30,000 + AUD 29,710 + AUD 10,000 + AUD 5,000 + AUD 6,000 = AUD 80,710

Important Considerations:

• Evidence of Funds:
  • Applicants must provide documentary evidence of their financial capacity, such as bank statements, loan documents, or scholarship letters.
• Genuine Access to Funds:
  • It's essential to demonstrate that the funds are genuinely available for use during your stay in Australia.
• Currency Fluctuations:
  • Ensure that the funds meet the required amounts in Australian Dollars (AUD), considering any currency exchange fluctuations.

Additional Updates:

• Visa Application Fee Increase:
  • Effective July 1, 2024, the Student Visa application fee has increased from AUD 710 to AUD 1,600.
• Genuine Student Requirement:
  • Introduced on March 23, 2024, all Student Visa applicants must demonstrate they are a genuine student with a primary intention to study in Australia.

How Bansal Immigration Can Assist You:

• Personalized Financial Assessment:
  • We provide tailored assessments to help you understand and meet the financial requirements for your Student Visa application.
• Comprehensive Application Support:
  • Our experienced consultants guide you through the entire visa application process, ensuring all financial evidence meets the latest standards.
• Up-to-Date Information:
  • We stay informed about the latest immigration policies to provide you with accurate and current advice.

Plan your educational journey in Australia with confidence. Contact Bansal Immigration today for expert guidance and support.

DISCLAIMER: The content provided is for informational purposes only and does not constitute immigration or legal advice. It is subject to change. Consult an Australian MARA registered agent or lawyer for professional advice before making any application.