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Australia has revised the financial capacity requirement for Student Visa applicants

By Rajneesh Kumar Posted 05, Nov 2019

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Australian government has increased the proof of funds requirement for the student visas. With effect from October 24, 2019 the student visa applicants require showing that they have access to the funds or income to meet the annual cost of living in Australia along with the travel expenses. This amount needs to show is in addition to their applicable course fees.

Financial obligations increased for Student Visa applicants

The Department of Home Affairs has raised the annual expenses required for a single applicant, for which he/she needs to show the proof, along with the applicable course fee, to meet the basic criteria of the Australian student visa.The increased costs/income are as follows with effect from 24th October 2019:

What is Cost of Living Requirement?

For a period of 12 months, candidate needs to show:
  • $21,041: main applicant
  • $7,362: partner or spouse
  • $3,152: for each dependent child
  • $8,296: schooling costs for dependent children

What is Income Requirement you can show as an alternate

As an alternate to the proof of funds requirement you need to demonstrate, your spouse or your parents can provide proof of their income (taxable income) in the 12 months before submitting the application. The requirement of the minimum income is as shown below:
  • $62,222: single applicant
  • $72,592: applicant with dependents
Also read-Visas Avenue Obtained High Number of Australian Visa Approvals Between April and June 2019

What is acceptable as Proof of Financial Capacity

Acceptable proof of financial capacity comprises
  • money deposit with a financial institution
  • loan with a financial institution
  • government loans
  • Scholarship or financial support.
To get further details regarding the Student visa and apply for the same this year, you may get in touch with Visas Avenue Immigration. The experienced and qualified Visa and Education counsellors at Visas Avenue has years of experience and expertise in dealing with the Australia immigration procedures and different visa categories. The VA Team has outstanding success rate when it comes to providing much needed help and assistance to the applicants to obtain the visa approval for Australia and Canada, etc. countries. Hence, if you want to start your Visa application for study visa, PR visa, visit visa, etc. you may contact and coordinate with the Visas Avenue team without a second thought.

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Visas Avenue is a popular and registered Visa Consultancy Company in India that offers world class immigration solutions and services to the individuals looking to apply visa in Australia. It helps the aspirants apply for PR visa, visit visa, study visa, family sponsored visa, etc.

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If you want to apply PR Visa, Visit Visa, Family Sponsored visa, Student Visa, in Australia, You may call Visas Avenue migration experts on Toll Free Number- 78-18-000-777 to get inclusive help and assistance in the immigration process. Moreover, to get your eligibility checked and subsequently, receive a call from the expert, you may fill the free assessment form.


Author

Rajneesh Kumar

Rajneesh Kumar is a well-known writer,blogger and content creator. His passion and expertise in writing content on Immigration, visa, political affairs, News, current affairs, etc. makes him one of the best professional writers around.

He has been creating the Immigration Content, i.e. Blogs, Articles, social media, videos, etc. for more than 5 years now.

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