Australia has announced to revise the financial capacity requirement for Student visas

The Australian Government has recently announced change in the financial requirements for international students applying for a student visa. This update is deemed essential due to the increased cost of living and has not seen any revisions since 2019.

Revised financial capacity requirement for Student visas

Starting from the 1st of October 2023, prospective student visa applicants will be needed to show that they possess a minimum of AU$24,505 in savings to effectively cover their annual living expenses.

What is the financial eligibility criterion? 

To secure an Australian student visa, several criteria need to be met, one of which involves providing proof of sufficient financial resources to cover travel expenses, tuition fees, and living expenditures during your stay. This condition is designed to minimize the risk of financial hardship while pursuing your education.

Also read- How to Apply Australia Study Visa from India

Revision of the financial eligibility criterion 

The financial eligibility criterion remained unchanged since 2019 due to the consequences of COVID-19. Before 2019, annual adjustments were made to this criterion. The new requirement will be applicable on the 1st of October 2023.

For the applicants willing to bring a spouse or family members, there are also updated financial thresholds. If you submit a new student visa application on or after the 1st of October 2023, you will be obligated to provide proof of fulfilment of these updated financial requirements. However, if your application is submitted before the 1st of October 2023, the new financial eligibility conditions will not be applicable.

It's wise to note down that the definite financial amounts needed to fulfil the financial eligibility criterion represent the minimum required for the visa. Actual living expenses can vary considerably across different regions of Australia and may surpass the visa requirements.

You may assess your living expenses in advance, i.e. before actually making a move to Canada. Being informed about the average living costs in Australia is a crucial aspect of preparing for your studies. To estimate your day-to-day living expenses in Australia, you can use the Study Australia Cost of Living Calculator on official website of study Australia. 

To know more and apply for student visa in Australia this year, you may get in touch with a qualified and trusted Australia migration expert at Visas Avenue on Toll-Free No. 78-18-000-777 or you can drop us an e-mail at info@visasavenue.com.

- Rajneesh Kumar