Financial requirements for a student visa to Australia
You need to have sufficient funds to cover the first year of your stay in Australia. Current living costs are calculated as AU$ 21,041 .00 for a single student and an additional AU$ 7,362 for a partner or spouse.
- Example 1: if your course fee is AUD50,000 for three years, determine the fee for one year (12 months) by dividing the total amount by the number of years. …
- Example 2: If your course fee is AUD15,000 for ten months, and you have already paid AUD5,000, deduct this prepaid amount from the total amount.
Children’s schooling costs must be added as part of the financial requirement for a student visa if you are including any school-age children in your application. The amount to include is $8,296 annual school cost for each child if the period of intended stay in Australia is for more than 12 months (pro rata if the period is less than 12 months).
Remember to study in Australia there are two types of costs you need to think about.
1. Tuition ( at least deposit), visa fee, insurance etc – are funds you must have to apply for a student visa.
2. Founds for 1st year, which Immigration Department wants you to have. Those you may have as a loan, credit cards, close family loan etc. Deepense on your country, the school you choose & the agency you use ( we are at the top level), you will have to declare or show evidence of those funds.
The type of evidence that applicants can provide to demonstrate evidence of their financial capacity:
- your own funds in a bank or as a loan.
- If you show someone’s else account. For example, your parent/s, spouse, or de facto partner personal can show their account. To be eligible to do that they must have their income must be above $62,222 AU$ for you as a single student or $72,592 AU$ if your spouse or de facto partner is included in the application.
- You may also have a loan for study.
You may want also to check:
Living costs in Australia
Source of funds for student visa Australia
All costs are per year in Australian dollars. To convert to your own currency, visit http://www.xe.com/(open in a new window)
The Australian Government provides information and guidance on managing your finances. You can read more at www.moneysmart.gov.au(open in a new window)
The ‘Insider Guides Cost of Living Calculator is also a useful tool to help estimate your cost of living(opens in a new window) in Australia www.insiderguides.com.au/cost-of-living-calculator/(open in a new window).
If you need immigration advice or assistance, please call 1300 10 50 50 or contact our consultants. You may also book an online appointment with our Lawyers or Migration Agents.