The Australian government has raised the minimum requirement of financial capacity that student visa applicants must demonstrate to AU$24,505. This increase is aimed at making certain that students have ample funds to cover their annual living expenses. This adjustment comes as the 1st change to the financial capacity requirement since 2019 and is a response to the rising cost of living.
Financial capacity requirement
To obtain an Australian student visa, applicants must fulfil various criteria, including proving that they have adequate financial resources to cover travel expenses, course fees, and living expenses for the entire duration of their studies. This prerequisite is in place to reduce financial challenges for students during their educational journey.
It s vital to note that there have been no updates or increases to the financial capacity requirement since 2019, predominantly due to the disruptions caused by the COVID-19 pandemic. Prior to 2019, this requirement was subject to yearly adjustments. The new financial capacity requirement will come into effect on October 1, 2023.
For those planning to bring a spouse or family members, there are also updated financial thresholds to consider. If you submit a new application on or after October 1, 2023, you will need to provide proof of these revised amounts. However, if you submit your application before this date, the new financial capacity criteria will not be applicable.
It s key to understand that the indicated amounts for meeting the financial capacity requirement signify the minimum essential for the visa application. Actual living prices can vary across different regions in Australia and may even surpass the minimum threshold required for the visa. Therefore, if you are preparing to study in Australia, it is advisable to estimate your day-to-day living expenses using the Study Australia Cost of Living Calculator to get a better understanding of your financial needs.
To know more and apply for relevant visa in Australia this year vastly experienced Australia Migration expert, you may call Australia PR Avenue on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at firstname.lastname@example.org.