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:

  1. Annual Income or

  2. Financial Deposit/Scholarship/Loan


Annual Income

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 62,222. For students accompanied by family members the amount is AUD 72,592.

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.


Financial Deposit/Loan/Scholarship

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

 

Travel

Primary applicant

 

If applying outside Australia, include AUD2,000 (except if applying from East or Southern Africa, include AUD2,500; West Africa include AUD3,000).

If applying in Australia, include AUD1,000 (except if returning to Africa, include AUD1,500

Family members

If applying outside Australia, include AUD2,000 (except if applying from East or Southern Africa, include AUD2,500; West Africa include AUD3,000).

If applying in Australia, include AUD1,000 (except if returning to Africa, include AUD1,500

 

 

Tuition

Primary applicant

 

 First 12 months tuition fees

Family members (if school aged 6 – 18 years old)

 

$AUD 8,296

 

Living

Primary applicant

 

$AUD 21,041

Partner

 

$AUD 7,362

First child

 

$AUD 3,152

Any other children

 

$ AUD 3,152

* 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.

 

Student Visa Financial Requirement was last modified: February 3rd, 2021 by Nick Yock