Are you applying to study in Australia? One basis for approving your application is if you meet the financial requirements to enroll in an Australian college or university. You must prove you have enough funds because you may not qualify for government relief.
A Visa or Migration Officer will determine if you have the financial resources to study in Australia. He will check your documents according to:
- the nature of your relationship with your sponsor or whoever is providing as if this is not you or your spouse.
- your or your sponsor’s income, assets, and employment.
- previous visa history and current immigration status.
- evidence of financial support history.
- source of funds for any lump sum deposits.
Financial requirements to study in Australia
A Visa Officer will assess if the funds will be accessible to you and your accompanying family members. So, your funds can not be “show money,” and you will need it for:
- Your proposed course tuition plus other related expenses.
- Travel and living costs for you and your accompanying family members.
- School costs for school-aged dependents who will go with you to Australia.
To prove your funds are genuine and you can access them, you must prepare a set of documents that you will include in your application. The documents you need will depend on what option you choose from the following:
- Twelve Months’ Fund Option.
- Annual Income Option.
Twelve Months’ Fund Option
You must possess funds to cover:
- Traveling costs to Australia.
- Living expenses for 12 months.
- Tuition and other course-related disbursements.
The following 12-month living costs of each family member are:
- You as the student or guardian AUD 21,04.
- Partner or spouse AUD 7,362.
- Per child AUD 3,152.
You must also include the following to your living costs:
- School costs of your dependent children AUD 8,296 per year for each child.
- Add the balance of your tuition fee for one year.
- If you are applying outside Australia, add AUD 2,000 for you and each family member traveling with you.
Do you need more information before deciding to be an international student? Check the eligibility requirements to study in Australia.
If you took out an education loan.
You must prove that you have genuine access to the funds.
- Explain any recent large deposits and ongoing deposits to any bank account you present.
- Show proof that you received money from an education loan according to the terms of your agreement with the lending company.
- Include evidence of the collateral used to get the loan, the terms of the agreement, and your capacity to cover ongoing costs.
Unacceptable evidence of funds.
The following are not acceptable evidence that you meet the financial requirements to study in Australia:
- Income from a non-regular income stream (i.e., inheritance, lottery winnings, gifts, or funds from the sale of assets).
- Shares and mutual funds.
- Gold and jewelry.
- Bonds.
- Life Insurance documents.
Get pertinent information for a successful application to study in Australia! Learn how to study in Australia as an international student.
Annual Income Option
Follow these guidelines if you will use the annual income option to comply with the fund requirement for Australia international students.
- As a single applicant, your parents must prove that they have an annual income of at least AUD60,000.
- If you are bringing family members with you, you must demonstrate that your sponsor has an annual income of at least AUD70,000.
- Use the combined income of your parents if they both work.
Your sponsor may also submit tax assessments to prove he is capable of supporting you while you study. Information provided by an employer, though, such as a letter of guarantee, is unacceptable proof.