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How to show Minimum Financial Evidence for your student visa

By September 25, 2023October 10th, 2023Discover Australia, News, Study in Australia, Visa Info

How to prove that you can afford to study in Australia!

When you apply for your Australian student visa (500) you may need to show Minimum Financial Evidence for your student visa to cover your living costs. The Department of Home Affairs may ask you to provide evidence of your financial capacity to pay for your tuition fees, living expenses, and travel costs during your studies.  If you are bringing your family you will also need to show that you have sufficient funds to cover the costs and expenses of any accompanying family applicants for the duration of your studies in Australia.

How much money do I need to study in Australia?

You must be able to demonstrate that you have enough money to cover various essential expenses. These expenses include your school fees, living costs in Australia, and travel costs for both yourself and any accompanying family members on your student visa application.

The Department of Home Affairs (DHA) mandates that you be able to show that you have enough money for the following categories:

  • Tuition Fees: You must show that you can afford your course fees for the first year, excluding any deposit paid to secure your Confirmation of Enrollment (CoE).
  • Living Expenses: You need sufficient funds to cover living expenses for your first year in Australia, accounting for any family members included in your application. The DHA sets a minimum annual living cost threshold for international students, which can vary from year to year. In 2023, a single student must demonstrate a total of $24,505, with an additional $8,574 if a partner is included and $3,670 for each child.  It’s crucial to verify the most up-to-date requirements on the DHA website before applying.
  • Return Travel: You may also need to prove that you can pay for the return airfare to your home country once your studies are completed. Travel costs can vary, ranging from $1,000 to $2,500 per person included in your application, depending on your current place of residence when applying for your student visa.
  • Schooling Costs for Children: If you include school-aged children (5 to 18 years) in your student visa application, you must show an additional $9,661 per child to cover their schooling expenses.

Bear in mind that these figures represent the minimum required amounts. Whenever possible, you should show that you have more money than the minimum thresholds. Adequate financial evidence is a critical element in obtaining an Australian student visa, as failure to meet the requirements could result in visa denial. Therefore, careful financial planning and the provision of accurate and comprehensive documentation, as stipulated by the DHA, are imperative for a successful application.

How to show Minimum Financial Evidence for your student visa?

You can show that you have enough money to study in Australia either by showing that you have Available Funds or sufficient Annual Income.

  • Available Funds: To demonstrate Available Funds, you can provide documents such as bank statements, government loans, bank loans, scholarships, or similar financial support. It’s crucial to ensure that the funds indicated in your deposit or loan statement are genuinely accessible to you.
  • Annual Income: Alternatively, you can show that either your parents or your partner earn an annual income of at least $72,465. If you include family members in your application you must demonstrate an annual income of at least $84,543. You have the flexibility to combine the income of your parents to meet this requirement. Proof of annual income should be supported by official government documents like tax assessments.
Can someone else provide financial evidence on my behalf?

Yes, parents or a close family member can provide you with financial support.  The Department of Home Affairs (DHA) recognises that students often rely on financial support from their parents or close family members.

Whilst it is preferable that you provide evidence of your own funds,  if you anticipate receiving financial support from a parent or close family member, there are some vital considerations you should bear in mind:

  • Proving Your Relationship: It’s crucial to demonstrate your relationship with the individual providing financial support. The DHA wants to ensure that you have a genuine and close connection with the person supporting you financially.
  • Genuine Access to Funds: Beyond showcasing that your family sponsor has sufficient funds, you must also illustrate your genuine access to the funds they are providing. The DHA wants to ensure that you will have practical access to financial support when needed.

 

In essence, while you may not have the required funds in your personal account, having a parent or close family member vouch for your financial capacity is a common and acceptable practice. Just remember to provide clear and convincing evidence of your relationship and access to the funds to support your Australian education journey.

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