Australia remains a top destination for international students seeking world-class education and vibrant cultural experiences. However, before embarking on this exciting journey, it’s crucial to understand the latest financial requirements for obtaining an Australian student visa. As of 2024, these requirements have been updated to ensure students are financially prepared for their studies and stay in Australia.
Updated Financial Requirements for Australian Student Visa
The Australian Department of Home Affairs has revised the financial requirements for international students applying for a student visa (subclass 500). These changes are aimed at ensuring students have sufficient funds to cover their tuition fees, living expenses, and other associated costs during their time in Australia.
As of August 2024, significant updates have been made to the financial requirements for international students applying for an Australian student visa. These changes are crucial for ensuring that students are financially prepared for their studies and living expenses in Australia.
Key Updates on Financial Requirements:
- Increased Financial Threshold: Starting from May 10, 2024, the minimum amount of funds that students need to demonstrate has been increased to AUD 29,710 per year. This is up from the previous requirement of AUD 24,505. This adjustment reflects the rising cost of living in Australia and aims to ensure that students have sufficient resources to support themselves without relying excessively on work while studying.
- Additional Costs for Dependents: If a student is bringing family members, additional financial requirements apply. The funds needed for a spouse/partner have increased to AUD 10,394, and for each dependent child, the amount is now AUD 4,449 per year. Additionally, if you have school-aged children, you must show AUD 13,502 per year for their school fees.
- Visa Application Fees: As of July 1, 2024, the application fee for a student visa (subclass 500) has also increased significantly to AUD 1,600, making it one of the most expensive student visas globally. This increase is part of broader measures to manage the high demand for migration to Australia.
- Work Restrictions: While students can work part-time during their studies (up to 48 hours per fortnight), it’s important to note that these financial requirements are designed to ensure that students do not rely solely on part-time work to meet their living expenses. This is to help avoid breaches of visa conditions due to overworking.
- English Language Requirements: There has also been an increase in the minimum required IELTS score for student visas from 5.5 to 6.0, reflecting the emphasis on ensuring students have the necessary language skills to succeed in their studies.
These updates are part of a broader strategy by the Australian government to maintain the integrity and sustainability of its international education sector. Students planning to apply for a visa should carefully review these new requirements and ensure they meet them before lodging their applications.
Here’s a table summarizing the latest financial requirements for the Australian student visa as of August 2024:
| Category | Previous Requirement (Before May 10, 2024) | New Requirement (From May 10, 2024) |
|---|---|---|
| Primary Applicant (Living Expenses) | AUD 24,505 per year | AUD 29,710 per year |
| Spouse/Partner | AUD 8,574 per year | AUD 10,394 per year |
| Dependent Child | AUD 3,670 per year | AUD 4,449 per year |
| School Costs for Dependent Child | AUD 9,661 per year | AUD 13,502 per year |
| Visa Application Fee | AUD 710 | AUD 1,600 |
| Required Personal Income (No Family in Australia) | AUD 72,465 per year | AUD 87,856 per year |
| Required Personal Income (With Family in Australia) | AUD 84,543 per year | AUD 102,500 per year |
| IELTS Score for Student Visa | Minimum 5.5 | Minimum 6.0 |
For more detailed information, you can visit the Australian Department of Home Affairs website (Study Australia) (Australia Study Team) (Study International).
