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Update to Financial Requirements for Student Visa from 10th of May 2024

HOme > Update to Financial Requirements for Student Visa from 10th of May 2024

A new update to the financial requirements for Student and Student Guardian visas will take effect from 10 May 2024. This change increases the amount of money applicants must demonstrate to be eligible for these visas, reflecting a more accurate assessment of the funds needed to maintain a minimum standard of living while studying in Australia.

 

The financial capacity requirement has been adjusted to align with 75% of the national minimum wage. This update accounts for the fact that students spend about 25% of the year out of course sessions, during which time they may return home or engage in unrestricted work. This new standard is designed to help international students make more informed decisions about their financial preparedness before arriving in Australia.

 

By meeting these updated financial requirements, students are expected to experience less financial distress during their stay. This change also reduces the likelihood of students breaching visa conditions by working more hours than allowed and decreases their vulnerability to worker exploitation.

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The minimum funds required for updated financial requirements, effective from 10 May 2024, are as follows:

  • Primary applicant: Increased from AUD 24,505 to AUD 29,710
  • Spouse or de facto partner of the Student primary applicant: Increased from AUD 8,574 to AUD 10,394
  • Dependent child: Increased from AUD 3,670 to AUD 4,449
  • Annual school costs: Increased from AUD 9,661 to AUD 13,502
  • Personal annual income if there is no family member: Increased from AUD 72,465 to AUD 87,856
  • Personal annual income where there is a family member: Increased from AUD 84,543 to AUD 102,500

Applications lodged before 10 May 2024 will be assessed under the financial capacity requirements that were in effect at the time of application.

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