You must be quite excited about studying in Australia. That’s understandable, if not expected.
Millions of students all around the world could not wait to get hold of the much coveted Australian student visa. And they have countless reasons to be so. The biggest nation in the world offers the most number of opportunities for its guests, not only in the field of education but in many other areas of interest as well.
First of all, the country consistently ranks high in the Legatum Prosperity Index. Last year, for instance, Australia landed on the sixth spot. What does that mean? It simply means that the country and its people are not only blessed materially but are prosperous holistically (in their overall wellbeing) — you may check happy index.
Therefore, Australians have every reason to call their country a lucky country. And that luck may rub on every visitor of the place like you.
Educational Landscape in Australia
The Australian government takes education very seriously. To prove that, it introduced in 1995 what they call the Australian Qualifications Framework (AQF), which incorporates the qualification systems for all education and training sectors starting from lower schools to training institutions to vocational schools up to higher education. AQF ensures the uniformity and tangibility of the development as far as education is concerned.
It’s no surprise then that the country holds the bragging rights as having owned seven out of the top 100 universities in the world. For a nation with a population of only about 24 million, it’s no mean feat.
And there’s a bit of good news just for you: The government invests heavily in international scholarships. They set aside a huge amount annually for that purpose.
Australian student visa financial requirements
So you are already through with your due diligence about your prospective host country and – as we have always expected – choosing Australia proves to be a no-brainer for you.
The next item to check out is the financial requirements for acquiring an Australian student visa.
The basic premise here is for you to prove to the government that you have enough money that is rightly available to you to defray the costs of the course you’re going to take, your travel and your living here, which may include your family members who may accompany you.
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You have two ways to show your financial capacity:
One is through documentary evidence of financial capacity. If you choose this option, you may need to provide some of the following documents dependent on the course of study and type of your sponsor (family or government):
- Proof of the availability of the funds you are going to use for your travel to Australia, 12 months of living here, course fees and schooling costs (for school-aged dependents) for the student and accompanying family members. If you intend to take a short course, you will only need to show evidence of funds for the corresponding length of stay.
- Evidence that you comply with the annual income requirement
- For secondary exchange students, an Acceptance Advice of Secondary Exchange Students (AASES) is required
- A letter from Department of Foreign Affairs and Trade or Department of Defence supporting your application
Please note that this option also needs proof of the following:
- money deposit in a financial institution
- a loan with an approved financial institution
- loan from the government
The other manner is through evidence of annual income. The income shown here must be the personal income of your spouse (who’s not traveling with you) or your parents. If both of your parents are working, their combined income forms part of the requirement. This option is suitable for the applicants who come from well-off families that can afford to send their children overseas to study.
Armed with the documents supporting your financial capacity, you can now lodge or extend your student visa application.
Please keep in mind despite student visa holders are allowed to work in Australia, that potential income cannot be taken into consideration when providing with information about your financial situation.
How Much Does It Cost?
In the real figure, how much are the financial requirements for an Australian student visa?
According to DIBP, the cost of living here for a 12-month stay
(from 1 July 2016) is AUD 19,830 for the student or guardian, AUD 6,940 for the partner or spouse and AUD 2,970 for each child.
Updated: as of 01/02/2018 cost of living is:
- AUD 20,290 for the student or guardian,
- AUD 7,100 for the partner or spouse and
- AUD 3,040 for each child.
Should you include your school-aged children in your student visa application, each child requires AUD8,000 of schooling costs, which will be added to the required amount of funds. That amount is just the minimum requirement for purposes of visa application. For this reason, the government encourages you to undertake your own research as to schooling costs which may vary from one state, territory or school to the other.
If you choose the annual income option, it requires you to provide evidence of personal annual income of at least AUD60,000. If some family members accompany you to Australia, the amount is AUD70,000.
If you happen to be a PhD student, you are exempted from demonstrating evidence of schooling costs for your dependent children. You just need to provide proof of enrolment in a government school here with the exemption from school fees.
So there you go: You’ve just gone through the Australian student visa financial requirements. Some of the areas we have just tackled may be clear, but we know there are still many points that need more explanation.
In that case, we urge you to contact any of our personnel at Nowak Migration. We are only too willing and ready to sit down with you to discuss your concerns.
You can find our contact details such as our phone number, email address, website, Facebook page and YouTube account in the Contact Us tab here.
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