Australia, being one of the best countries for education and associated career streams, has always been a dream destination for international students. Studying in Australia brings along both, opportunities and a well settled life. Therefore, to get an education visa you need to fulfil certain requirements, financial stability being the topmost amongst them.
An applicant needs to have an authentic amount of money to pay for the course fees, travel expenses while studying. Additionally, if you wish to get accompanied by family members, the living costs for you and them also have to be ensured while you are in Australia.
Let’s begin to understand step by step all that an applicant would need:
Documentary evidence of financial capacity for Australian Student Visa (Subclass 500)
An applicant needs to provide genuine evidence of their financial capacity of a minimum amount of $29, 710 (on the date of application), this is in accordance with The Department of Home Affairs, Australia. Evidence of funds can be in the form of bank statements, loan documents, or scholarship/financial support letters: The applicant can share the evidence by providing any of the below:
- For a LONG TERM course, evidence of funds that can cover:
- Travel to Australia
- 12 months of living
- Course fees of 12 months
- In case of dependent child, schooling costs for the student
- Cost to support expenses of the accompanying family members
- For a SHORT TERM course, evidence of funds that can cover
- Expenses for the anticipated period of stay
- Evidence showing that the applicant can meet the annual income requirement.
- Acceptance Advice of Secondary Exchange Students (AASES) form (secondary exchange students only) for Secondary Exchange Students
- A letter of support from Department of Foreign Affairs and Trade or Department of Defence for Foreign Affairs or Defence students.
Cost of Living:
For applicants who wish to avail the 12 months fund option to validate their financial capability, the funds need to be accurately calculated. The Department of Home Affairs, Australia regularly updates the cost of living, Click here to calculate the current cost of 12 month living.
As on date the costs are:
- Students – AUD$29,710
- Accompanying partner – AUD$10,394
- Each accompanying child – AUD$4,449
- School fees of the child – AUD$13,502 (minimum schooling cost per annum additional to their living costs)
Note: The cost of living in Australia might vary depending on the location, so it’s suggested to be sure about the specific area where the applicant will be residing.
A tabular representation of the funds that an applicant would need for an annual travel/study:
Area of Expense | Person |
Cost |
Living costs | Applicant | AUD$29,710 |
Partner (If Applicable) | AUD$10,394 | |
Children (If Applicable) | AUD$4,449 | |
School fees (for children) | Dependent child | AUD$13,502 per child (6-17 years) |
Travel costs | Applicant | AUD$2,000 – 3,000 |
Partner (If Applicable) | AUD$2,000 – 3,000 | |
Children (If Applicable) | AUD$2,000 – 3,000 per child | |
OHSC | Applicant, partner & child (if applicable) | Refer to your Letter of Offer for single rate |
Evidence of Financial Capacity:
- Personal Bank Statements: Showing sufficient funds, usually for the past 3 months.
- Loan Documents: Loans from financial institutions or government sources can be used as evidence.
- Scholarships: Evidence of scholarships or other financial support.
- Parental or Partner’s Income: If a parent or partner is providing financial support, their income can be used as evidence.
- Other Financial Documents: Evidence of financial capacity, such as shares or property, may be considered.
Points to be taken care of –
- Genuine Access to Funds – The funds must be genuinely available to the applicant or the person providing the funds.
- Source of funds – The Department of Home Affairs will consider the source of the funds and the relationship between the applicant and the person providing the funds.
- History and transactions – The history of the funds in the account should be tracked and explained for a period of no less than 3 months, and the most recent transaction should be within two weeks of the assessment date.
- Account Holders Name: The statement should have the applicant’s name and active account number, exactly the same as in the details provided in the visa application.
- Bank Stamp on Documents:The statement must specify name of issuing bank, logo and relevant contacts to attest the genuineness of the statement.
- Investigation by the DHA: The Department of Home Affairs may conduct investigations into the genuine intentions of the student based on various factors, so the authenticity of each detail provided in the application has to be double checked.
- Overseas Student Health Cover: OSHC is mandatory for all international student visa holders, and proof of OSHC is required for the visa application.
Education needs an informed decision making, and with the financial complexities and paperwork involved in it, a trusted education migration consultant should be approached. To make your education journey to Australia easier, get in touch with our agents at ACET
Why ACET?
ACET Migration and Education Services is a proud territory born business, providing comprehensive migration services to individuals, businesses, professionals and families. Established in 2017 currently ACET is the largest MARA-registered firm in the NT with a team of 8 registered migration agents, 3 based in Darwin and the others across our offices in Brisbane, Melbourne, and Perth. Internationally, we have our offices in Ontario – Canada, Kochi, Thiruvananthapuram, & Haryana – India, Dubai – United Arab Emirates and UK – Essex.
With expertise in Australian Student Visa (Subclass 500), we at ACET Migration will support the applicants at every step, seamlessly. Our specialised agents will ensure that you are in compliance with the new policies and immigration rules.
Your dream is our responsibility!
Student Visa – FAQ’s
1. What should an effective SOP for Australia Student Visa include?
An effective SOP should be concise and clear and needs to include:
- Personal information
- Why Australia? Reasons for choosing it
- Reason for Selection of the course
- Choice of University
- Future Plans
- Financial Stability
2. Common Mistakes to Avoid When Submitting Your Bank Statement
- Bank balance should have the required amount as per the guidelines
- The name on the account should match the information on your application.
- Detailed bank statement – 3 to 6 months
- Stamped and signed statements(preferably recent) by the issuing bank
3. Can I use a joint account for my visa application?
- Yes, you can use joint bank accounts for your Australian visa application, but you need to provide evidence of your access to the funds and potentially a letter of consent from the other account holder.
4. Do I need to show proof of funds for the entire course duration?
- For an Australian student visa, you only need to demonstrate proof of funds for the first 12 months of your course, not the entire duration. This includes tuition fees for the first year, living expenses, and travel costs. If your course is shorter than a year, you need to show funds for the full duration of the course.
5. Can I use my Relative or parents’ bank statements?
- Yes, you can generally use your parents’ bank statements as evidence of funds, provided you can demonstrate the relationship and that the funds are genuinely available to you. However, using bank statements from other relatives is generally not recommended and may raise concerns with immigration authorities
6. What to do if the currency is not in AUD?
- If your currency is not in Australian Dollars (AUD), you’ll need to convert it. You can do this by using a currency converter online or at a bank or exchange service. For your Australian visa application, ensure you have enough funds in AUD, as this is the required currency for visa fees and demonstrating financial capacity.
7. English language test requirements for Australian Student Visa
- To obtain an Australian student visa, applicants generally need to demonstrate English language proficiency. This is usually achieved by taking an English language test such as IELTS or PTE, with specific minimum scores required depending on the level of study.
Know more here.
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