There is no simple answer to this question. Here's why: Every applicant for a Student visa in Australia is required to state in their application, how are they going to support themselves financially while studying in Australia, but not every applicant has to provide evidence of available funds.
Depending on your country of passport and the course you are applying for, you may need to provide the evidence upfront. If you are not sure, feel free to contact us and we will confirm with our registered migration agent whether that will be your case.
So-called 'show money' for a Student visa in Australia depends on how long is the course you are applying for. It’s capped at 1 year - so you don’t need to show more even if you are applying for a 2-, 3- or 4-year course.
How much bank balance is required for an Australian Student visa in 2024?
This is how it’s calculated: Living costs + Course Fees + Travel Costs
At the moment:
The one-year living costs are $24,505 AUD, which increased from $21,041 AUD as of October 1st, 2023. If you will be applying for a Student visa with your partner, add another $7,362 AUD. Applying with a child will further increase the required financial capacity.
May 2024 Update: The Australian Government is again increasing the required bank balance for an Australian Student visa application. The so-called "show-money" is now $29,710 as of May 10th, 2024. If you are applying with a spouse or a partner, add another $10,394 AUD.
Course fees depend on the school you choose, the duration of your course and how much have you pre-paid already. Use the first 12 months of your course fees. If your course is 12 months or less, use the total cost. Deduct any costs you have already paid.
Travel costs depend on your home country and whether you are applying in Australia or overseas: If applying outside Australia, include $2,000 AUD for most countries. If applying in Australia, include $1,000 AUD for most countries.
Who can show funds for a Student visa in Australia and how?
If you are required to provide the evidence upfront (we recommend doing this even if you are not required to), providing a scan or a PDF of your bank statement may be sufficient, and certified copies are ideal. If the money is in a bank account of your relative(s), provide their bank account statement(s) and a letter confirming that you will have access to these funds. All our applicants get a free template of the financial capacity letter.
Aside from a bank balance, you can also provide financial capacity via an ongoing income if your parents or spouse earns over $72,465 AUD per year.
As with all questions related to a Student visa, we recommend you check the website of the Australian Department of Home Affairs for more information. This checklist is really helpful.
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