Financial Requirements for Study in Australia
Applicant needs to have sufficient money that is honourably available to him/her to pay for their course fees, living and travel costs and for any family members accompanying them in Australia.
Thus, applicants might have to provide specific documents as an evidence of their financial capacity with their visa application.
a. Documents required to evident financial capacity
Applicants can be able to demonstrate the evidence of financial capacity by showing one of the following:
- Funds to cover travel cost to Australia and one year’s living, tuition and schooling costs for the student and any accompanying family members.
- If an applicant is coming to Australia for a short course, he/she will only have to provide evidence of funds for his/her intended period of stay.
- evidence proof that the applicant will be able to fulfil the annual income requirement
- An Acceptance Advice of Secondary Exchange Students (AASES) form (only for secondary exchange students).
- A letter of support from Trade or Department of Defence and Department of Foreign Affairs.
- Evidence of any government loan, scholarship, sponsorship or money deposit or loan with an approved financial institution.
Under the annual income option, students need to provide evidence of personal annual income of at least AUD 60,000 or AUD 70,000 for those students who are accompanied by any family members. However, the income established ought to be the personal income of applicant’s spouse or parents. In those cases where both of applicant’s parents are working, their combined income can also be demonstrated for this requirement.
b. Living cost amounts
Since 1 July 2016, the annual living cost in Australia is:
• AUD 19,830 = student/guardian
• AUD 6,940 = partner/spouse
• AUD 2,970= child
c. School aged dependants
In cases if any school aged children is also included in a student visa application, the annual schooling costs of AUD 8,000 for each child will also have to be included in the required amount of funds. However, this amount is the minimum required for just a visa application.
Dependent children of PhD students do not need to provide evidence of schooling costs in case if they demonstrate evidence of admission in an Australian government school with exception of school fees.
Dependent children of Australian Commonwealth Government scholarship recipients, that include children of Defence and Foreign Affairs sponsored students, do not have to show evidence of schooling costs in case they are able to provide evidence of enrolment in a government school where the fees have been waived.
d. Authentic right to use funds
Applicant need to provide evidence that he/she and their family members (who are accompanying them) should have adequate amount of money available to them for their use in Australia.
When taking into consideration that whether the funds shown will be genuinely available, the department generally consider various factors like:
• the exact relationship between the applicant and the person who is sponsoring the funds
• the income, assets and employment status of the applicant or of the person providing the funds
• the applicant’s or of the person providing the funds’ previous visa history
e. Family members of students
Family members of existing student visa holders who do not have a student visa and want to join them in Australia; will have to apply for a subclass 500 visa. However, in most of the cases, the same type of evidence requirements of financial capacity that applied to main applicants (students) will apply to applicant’s family members.