Financial Requirements for Australian Student Visa

Getting approved of an Australian students visa (subclass 500) is highly dependent on fulfilling the financial requirements to study in Australia. Proving financial requirements is the most crucial part while applying for a student visa in Australia. As an international student you may face some difficulties to arrange all the documents appropriately because it is very sensitive and complicated. However, the financial requirements for Australian student visa is pretty much similar to other student visa requirements and if you search it online, you don’t have to face much difficulty.  

This article will try to cover every related question about financial requirements for Australian student visa, so if you have any queries about that please go through the article completely. 

How to show the Proof of funds for Australian student visa?

Since you are an international student, you need to provide enough evidence of your funding that can cover your tuition fees, living expenses, travel cost 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 financial requirements for 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 the 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 Australian student visa depends mostly on the course fee. You can show the required amount in two ways. Such as-

Option 1: 

Living expenses of a student in Australia for 12 months is AUD$ 21,041. And for a dependant is AUD$ 7,362. If the dependant is under 18 years old the amount will be AUD$ 3152. If any school aged children are accompanying you then the school amount will be added. The cost should vary from state to state but the approximate cost 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 a proof of your financial requirements for Australian student visa. In that case, you need to show AUD$60000 as your annual income. In that case your own, parents or spouse income should be considered. And make sure the sponsor must 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 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 Australian student visa is given below-

Here the living cost and travel fee is 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 a financial requirements for Australian student visa.  

Acceptable sources of financial requirements for Australian student visa

The immigration department always looks for the evidence that you’ve given is 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 personal account for at least one year. And if your parents or spouse is 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 a financial requirements for Australian student visa. 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 scholarship, you can use that statement as the proof of your financial requirements for Australian student visa. 

Property

If you’ve applied for a scholarship against your property, you’ve to provide a property evolution report as well. The report should be provided by the financial institution or the bank who provides the loan. 

Who can show funds for Australian student visa?

As an international student you can show the proof of your financial requirements for Australian student visa in 3 options. Such as-

• The students
• Parents
• Spouse

Final Words

Fulfilling the financial requirements for Australian student visa is a crucial step for an international student to study in Australia. This article has covered every important information about the financial requirements to study in Australia. But if you have any more queries about that 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.