Australia Implements Changes to Proof of Funds Requirement for Student Visas

The Australian Government has revealed an adjustment in the minimum savings required for international students applying for a student visa, which will come into effect from 1st October 2023.

The government of Australia in lieu of the iterating living expenses in the nation, has adopted a revision of the savings prerequisites for international student visa applications, which formerly remained unchanged since 2019.

October 1, 2023, will mark the inauguration of these changes, wherein the prospective student visa applicants would have to demonstrate a minimum savings of AUD 24,505 per year compared to the former AUD 21,041, to effectively meet their living expenses.

Important Note on Australia Study Visa Requirements

International students in order to gain eligibility for an Australia Study visa must qualify for different factors under the eligibility criteria. One of these includes proof of financial stability to support their stay, education (tuition fee), and living expenses in Australia throughout their study tenure.

This requirement is to ensure the mitigation of the risk of financial challenges during the student’s study period.

What Does Australia’s Update on the Proof of Finance Requirement Enfore?

Ever since 2019, there have been no changes in the financial capacity requirement for the Australia Study Visa, largely influenced due to the COVID-19 era. Prior to the pandemic, these financial requirements for the visa categories were regularly iterated annually.

The revised proof of funds requirements for the Australia study visa will take effect from October 1, 2023, and the applicants applying on or post the specified date would now need to demonstrate a financial capacity of AUD 24,505.

It is also important to consider that this mentioned amount is for the student applicant only and if he/she is willing to bring a dependent along then the revised financial capacity needs to be met as per visa requirements.

Also Read: Cost of Studying In Australia For Indian Students

Estimate Your Cost of Living in Australia

The cost of living in Australia for international students can vary depending on the city and lifestyle. On average, students should budget for expenses like accommodation, food, transportation, and health insurance.

Sydney and Melbourne tend to have higher living costs than other cities. A monthly budget may range from AUD 1,200 to AUD 2,500, with shared accommodation and frugal spending.

Also Read: Ultimate Guide on How To Study Abroad on a Budget and Working Hours for International Students in Australia

It's crucial for international students to plan their finances carefully and explore available scholarships and part-time job opportunities to manage their expenses effectively.

Plan Your Study Abroad Journey With GetGIS

Studying abroad is an aspiration of almost every student out there and seeking the assistance of an experienced and knowledgeable immigration consultant eases off the strain of the visa application journey.

GetGIS offers a streamlined and user-friendly approach to planning your study abroad journey. With its comprehensive features, it simplifies the process of choosing the right destination and university, managing finances, and handling visa requirements. “GetGIS is your all-in-one solution for a successful study abroad experience”