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Thinking about studying in Australia? There's important information you need to know regarding recent changes to student visa financial requirements. As of May 10, 2024, the Australian government has increased the amount of money you'll need to demonstrate to be eligible for a student visa.
Why the Increase?
The update aims to better reflect the current cost of living in Australia. By requiring students to show they have access to a higher baseline amount, the government hopes to ensure they can comfortably support themselves throughout their studies.
How Much More Does It Cost?
The new financial capacity requirement is tied to a portion (75%) of the national minimum wage. This takes into account that students may not need to cover all their expenses during school breaks when they can work unrestricted hours.
What This Means for You
The exact amount you'll need will depend on whether you're applying with any dependents. Here's a quick breakdown:
Single Student: You'll need to demonstrate access to funds covering at least the new minimum financial requirement.
Student with dependent family member: The financial requirement increases to cover both the student and their family's living expenses
Student with Guardian: The financial requirement increases to cover both the student and their guardian's living expenses.
Finding the Latest Numbers
The official Australian Department of Home Affairs website provides the most up-to-date information on student visa financial requirements: Australian Government Department of Home Affairs - Increase to Financial Capacity Requirement for Student and Student Guardian visas. Please use the table below outlining the minimum financial capacity requirement based on your situation.
Minimum required funds to meet financial capacity requirements
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 |
Department of Home Affairs will assess applications lodged before 10 May 2024 under the financial capacity requirements in effect at the time of application.
Planning Your Application
Carefully consider your living expenses, including accommodation, food, course fees, and potential healthcare costs. Factor in the new minimum financial requirement and any additional buffer you might feel comfortable having. Remember, actual living costs can vary depending on your location and lifestyle. Studying in Australia is a fantastic opportunity. By familiarizing yourself with the latest financial requirements, you can ensure a smooth application process and focus on the exciting adventure ahead!
Getting Help with Your Visa Application
The process of applying for a student visa can seem complex. Don't hesitate to seek assistance from a registered migration agent who can guide you through the requirements and ensure your application is complete.
Ready to take the next step? Schedule your free consultation with Leading Edge Migration to discuss your eligibility and have all your questions answered.
