From May 10, 2024, there will be an increase in the financial capacity requirement for Australian student and student guardian visas. This change aims to ensure that student visa applicants have sufficient funds to live a minimum standard of living while studying in Australia. The new change in the requirement has been updated to align with 75% of the minimum national pay rate.
The purpose of this adjustment is that students are out of their degree sessions for 25% of the year. During this time, they can return home or engage in unrestricted work.
The increase in the Financial Capacity Requirement for Student and Student Guardian visas will help candidates make better decisions about their future. It will also decrease the possibility of them facing monetary problems once in Australia, visa condition violations due to more work hours than the visa condition allows, or being taken advantage of or mistreated at work.
The following table highlights the revised funds to meet the updated financial capacity requirement, which will be used after May 10, 2024:
New minimum funds required to satisfy financial capacity requirements for Australian student visa
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 | |
| Primary applicant | AUD24,505 | AUD29,710 |
| Spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
Student visa applications submitted before May 10, 2024, will be assessed based on the Financial Capacity Requirements at the time of application.
For more information, you can check:
Student Guardian Visa – Subclass 590
New Financial Requirement for Student Visa Frequently Asked Questions (FAQ’s)
What are the new financial capacity requirements for a student visa in Australia?
The Australian Student Visa bank balance required for an Australian student visa application is AUD29,710 for living expenses, one year of tuition expenses, return airfare to and from Australia to the student’s home country, and overseas candidate health cover.
Can a student visa guardian work in Australia?
A holder of a student visa guardian subclass 590 visa does not have any working rights and is not allowed to work in Australia.
What is the financial proof for a student visa in Australia?
A student visa applicant may use one of these forms of proof to show that they have enough money: money deposited with a financial organization, a financial institution loan, or a government loan. Financial aid or scholarships.
How much is the minimum bank balance required for an Australian student visa 2024?
Australia has revised the minimum savings required for international students to obtain a visa. From May 10, 2024, international students must show proof of savings of at least AUD29,710 for living costs, health insurance, return airfare, and 1 year of course fees.
Disclaimer: The above information is not tailored to personal circumstances.
For information relevant to personal circumstances, please book an
appointment with Oracle Immigration Consultant’s expert migration agents in
Australia.
For any inquiries, please contact us at +61 430812158. We are premier Immigration agency and consultancy in Melbourne (Bundoora and Geelong).
