Studying in Australia is a dream for many international students. With its world-class education system, diverse culture, and stunning landscapes, Australia offers a unique and enriching experience for those who wish to pursue their studies there. However, to turn this dream into reality, it is essential to understand and meet the financial requirements for an Australian student visa.
This blog will guide you through the process of showing funds for an Australian student visa, the total funds required, how to calculate these funds, the acceptable sources of funds, and who can show these funds.
Australia Student Visa Financial Requirements And Ways To Calculate
Proving the funds required for Australia study visa is a crucial step in obtaining an Australian Student Visa. The Australian government requires this to ensure that you can afford your education and living expenses during your stay. To demonstrate your funds, you need to provide various documents that showcase your financial stability. Failure to provide this evidence of financial capacity can result in the rejection of the visa application. Here’s a breakdown of the key steps involved in showing funds for your Australian Student Visa application:
Applicants can meet these financial requirements by choosing one of the following options:
Option 1: Evidence of Funds for the First 12 Months
Most Indian students opt for this option, which involves providing evidence of funds to cover travel expenses, 12 months of living costs, course fees, and schooling expenses (for school-aged dependents) for the student and accompanying family members.
Financial Requirements (INR)
- Student or guardian: ₹10,00,000
- Partner or spouse: ₹3,50,000
- Child: ₹1,50,000
- Travel cost: Approximately ₹1,00,000 per person
- Schooling costs for school-aged children: At least ₹4,00,000 per year per child (varies by location)
Note: Deduct any prepaid tuition fees from the total fund requirement for the Australian Student visa.
Acceptable Funds Required For Australia Study Visa
To meet the financial requirements, applicants can provide various forms of evidence, including:
- Money deposited with a financial institution (e.g., bank balance, fixed deposit)
- Loans from financial institutions
- Transferred funds from sources like post office, PF/PPF, or co-operative banks
- Government loans
- Scholarships or financial support
- Demonstrating genuine access to funds
The genuineness of funds will be assessed based on factors such as the relationship between the applicant and the fund provider, income, assets, employment, previous visa history, and more.
Option 2: Annual Income Option
Applicants can also fulfil the financial requirement by demonstrating a personal annual income of at least ₹36,00,000. This income can come from the student’s parents or spouse (if not accompanying the student). If both parents are working, their combined income can be considered.
Evidence must be provided in the form of official government documents, such as tax assessments (IT returns). Bank statements or employer-provided information are not acceptable as evidence.
For students with family members accompanying them, the income requirement is at least ₹42,00,000.
Genuine Temporary Entrant (GTE) Requirements
The GTE requirement ensures that applicants have a genuine intention to stay in Australia temporarily for education purposes. It involves assessing factors like the student’s circumstances, visa history, and other relevant matters to determine their genuine intent.
The GTE requirement is in place to identify applicants who may misuse the student visa for purposes other than education. It does not aim to exclude students who later contribute to the Australian workforce and seek permanent residency.
Additional Requirements: Financial requirements for Australia student visa
In addition to financial requirements, students must meet other criteria, including enrolling in CRICOS-registered courses, having adequate health insurance (Overseas Student Health Cover – OSHC), and meeting health and character requirements.
Ensuring compliance with these requirements is essential for a successful Australian student visa application. More details can be found on the Department of Home Affairs Australia (DHA) website.
Funds Required For Australia Study Visa
Calculating the funds required for your Australian Student Visa involves considering various factors, such as tuition fees, living costs, and other expenses associated with your course and stay in Australia. Here’s a step-by-step guide on how to check the funds you need:
For Single Students
| Expenses | Amount (INR) |
| Living Cost | ₹11,97,257 |
| Travel Expenses | ₹1,13,900 |
| Course Fee | ₹19,79,500 (Approximated) |
| Health Insurance | ₹93,015 (Approximated) |
| TOTAL | ₹33,83,672 |
For single students, the course fee and health insurance fees may differ depending on your educational institution. However, the living costs and travel expenses are fixed by the Australian government, so this is the minimum amount you need to demonstrate your financial requirements for an Australian Student visa.
For Students with Spouse/Children
| Expenses | Amount (INR) |
| Living Cost | ₹11,97,257 |
| Travel Expenses | ₹1,13,900 |
| Course Fee | ₹19,79,500 (Approximated) |
| Health Insurance | ₹93,015 (Approximated) |
| Spouse / Dependent | ₹4,11,582 |
| Children under 18 | ₹1,76,582 |
| TOTAL | ₹42,82,836 |
If you plan to apply with proof of yearly income, it’s advisable to demonstrate a yearly income of ₹30,48,750 for a single student and ₹35,25,000 if you have dependents to be on the safe side. Please note that these income requirements may differ based on your country of origin and are subject to updates by the Australian Home Affairs office.
