If you plan to study in Australia, you must meet the financial requirements for the student visa. This is not “show money” because you must have ready access to these funds. Remember, you cannot apply for government relief.
Because assessment levels are different per country, a Visa Officer may not ask you to submit proof that you have the wherewithal to study in Australia. It is still better to prepare the credentials though; they might ask you to include additional documents in your visa application.
A Visa or Migration Officer will consider several factors to decide if you have ready access to the funds you present during your application, such as
- Whether your sponsor is one or both of your parents, de facto partner or your spouse
- Your or your sponsor’s income, assets, and employment
- Your sponsor’s past visa application history and current immigration status
- Evidence of financial support history
- Source of funds for any lump sum deposits
You will need to have ready access to enough funds to pay:
- For your proposed course tuition fees and other related expenses;
- Travel and living costs for you and your accompanying family members while you are living in Australia;
- Schooling costs for school-aged dependents who will go with you to Australia.
Return to the post Important Information about Australia Student Visa (Subclass 500).
Documentary evidence of financial capacity for an Australia Student Visa
When preparing your financial documents for your student visa application, you have a choice of documents you must give:
- Twelve Months’ Fund Option
- Annual Income Option
Twelve Months’ Fund Option.
You must have enough funds to cover
- Travel costs to Australia
- Living expenses for 12 months
- Tuition and other course-related disbursements for yourself and your school-aged dependents.
The 12-month living costs of each family member are:
- Student or guardian AUD20,290
- Partner or spouse AUD7,100
- Dependent Child AUD3,040.
The following points are important as well:
- If you intend to bring along a school-aged child or children, you must prepare at least AUD8,000 per year per child and add this to the total fees you have to prepare.
- Calculate the first 12 months of your course fees, or include the total cost of your course if for a duration of up to 12 months. Deduct any prepaid costs and give evidence of these payments (this should be on your Confirmation of Enrolment or offer receipts).
- For travel costs:
- If applying outside Australia, include AUD 2,000
- If applying in Australia, include AUD 1,000
- If you are a Ph.D. student, you might not have to prove you have funds to cover the education of your school-aged child if you can prove that you enrolled him in an Australian government school that will exempt you of school fees.
- If you are a recipient of an Australian Commonwealth Government scholarship, you might not have to give evidence of schooling costs if you enroll your dependent child in a government school that waived the fees.
Annual lncome Option.
The funds you prepare will depend on whether your other family members will travel with you.
- If alone, you will need evidence that your spouse (who will not be accompanying you) or parents meet the annual income requirement of AUD60,000.
- If you have family members who intend to go with you, then the annual income requirement is AUD70,000.
Note the following points about the annual income option:
- If both of your parents are working, you may use their joint income to fulfill this requirement;
- Only official government documents such as tax assessments are acceptable. Bank statements or information directly from an employer are not acceptable.
Corporate sponsorship is acceptable. However, if one or both of your parents are directors or a partner of the corporation, the Department of Home Affairs will treat the firm as a parent sponsor.
For a Visa Officer to evaluate your application, you may give documents such as
- Money deposit held by yourself, your parent(s) or your spouse with a financial institution held for at least 6 months before your student visa application.
- Commercial loans from financial institutions. Be careful when you make loans to pay for your studies, though. A Visa Officer may ask you to give evidence that you will pay back this loan.
- Sponsorship from the national or provincial government of your country. Here, you must give a letter from the relevant government agency to substantiate your claim.
- Financial support from the proposed Australian academic institution, i.e. scholarships.
- State or Territory or Australian Government Financial Sponsorship.
- Financial support from organizations specified by a legislative instrument such as Rotary, the National Red Cross and Red Crescent Societies and the Ford Foundation.
The following are not acceptable evidence of funds for your visa application:
- Income from a non-regular income stream (i.e. inheritance, lottery winnings, bequests, gifts, or funds from the sale of assets)
- Shares and mutual funds
- Gold and jewelry
- Life Insurance documents.