The Australian Government has increased the minimum amount of savings required for international students to obtain an Australian student visa. Student visa applicants will need to demonstrate that they have a minimum of AU$24,505 in funds to meet annual living expenses. From October 1, 2023, student visa applicants will need to show they have a minimum of 24,505 Australian Dollars in savings to cover annual living costs.
Australia’s Department of Home Affairs has financial requirements that students must achieve in order to obtain an Australian student visa. This fund’s requirement for student visa was revised in 2019 and should be increased due to rising living costs.
Actual living costs for students vary around Australia and may be significantly greater than what is required for the visa. To find out how much it costs to live in different cities across Australia, one may use the Cost of Living Calculator of the Australian Government.
A list of requirements must be met in order to obtain an Australian student visa. Proof that you have enough money to cover your travel, course fees, and living expenses during your stay is one of these requirements. This is to lower your chances of experiencing financial difficulties while studying.
Further, there are now revised amounts required if you intend to bring a partner or family.
If you file a new application on or after October 1, 2023, you must provide verification of these new amounts. The increased financial capacity requirements will not apply if you would have applied before October 1, 2023.