BREAKING NEWS! The Australian Government Increases Financial Requirement for Student Visa
After a little sneak peek last week, the Australian Government officially announced to increase the financial requirement for Student Visa application effective from 10 May 2024. All Student Visa applications submitted on 10 May 2024 must meet the new financial requirement.
Find the updated financial requirement for Student Visa application below.
Minimum Required Funds for Student Visa Financial Requirement
The following financial requirement will applicable to all Student Visa applications lodged on or after 10 May 2024.
| Financial Requirement on and after 10 May 2024 | Financial Requirement before 10 May 2024 | |
|---|---|---|
| Main applicant | AUD29,710 | AUD24,505 |
| Spouse/de facto partner of main applicant (doesn’t apply to Student Guardian applicant) | AUD10,394 | AUD8,574 |
| Dependent child | AUD4,449 | AUD3,670 |
| Annual school cost | AUD13,502 | AUD9,661 |
| Personal yearly income (with no family member) | AUD87,856 | AUD72,465 |
| Personal yearly income (with family member) | AUD102,500 | AUD84,543 |
| Financial Requirement on and after 10 May 2024 | Financial Requirement before 10 May 2024 | |
|---|---|---|
| Main applicant | AUD29,710 | AUD24,505 |
| Spouse/de facto partner of main applicant (doesn’t apply to Student Guardian applicant) | AUD10,394 | AUD8,574 |
| Dependent child | AUD4,449 | AUD3,670 |
| Annual school cost | AUD13,502 | AUD9,661 |
| Personal yearly income (with no family member) | AUD87,856 | AUD72,465 |
| Personal yearly income (with family member) | AUD102,500 | AUD84,543 |
All Student Visa applications submitted before 10 May 2024 will be assessed according to the financial requirement before the new changes.
What is the effect of the new financial requirement?
The minimum financial capacity requirement has been revised to correspond with 75% of the federal minimum wage. This will give a clearer picture of how much is thought to be reasonable to maintain a minimal standard of living while studying in Australia. This percentage takes into account that students miss 25% of the academic year. They might go back home during this time, or they might be able to work without limitations.
There is a lower likelihood for students to:
- be in financial hardship after arriving in Australia;
- violate their visa terms by exceeding the amount of time they are permitted to work; or
- be at risk of worker exploitation.
Read more: 485 Visa Update: Age Requirement is Now 35 Years Old!
What should I do?
The new financial requirement might surprise you, and basically you only have less than 1 week to prepare yourself. But, realistically, looking at the cost increase in day to day living necessities in Australia, having the new financial requirements seem reasonable. Overall, the purpose is to ensure that you have enough money to support yourself and your study without violating your Student Visa condition, which only will worsen your immigration history.
If you find this update is too sudden and you urgently need professional advice in preparing your Student Visa application, feel free to contact us. Our Registered Migration Agent is ready to assist you no matter what challenges you face. Our consultation is backed with 100% money guarantee if you’re not satisfied with our services:
We’re here to help you!
Don’t let the new Student Visa financial requirement defer your study plan in Australia.
Our visa specialists at ONE derland Consulting will assist you in finding the best visa options despite the new age requirement for 485 Visa. We have a 98% success rate and are one of Australia’s most highly recommended migration agents. Read our 4.9* score customer reviews.
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Take the first step and get in touch with us. Our team members are professional and honest and speak various languages, such as Mandarin/ Chinese, Bahasa Indonesia, Arabic, Japanese, and Thai. Contact us by email at [email protected] or by phone at 1300 827 159. Alternatively, you may book your consultation online, and it is backed by our 100% Money Back Guarantee Program.
