To obtain an Australian student visa, you must demonstrate sufficient financial capacity to cover your course fees, travel expenses, and living costs for yourself and any accompanying family members during your stay in Australia. Below is a comprehensive guide to the financial requirements and the necessary documentation.
Evidence of Financial Capacity
You can demonstrate your financial capacity by providing one of the following:
1. 12 Months of Funds Option
- Funds Required: Evidence of funds to cover travel expenses, 12 months of living costs, course fees, and schooling costs (if applicable) for school-aged dependents.
- Short Courses: For short courses, you only need to show evidence of funds for the intended duration of stay.
2. Annual Income Option
- Income Requirement: Evidence of meeting the annual income threshold.
Calculating Financial Capacity
If using the 12 Months of Funds option, an accurate calculation of required funds is essential. Acceptable forms of evidence include:
- Money deposits or loans from approved financial institutions.
- Government loans, scholarships, or sponsorships.
Below are the minimum required amounts:
Minimum Financial Capacity (Effective 10 May 2024)
| Category | 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 |
Applications lodged before 10 May 2024 will be assessed under the financial capacity requirements in effect at the time of application.
Genuine Access to Funds
Applicants must demonstrate genuine access to the required funds. Examples of evidence include:
- Support from Others: If another person or business is providing funds, include evidence of the relationship, history of financial support, identity documents, or proof of business operations.
- Money Deposits: Explain any recent large deposits or ongoing deposits (e.g., wages).
- Education Loans: Provide evidence of loan disbursements, terms of the loan, and total loan amounts. For deferred repayment loans tied to specific courses, include the course details and loan conditions.
- Other Loans: Show evidence of collateral, loan terms, and the ability to cover ongoing costs. Full loan disbursement evidence is ideal.
12 Months of Funds Calculation
Living Costs
- Student/Guardian: AUD 29,710 per year.
- Partner/Spouse: AUD 10,394 per year.
- Child: AUD 4,449 per year.
Course Fees
- Calculate the first 12 months of your course fees or the total cost if the course duration is less than 12 months.
- Deduct any prepaid fees and provide receipts or documentation (e.g., Confirmation of Enrolment).
Examples:
- Course fee: AUD 50,000 for 3 years. Fee for 1 year = AUD 16,666.
- Course fee: AUD 15,000 for 10 months, prepaid AUD 5,000. Remaining fee = AUD 10,000.
- Course fee: AUD 20,000 for 18 months. Fee for 1 year = AUD 13,333.
OSHC (3 years course)
- Overseas Health Coverage for a student only will be: AUD 2,706 (for 3 year course)
- If applying with dependents/family members it will increase accordingly. Schooling Costs
- Add AUD 13,502 per year per child for school-aged dependents. Research actual schooling costs, as these may vary by location and school.
Travel Costs
- Applying Outside Australia: AUD 2,500 for an adult
Annual Income Option
For this option, students must provide official government documentation (e.g., tax assessments) showing personal annual income that meets the required threshold. If accompanied by family, the combined income of both parents or a non-traveling spouse can be considered.
Key Considerations
- Attach all required financial evidence to your visa application before submission. Failure to do so may result in visa refusal.
- Ensure funds are genuinely accessible and sufficient to cover all expenses for the entire duration of your stay.
By adhering to these financial requirements, you can strengthen your Australian student visa application and avoid potential delays or refusals.
Leave A Comment