The Australian Government has recently increased the savings requirement for International Students applying for a Subclass 500 Student visa in Australia or from overseas.
This change, effective from October 1, 2023, is the first update since 2019 and is necessary due to increased living expenses.
Starting October 1st, student visa applicants must demonstrate a minimum savings of AU$24,505 to cover their annual living expenses.
Please Note: This increase does not include return airfare, OSHC or tuition fees costs, international students will still be required to pay these expenses in addition to the 12 months living expenses.
To get an Australian student visa, applicants must meet various criteria, including proving they have access to sufficient funds to cover all their travel, tuition fees, health Insurance, return airfare and living expenses during their stay in Australia.
This requirement aims to reduce the risk of financial difficulties while studying.
If you plan to bring your spouse or family, there are also updated financial requirements.
For applications submitted on or after October 1, 2023, you must provide evidence of meeting these new financial requirements.
However, if you apply before this date, the new financial capacity rules won’t apply to you.
The required amounts for this visa represent the minimum threshold, and actual living costs can be different across Australia and may be higher than the visa requirement.
To help you prepare for your studies, you can estimate day-to-day living expenses in Australia using the Study Australia Cost of Living Calculator.
Feel free to talk to one of our registered migration agents if you are unsure about your visa application or need assistance to calculate funds or show money for your student visa application.
Our registered migration agents are registered with MARA and can also be found in the Office of the Migration Agents Registration Authority.
Send us a message for a free quote or call +61 8 9463 6624
The information provided is for general use only and should NOT be taken as Migration Advice. For information about your circumstances, don’t hesitate to get in touch with Milestone Migration for immigration assistance.