Update: This is an updated version of this article about financial requirements for Australian student visa. Australian immigration department has changed the way how prospective students can demonstrate their financial capacity to obtain a student visa for Australia.
Evidence of Financial Capacity
Australia visa requires you to prove that you have enough money to cover all of your costs. You can use one of these 4 options as; proof of financial capacity that you can meet your education and living expenses while studying in Australia. You need to provide one of this 4 evidence;
- Proof that you have enough funds for your traveling, 12 months of living and education for yourself along with your family members who are accompanying you
- Proof that you meet the annual income requirement. Annual income requirement wants you to prove that your parents’ or spouse’s earn at least AUD60000 per year. If your family members are also accompanying you during studying in Australia, the annual income requirement is AUD70000
- an Acceptance Advice of Secondary Exchange Students (AASES) form (secondary exchange students only)
- a letter of support from the Department of Foreign Affairs and Trade or Department of Defence (DOF)
Australia is becoming the most favorite place for international students to come, study and explore career opportunities. There are several reasons why students like Australia for their higher studies. Most dominant reasons are an availability of a large number of courses and being a multicultural society. Studying in Australia is a wish of thousands of students from more than 180 countries but there are several conditions which you may have to fulfill before you get Australian student visa. One of the critical condition which might be difficult for many students is bank statement to provide with Australia student visa application.
Bank Statement is not only required by the countries where you need to pay heavy amounts as tuition fees. This is also a core visa requirement in Germany, Austria, and Norway where education is free. While applying for free study in Germany, you have to show funds for your living because tuition is funded by their government, however, you must have enough funds for your living and lodging.
How many Funds do you need to show?
From 1st July 2016, Australia has increased the amount you need to show for your student visa. Bank statement for Australia student include three kind of expenses;
- Travel cost: This include return air fair for you and your family members which are included in your application
- Tuition fees: Tuition cost, administrative fees and any possible fees related to your studies
- Living: This is what you need for living and eating. Australia immigration department has set a standard living cost which can be seen in table below. You must show living cost for yourself and your family members included in the application
|Expenses||Per Person||Amount required in AUD|
|Family members||AUD 2000 each accompanying family member|
|Tuition fee for one year||Yourself||Course fees for first year of your degree|
|Children aged 5-18||Children course fees for first year|
|Living expenses for one year||Yourself||AUD 20,290|
|Children||AUD 3,040 per child|
Source of Income for Bank Statement
If you choose first option which is evidence of funds then you can prove funds availability for Australia student visa by showing either;
- Money deposit or loan with an approved financial institution
- Government loan
- Scholarship or sponsorship
Money deposit in bank or financial institution:
Money can be in your personal account or acceptable member of the family’s account. Acceptable members of a family who can hold funds to support your studies are;
- your partner (spouse or de facto partner, including same-sex de-facto partners)
- your parents
- your brother or sister
- your grandparents
- your aunt or uncle (only if they usually live in Australia and are either a citizen/permanent resident of Australia or an eligible New Zealand citizen)
A loan statement from a financial institution:
A loan letter from a financial institution stating the full amount of loan, name and all statutory information. A loan can be in your name or any of member of the family listed above.
Why you need Bank Statement for Student Visa?
This is required by almost all countries to ensure that the applicants who are applying for student visa have enough funds to pay their tuition fees and their intended stay in that country. Australia and other countries do not want a foreign applicant to access public fund or face a hard time during their studies so before granting visa they make sure you have enough funds for all possible expenses.