Australia Updates Financial Capacity Requirements for Student and Student Guardian Visas

Australia has updated the financial capacity requirements for individuals applying for Student and Student Guardian visas, effective from May 10, 2024. This revision entails an increase in the funds necessary to meet the visa eligibility criteria.

The new financial capacity requirement is now set at 75 percent of the national minimum wage. This adjustment aims to accurately reflect the financial resources needed to sustain a basic standard of living while pursuing studies in Australia. It acknowledges that students are inactive for 25 percent of the year, during which they may return home or engage in unrestricted work.

This update is expected to empower international students to make more informed decisions regarding their educational pursuits. By meeting the revised financial capacity requirement, students can mitigate the risk of facing financial difficulties upon their arrival in Australia. Additionally, it aims to reduce instances of visa condition breaches and vulnerability to exploitation in the workforce. The revised financial benchmarks required to fulfil the minimum capacity obligation will be implemented starting May 10, 2024.

Minimum required funds to meet financial capacity requirements

Applications lodged prior to this date will be evaluated according to the financial capacity standards established at the time of submission by the Department of Home Affairs (DHA), Australia. This adjustment pertains to both the Subclass 500 Student visa and the Subclass 590 Student Guardian visa.