Finances for Student Visas Australia

Proof of Sufficient Funds for Australian student visas

The Australian Government requires all international students to provide evidence of sufficient funds to cover their living expenses, tuition fees, and travel costs for the duration of their stay in Australia. This is to ensure that students can support themselves financially while studying in the country.

This page offers guidance on the types of documents that can be used to demonstrate sufficient funds, including bank statements, education loan documents, and financial guarantees. It also provides information on the minimum amount of funds required, which varies depending on the student's individual circumstances, such as their chosen course of study and living arrangements.

Contents of this page

1. Breakdown of required funds
2. How to prove sufficient funds
3. Genuine access to funds
4. Student Finances Questionnaire

 

A. Breakdown of required funds

 Overview

• Course fee
• Travel costs
• Cost of living

The amount of funds an applicant must demonstrate can be calculated by adding the cost-of-living amount of A$21,041 for a student for the first 12 months, the first annual course fee and travel costs for the student. If the period of stay is less than 12 months, then the living costs are calculated on a pro rata basis.

Travel costs should be consistent across the program and communicated externally so applicants are aware of the funds required to include in the calculation of funds. Travel costs are set at AUD$2000 for applicants applying outside Australia and AUD$1000 if applying inside Australia.

There may be exceptions for some countries (for example countries in Africa) where travel costs are significantly higher. Any exceptions must be made public.

If family members make a combined application with the student, total travel costs must include the travel costs for each member of the family unit included in the visa application.

For combined applications including family member applicants

The amount of funds an applicant must demonstrate if family member applicants are included in the application can be calculated by adding:

• the cost-of-living amount of A$21,041 for a student and the accompanying family members (A$7,362 for an adult and A$3,152 for a child) for the first 12 months or pro rata amount.
• the student’s first annual course fee.
• the school fees for all school-age dependants for the first 12 months or pro rata amount; and
• travel costs for the student and all family members.

The applicants, together, must demonstrate the specified total amount to meet the requirement.

 

Below are tables drafted to help you understand a fee estimate breakdown for a single student and for students with a spouse/child

Single student

Expenses	AUD
Living Cost	$21,041
Travel Expenses	$2000
Course Fee	$35,000 (Approximated)
Health Insurance	$1350 (Approximated)
TOTAL	(+) $59,391

 

Students with a spouse/child

Expenses	AUD
Living Cost	$21,041
Travel Expenses	$2000
Course Fee	$35,000 (Approximated)
Health Insurance	$1350 (Approximated)
Spouse / Dependent	$7362
Children under 18	$3152
TOTAL	(+) $69,905

 

B. How to prove sufficient funds

Overview

The types of evidence a student visa applicant can provide to satisfy the financial requirements are:

• money deposit(s) with a financial institution.
• loan with a financial institution.
• government loan.
• scholarship or financial support.

The value of an item of property is not a permitted type of evidence. The evidence of additional funds above and beyond that is prescribed, cannot be requested. The relationship of the individual/organisation providing the funds to the applicant must be considered under the ‘genuine access’ component of the financial requirement.

Acceptable Financial Institutions for Australian Student Visa

The financial evidence acceptable from the type of financial institutions are:

• financial institution has implemented appropriate credit risk management strategies.
• financial institution is approved by the central bank (or equivalent) of the country and is appropriately licensed.
• financial institution receives an official high credit rating from an independent body.
• documents from the financial institution have previously been assessed by Home Affairs and found not to represent legitimate funds available to a client.
• financial institution has been implicated in any unacceptable behaviour such as systematic fraud or bribery.

Some students may choose to move funds from a non-acceptable institution to an acceptable one. The funds could then be used to meet the financial requirement; however, officers should consider whether the student would have access to those funds. For example, a student may have savings in a post office account. A post office is not an acceptable financial institution as it does not give loans. The student may withdraw their funds and deposit them into an acceptable financial institution.

Other common scenarios include when students draw on provident funds or take out a loan with an institution that does not take money on deposit. On their own, neither of these forms would be acceptable. However, if the student deposits the funds in an acceptable financial institution or even borrows against the funds (loan from an acceptable institution) then the funds can be used to meet the financial requirement.

Money deposit in Acceptable Banks for Australia Student Visa

Evidence of money deposits may be in the form of bank statement for Australia student visa. Term deposits or fixed deposits may also be used to meet this requirement if the student will have genuine access to the funds for use during the period the visa is held.

Subsequent entrant family members who apply to join a student visa holder who was granted a student visa prior to 1 July 2016 will still need to meet the financial requirements for the Subclass 500 (Student) visa.

Applicants reliant on funds in provident fund accounts/ accounts maintained under government schemes may arrange to have sufficient funds transferred into an account with an acceptable financial institution, to which the applicant has unrestricted access. Bank statements relating to the accounts into which funds were transferred, may be submitted as evidence of financial capacity.

Loan as Financial Evidence for Student Visa

A loan encompasses a legally enforceable agreement by which a financial institution promises to advance funds to a borrower on the condition that the funds advanced be repaid and is not dependent upon any or all of the funds that have been agreed to be lent coming into the possession of the borrower, and nor is it contingent upon there being a repayment schedule.

Therefore, other forms of borrowing, such as a credit card or a line of credit, where there is a pre-approved limit that may be drawn upon when required and which the borrower needs to make payments only on the funds that are withdrawn, can be considered loans.

Financial support from a government, education provider or international organisation

An applicant who claims financial support from the government, education provider or international organisation is expected to provide supporting documentation from the relevant organisation confirming and describing scholarship or financial support.

Officers should refer to the scholarship/funding letter as 'financial sponsorship letter for student visa' to check the level of funding included. For example, because DFAT does not normally provide sufficient funding to cover living costs of family members, DFAT students must demonstrate additional funds to support family member applicants. The Department of Defence usually includes funding to cover family members and additional evidence of funds is not required.

