The Ultimate Guide to Australian Student Visa Financial Requirements

In May 2024, the Australian Government announced a hike in the amount of funds required for student visa applicants. Many international students are worried that this sudden change may affect their visa eligibility. Join Thao & Co. to navigate the current regulations and understand the latest Australian student visa financial requirements in this article.

Is Proof of Financial Documents Required for an Australian Student Visa?

The answer is YES. It is a key criterion for obtaining an Australian student visa, assuring the government that you have sufficient funds to cover your study and living expenses throughout your time in Australia.

It also ensures that international students enter the country only for genuine study purposes, which helps prevent unauthorized stays or illegal settlements. By understanding the financial requirements and preparing the necessary documentation, students can strengthen their visa applications and improve their chances of approval to study in the Land of the Kangaroo.

How Much Bank Balance is Required for an Australian Student Visa?

There is no fixed amount required to demonstrate financial capability for a subclass 500 student visa. The exact amount will vary depending on factors such as tuition fees, living expenses, travel costs, and other additional expenses.

Below is an estimated breakdown to help you prepare for financial proof when applying for an Australian student visa:

Tuition fees:

1. • Foundation course: AUD 21,000 to AUD 57,000 per year
2. • University transfer program: AUD 18,000 to AUD 46,000 per year
3. • Vocational Education and Training (VET): AUD 6,000 to AUD 18,000 per year
4. • Bachelor’s degree: AUD 16,000 to AUD 56,000 per year
5. • Master’s degree: AUD 21,000 to AUD 50,000 per year
6. • PhD degree: AUD 21,000 to AUD 50,000 per year

Living expenses: On average, international students should budget around AUD 20,000 per year.

As a general estimate, the all-encompassing cost of studying in Australia typically ranges from AUD 40,000 to AUD 80,000 per year.

Note: The figures above are only an estimation of the minimum costs required for visa approval. The actual amount may vary depending on factors such as location, school policy, and individual lifestyle choices.

Preparing Financial Evidence for Australian Student Visa

There are several ways to demonstrate financial capability when applying for an Australian student visa. Regardless of the method used, it’s important to ensure that all documents are accurate and clear to increase the chances of a successful subclass 500 visa application.

Proof of annual income

Applicants must prove an annual income of at least AUD 87,856 in the 12 months before applying for a student visa. The income must be legally sourced from the student’s parents or spouse and must be backed by official tax return documents.

Required documents for income proof:

1. • Employment contract
2. • Payslips
3. • Bank statements

For business owners or investors, additional documents include:

1. • Business license
2. • Tax invoices
3. • Financial statements
4. • Share certificates or profit distribution documents

Proof of financial capability for one year of study

Another method is by providing a passbook under the name of the student, parents, or spouse, etc. However, it must be accompanied by an affidavit of financial support, stating that the account holder is responsible for covering the student’s education and living costs.

The balance should be equivalent to at least one year’s tuition and living expenses. The deposit tenor must be over 1 year, with a minimum deposit period of 3 months.

Note: The Embassy will scrutinize your financial documents. Large deposits that are inconsistent with reported income may raise concerns, potentially flagging the application for fraud detection and leading to possible rejection.

Proof of property ownership

Although assets are not directly used for tuition payments, they enhance the credibility of the visa application. Valuable assets such as real estate, stocks, dividends, and vehicles should be officially documented and notarized.

Providing strong financial proof will increase your credibility and significantly enhance your chances of securing an Australian student visa.

Required documents for property ownership proof:

1. • Legal certificates of property ownership
2. • Lease agreements for rental properties

Dossier of Financial Capability for Subclass 500 Visa

Applicants must prepare a complete dossier, including the following documents:

1. • Personal documents: passport, health check, letter of acceptance, Overseas Student Health Cover (OSHC).
2. • Documents proving the relationship between the student and the financial sponsor: birth certificate, marriage certificate.
3. • Affdavit of Financial Support confirming their commitment to financially support the student throughout the study period.
4. • Copies of the Citizen Identity Cards of both the sponsor and the student (for students aged 16 or older).
5. • Passbook
6. • Proof of property ownership
7. • Business or investment registration certificate
8. • Payslips
9. • Bank statements from the last 3 to 6 months

Financial Evidence for Subclass 500 Student Visa: Tips for Success

Providing financial proof is one of the biggest challenges faced by overseas students looking to study in Australia. However, there is no one-size-fits-all template for financial proof for an Australian student visa.

Here are some essential tips to maximize your chances of getting approved:

1. • Prepare a complete and thorough set of required documents.
2. • Open a passbook savings account as early as possible to ensure the necessary funds are always available.
3. • Seek professional guidance from experts or experienced individuals to assist with the preparation of documents.
4. • Prepare a certified translation of all required and supporting documents to ensure compliance.

Proof of financial means is a mandatory requirement and a crucial step in the process of applying for the Subclass 500 student visa. Document translation demands meticulous attention to accuracy, so it’s essential to entrust your documents to reputable translation providers.

That’s where Thao & Co. comes in – let us be your trusted partner in your academic journey to Australia.

1. ✅ Precise translation for student visa applications and financial documents
2. ✅ In-depth consultation on legal regulations for Australian visa applications
3. ✅ Swift turnaround within 24 hours for standard document translation
4. ✅ Transparent pricing with no hidden fees
5. ✅ Free Certificate of Translation Accuracy issued by Thao & Co.

For more details, simply submit a request through our Get a Quote form. Our specialists will reach out to assist promptly!