Since the introduction of the new subclass 500 student visas there have been several changes in the financial requirement.
Immigration can request evidence of meeting the financial requirement from any student (however they usually only request financial documentation from students that are traditionally from high risk countries). Students from certain high risk countries will be requested to prove that they have sufficient financial resources to support themselves in Australia. To find out if you will be required to provide you financial documentation check immigration’s document checklist here
There are now two ways you can meet the financial Requirement:
Annual Income or
The big change with the financial requirement with the new student visa is that annual income can be used to demonstrate you meet the requirement. The annual income option requires students to provide evidence of personal annual income of at least AUD 60,000. For students accompanied by family members the amount is AUD 70,000.
Who can show their income?
The income demonstrated must be the personal income of your spouse (who is not travelling with you) or parents. In circumstances where both of your parents are working, their combined income can be considered for this requirement. In all cases, the evidence of annual income must be provided in the form of official government documentation, such as a tax assessment.
The total amount of funds that you will need to show depends on how long you will stay in Australia and your course tuition fees.
Students will need to show funds for travel + tuition (for first 12 months) + living expenses (for first 12 months)
|Expenses||Per person||Amount required in AUD|
|Return air fare to Australia|
|Family members||One return air fare to Australia per person
|First 12 months tuition fees|
|Family members (if school aged 6 – 18 years old)
|Any other children
|$ AUD 2,970|
* Acceptable source
- a money deposit with a financial institution held by you, or an eligible sponsor
- a loan from a financial institution made to you or an eligible family member
- a loan from your government
- a scholarship of financial support
Note: Non-cash assets such as property and shares are not acceptable sources of income. However, non-cash assets may be liquidated or used as collateral on a loan, if they are provided by an acceptable source.
Who does the financial support have to be from:
The funds can come from yourself, family members (parents, siblings, grand parents, cousins) or even friends.
However if the funds are not coming from the visa application or immediate family, immigration will scrutinise the relationship between the visa applicant and sponsor and you will need to demonstrate that the funds shown will be genuinely available, we will take into account factors including:
- the nature of the relationship between you and the person who is providing the funds, where applicable
- your income, assets and employment or those of the other person who is providing the funds
- your previous visa history and that of the person providing the funds.