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The proof of fund requirement for Australia study visa is changing !!
The Australian Government has announced an increase to the amount of savings international students will need to apply for a student visa. This requirement has not been updated since October 2023 and needs to increase because of higher living expenses.
From 10 May 2024, student visa applicants will need to show they have a minimum of AU$29,710 in savings to cover annual living costs. Also, the financial capacity for spouse or de facto partner of the Student primary applicant has increase. The amount of money that Student and Student Guardian visa applicants need to have to be eligible for the visa is increasing. The annual income of the student visa sponsor is stated.
What is the financial capacity requirement?
To receive an Australian student visa, there is a list of requirements that you need to meet. One of these requirements is proof that you have enough money to cover your travel, course fees and living costs during your stay. This is to reduce your risk of financial difficulty while you are studying.
According to the Australian Government, the financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work.
International students who can show they meet this new financial capacity requirement are better able to make informed decisions about their future.
Students are less likely to:
- be in financial distress once in Australia
- breach their visa conditions by working more hours than their visa conditions allow
- be vulnerable to worker exploitation.
Update to the financial capacity requirement.
The below table outlines the funds you need to show to meet the minimum financial capacity requirement, which will be changed from 10 May 2024.
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 |
The Australia Department of Home Affairs will assess applications lodged before 10 May 2024 under the financial capacity requirements in effect at the time of application.
Estimate your living costs
Knowing the average living costs in Australia is an important part of preparing for your studies. For an estimate of day-to-day living costs in Australia, use the Study Australia Cost of Living Calculator.
For more information, see the Department of Home Affairs website