Additionally, remember that there is a visa application fee of ₹31,500 for Subclass 500 and an additional ₹23,400 for any dependents.
Acceptable Sources of Funds Required For Australia Study Visa
When it comes to demonstrating your financial capacity, the Australian government accepts funds from various sources. These sources can include:
1. Personal Savings
Using your personal savings is one of the most common ways to meet the financial requirements for an Australian Student Visa. You must provide bank statements or other financial documents to prove the availability of these funds.
2. Scholarships
If you have been awarded a scholarship, grant, or financial aid from your educational institution or a recognised scholarship provider, you can use this as a source of funds. Ensure you have official documentation that confirms the scholarship’s details and terms.
3. Financial Guarantees
Some students receive financial guarantees from a sponsor, such as a parent, guardian, or government agency. These guarantees demonstrate that the sponsor is financially responsible for your education and living expenses in Australia.
4. Family or Parental Support
In some cases, students may receive financial support from their family members or parents. This support can be accepted as long as you can provide evidence of the relationship and the sponsor’s ability to provide financial assistance.
5. Loans
If you plan to use a loan to cover your expenses, you must provide evidence of loan approval from a recognised financial institution. Be prepared to demonstrate how you intend to repay the loan.
Who Can Show Funds For Student Visa in Australia?
When it comes to demonstrating financial capacity for an Australian Student Visa, it’s crucial to understand who can show funds on your behalf. The following individuals or entities can provide financial support:
1. Yourself
If you have personal savings or other financial resources, you can use them to demonstrate your ability to cover your expenses while studying in Australia. Ensure that you have the necessary documentation to prove the availability of these funds.
2. Parents or Legal Guardians
Parents or legal guardians can provide financial support for your Australian Student Visa application. They must provide evidence of their financial capacity to cover their education and living expenses.
3. Spouse or Partner
If you are married or in a de facto relationship, your spouse or partner can show funds to support your visa application. You’ll need to provide evidence of your relationship and your partner’s ability to provide financial support.
4. Sponsors
In some cases, sponsors, such as government agencies or organisations, may provide financial guarantees or support for international students. Ensure that you have official documentation from the sponsor outlining the terms and conditions of their support.
5. Scholarship Providers
If you have received a scholarship, grant, or financial aid from an educational institution or recognised scholarship provider, you can use this as a source of funds for your visa application. Be prepared to provide documentation confirming the scholarship’s details.
Conclusion
Securing an Australian Student Visa is a significant step toward realising your academic aspirations in one of the world’s most sought-after study destinations. Understanding and meeting the financial requirements is an essential part of this process. By following the steps outlined in this guide and referring to the provided tables, you can demonstrate your financial capacity, calculate the necessary funds, and select acceptable sources of funds. Remember to stay updated about the latest funds required for Australia study visa to ensure a smooth application process.
FAQs
Q: How much bank balance is required for an Australian student visa?
A: The bank balance required for an Australian student visa can differ, but you generally need enough funds to cover your tuition fees and living expenses.
Q: How much money should I bring to Australia as a student?
A: It’s advisable to bring sufficient funds to cover at least one year of living expenses, which can differ depending on your lifestyle and location in Australia.
Q: How much is 1 year of living expenses for students in Australia?
A: The annual living expenses for students in Australia can range from AUD 20,000 to AUD 30,000 or more, depending on your lifestyle and the city you choose to study in.
Q: What is the total expenses for an Australian student visa from India?
A: The total expenses for an Australian student visa from India include application fees, health insurance, tuition fees, and living expenses, which can differ based on your chosen course and location.
Q: Does an Australian student visa need bank statements?
A: Yes, Australian student visa applications often require bank statements or evidence of sufficient funds to cover your expenses while studying in Australia.
Q: Can I work part-time while studying to cover my expenses in Australia?
A: Yes, you can work part-time while studying in Australia to help cover your expenses, but there are restrictions on the number of hours you can work.
Q: Are there different financial requirements for different Australian cities?
A: The financial requirements for Australian student visas are generally consistent across cities, but living expenses may differ depending on the city’s cost of living. It’s essential to research the specific requirements for your chosen city.
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