Australia : In a significant development for international students aspiring to study in Australia, the Australian government has recently released a long-awaited update to the financial eligibility criteria for student visas. This update, which comes in the wake of the COVID-19 pandemic, aims to reflect the changing economic landscape and the country’s commitment to welcoming students from around the world. Effective from October 1, 2023, the new financial requirements are set to impact future visa applicants.
What is the New Minimum Financial Requirement?
Under the revised guidelines, prospective international students must demonstrate a minimum savings of AUS$ 24,505 in their accounts when applying for a student visa to Australia. This financial threshold will apply to all applications submitted on or after October 1, 2023. It is important to note that the financial requirement may vary if a student is applying with a spouse; specific updates for spouse visas are expected to be released soon.
Australia & Visa Applications
For those who submit their visa applications prior to the October 1, 2023 deadline, the previous financial eligibility criteria will still apply. However, applicants who plan to apply on or after this date will be subject to the new financial ability norm.
Minimum Required Financial Ability
- Minimum Savings: AUS $24,505
- Required Documents: Bank Statement, Study Loan, Provident Fund, Fixed Deposit, Scholarship Document
- Effective From: October 1, 2023
Estimation of Living Expenses in Australia
The updated financial criteria extend to cover a comprehensive range of expenses. This includes day-to-day living costs, one year’s worth of tuition fees at the chosen college or university, and mandatory overseas student health insurance. It’s worth noting that health insurance is a crucial requirement for every student planning to study in Australia.
Points to be Remembered
While the new financial update establishes the minimum requirements for a study visa, aspiring students should consider the following key points:
- Cost of Living Variances: The cost of living can vary significantly across different locations in Australia, so it’s essential to research the specific area you plan to study.
- Beyond Minimum Requirements: The actual cost of living may exceed the minimum financial requirements. Be sure to factor in additional expenses such as tuition fees and comprehensive health insurance coverage.
- Monetary Support: Ensure that you have sufficient financial support to cover your expenses for at least one year in Australia at the time of your visa application.
- Bringing Dependents: If you plan to bring your spouse or children with you, be aware that the minimum financial ability requirement will increase accordingly
Australia has emerged as a top destination for higher education post-COVID, attracting students from around the world. However, it’s essential for prospective students to recognize that the cost of living in Australia is higher compared to many other study destinations in Europe and America. Therefore, meticulous financial planning and meeting the new financial criteria are vital steps for a successful study experience Down Under.
Also Read : Sandhya Reddy : Proud Moment Elected Deputy Mayor of Strathfield Council in Australia