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New Financial Requirements Student Visa Australia July 2016

New Financial Requirements Student Visa Australia July 2016

New Financial Requirements Student Visa Australia July 2016

It’s never easy making sure you have everything you need just right for your Student visa, especially now that there is a new student visa programme, starting  1 July 2016.

It’s not as bad as you think, trying to figure out exactly what documents you will need and how you would go about knowing what those documents are.

So let’s start right there, how do you figure out what you need with your financial requirements for your new Student visa?

To start off you or your migration agent would have to figure out what your immigration risk level is, whether it’s streamlined or regular.

  • If you have found out that your immigration risk level is the lowest you will generally have the streamlined evidentiary requirements, which means these students will most likely be able to satisfy immigration with proof by providing a simple declaration, in other words, a statement that you have the sufficient funds available to cover your entire stay in Australia.
  • If, however, you come to find that your risk level for immigration is the highest or regular (this risk level is based on your country of citizenship and the education provider you have chosen), you may need to provide specified documentary evidence of your financial capacity.

    So you would have to provide a bit more evidence in documents that you have sufficient funds available to you. These funds must be able to cover your entire stay in Australia.

    You must attach this documentation to your visa application when you submit it to immigration.

  • As of now, there will be a working sample of an online tool, for students or migration agents, which will provide you with further details on your financial documentation and the evidence you will need. It will be fully functional starting when the new programme starts 1 July 2016.

You would need to provide one the following for your financial evidentiary requirements (if you are required by your risk level to show documentation):

  • Evidence of the funds needed to travel to Australia and the 12 month living costs as well as, course and schooling (for dependents that are of school age) costs for the student and any family members that came with you.
  • Evidence of meeting the yearly income requirement
  • An Acceptance Advise for Secondary Exchange Students (AASES) form only for secondary exchange students

If you wish to go with showing the evidence of meeting the yearly income requirement, you must show personal yearly income of at least AUD 60,000. Unless you have family members who have come with you, then the requirement annually would be AUD 70,000.

The income shown must be the personal income for the student’s spouse or parents only.  If both of the student’s parents are working, the combined yearly income can be considered for this requirement.

Please be sure all documentation for this requirement is in official government documents, such as, tax assessments.

The 12 month living costs and tuition fees choice is quite similar to the requirement that applied to the Assessment level 2 students before the new programme.

When this requirement is applied for the evidentiary documentation, you would need to show either a money deposit, a loan with a financial institution or government, sponsorship or scholarship.

Starting on 1 July 2016 the 12 month living cost will be

  • Student/guardian –AUD 19,830
  • Spouse/partner – AUD 6,940
  • Child – AUD 2,970
  • If you are including school-aged dependents in your application, AUD 8,000 will be added to the yearly living costs required.

These financial amounts which include, yearly income, your living costs, and schooling costs will be regularly looked at and adjusted in line with theConsumer Price Index (CPI) figures for the previous calendar year.

Immigration would also like to make sure you have genuine access to the funds you have, you can show this or another eligible party can.

The funds in the visa applications must be available for the student and family members there with them to use during their entire stay while in Australia.

Immigration will take into account these factors:

  • The nature of the relationship between the student and whoever is providing the funds, if necessary.
  • The income, their assets, and employment of the student or the person who is providing the funds.
  • Previous visa history of both, the student and whoever is providing the funds.

Starting 1 July 2016, family members of students who already hold a student visa will need to apply for the Student visa (subclass 500) if they wish to join the student in Australia.

Most likely the evidentiary requirements for financial capacity that was applied to the student will be the same for the family members who are applying.

Please remember that in all cases, immigration officers have complete discretion to ask for further evidence of your funds if need be.

We would also love to assist you in this process, our agency would handle getting everything to immigration and let you know what you are missing making sure you don’t get refused.

ONE derland Consulting has extensive experience dealing with different type of visas and complex cases, to find further information on your options and eligibility for student visa, please contact our office on (+61) 089477-5831 or email: [email protected]

Published On: August 6th, 2016 / Categories: General Info /

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