Requesting evidence of financial capacity from applicants

Requesting formal evidence of financial capacity from students subject to streamlined evidentiary requirements should be the exception and should be undertaken in limited circumstances only. Circumstances where officers may consider requesting specified evidence are:

• Specific intelligence exists that raises concerns about the student’s financial capacity:
• If the applicant has been granted a visa previously, any information that Home Affairs has in relation to their ability to meet their financial requirements while they were in Australia.
• If the applicant has previously applied for a visa, any information that Home Affairs has in relation to their ability to provide for their living costs while in Australia.

Affidavit of Financial Support for Student Visa

The sponsor will need to give an affidavit declaring that the funds they are showing as financial evidence to support the applicant's student visa application, are available to the application to cover their tuition fees, board, lodge, health insurance and return airfare home after finishing their studies.

To provide evidence of sufficient available funds. The candidate must show proof of funds for all three above named categories.

 

C. Genuine access to funds

Overview

The applicant must have genuine access to funds. These funds should be available to be used for the purpose of financially supporting the applicant (and family members if any) while in Australia. The circumstances of the applicant/person providing the funds can be considered to determine whether the applicant(s) would genuinely have access to the funds.

Examples of circumstances that may be considered are:

• the employment history of the applicant/person providing the funds.
• the income and assets of the applicant/person providing the funds.
• the source of the income used to meet the financial requirements (for example, if the applicant is relying upon funds from a third party (for example, a family friend), and the nature of the relationship between the applicant and the person providing the funds.
• if the person providing the source of income has provided financial support for another student visa applicant.
• if the applicant has previously been granted a visa, any information which Home Affairs has in relation to their ability to meet their financial requirements while they were in Australia.
• if the applicant has previously applied for a visa, any information which Home Affairs has in relation to their ability to provide for their living costs while in Australia.
• the immigration activities in Australia of other nationals from the applicant’s home country are such that further investigation into the genuine intentions of the student should be undertaken.
• relevant intelligence and analysis reports on illegal immigration and malpractice (if relevant to the individual’s circumstances).

Genuine access – Annual income

Applicants who have demonstrated sufficient funds by providing evidence of the annual income of their spouse/de facto partner or parent would need to show that they would genuinely have access to the funds generated from the income. Because the annual income requirement is restricted to the applicant’s spouse/de facto partner or parents, there is generally no need to further scrutinize ‘genuine access’ based on the relationship to the applicant.

However, to meet the ‘genuine access’ component of the financial requirement, the applicant may need to provide evidence of the relationship to the applicant of the person providing the funds. Decision makers may also seek evidence of the currency of employment/asset ownership generating the personal income, particularly if there are concerns with the age of the records, or information available to the decision maker to indicate there may have been a change in circumstances (for example significant economic downturn in a country, or specific intelligence about an applicant).

Additional scrutiny may also be appropriate if the amount of personal income demonstrated is equal to the amount required, suggesting that the funds have been generated specifically to meet visa requirements.

Genuine access – Money deposit

Money deposits held by the applicant, the applicant’s spouse/de facto partner or the applicant’s parents would generally satisfy the genuine access requirement.

Funds that are not committed to the applicant are less likely to be available to the applicant for the purpose of financially supporting the applicant in Australia. For example, if several family members and/or third parties are contributing to the applicant’s stay in Australia, the money is less likely to be available to the applicant in Australia than if the money is in the applicant’s own name (or the name of their spouse/de facto partner /parent, as relevant).

An example of a situation in which an applicant would reasonably be expected to have access to funds in Australia in circumstances where the money deposit is in another person’s name, is where the applicant will live with a relative in Australia and the relative will provide for all (or some) costs and expenses while in Australia. For example, the relative will provide for all living costs, but the student’s parents will fund, for example, course fees.

Consideration should be given to eight factors:

• whether the account is held in the applicant’s name.
• the relationship of third parties to the applicant and the account holder (for example, are they a relative).
• whether the money is a lump sum payment in an account (even if held by the applicant or their spouse/de facto partner /parent) or is there a savings history to accumulate the funds (this should include where third party ‘donations’ or ‘loans’ have come from.
• how long the money has been in the account.
• where the account is held (for example, held in Australia, or whether held in a country from which large money deposits cannot be transferred internationally).
• if the money deposit is held outside Australia, whether there is evidence that the exchange control regulations of the country permit the remittance of funds for study and where necessary whether evidence of requisite approval is available.
• the applicant’s age.
• the family’s individual circumstances.

If a business account is presented as evidence of financial capacity, decision makers must be satisfied that those funds will be for the use of the student while the student is in Australia.

(Note: If financial support is being provided by a business, it is the business (and not the individuals within the business) that provides the support. Unless the persons who have the authority to commit the business are identified and appropriate documentation is obtained, genuine access to the funds cannot be established.)

In these circumstances, the business should be able to transfer the funds that it wishes to commit towards the student into an account (current, savings or term deposit) in the name of the student or the person providing the financial support. The applicant may be asked to provide evidence that the source of funds was the business.

Where funds have been transferred into an acceptable financial institution but have come from another source, supporting documents should show that the student has genuine access to these funds. For example:

• evidence of income or transfers from another institution/account, with further scrutiny where the record of transfer from the other institution or account is not generally reliable.
• when the money in provident funds is deposited into an account with an acceptable financial institution and the applicant has unrestricted access, evidence of the provident fund terms, withdrawal, and amendment to fund account.
• similarly, funds transferred from an account at an institution that is the usual bank of the student or sponsor (such as a post office account) to a financial institution on the approved list can be supported by the account history. Where this shows that a wage has been credited into the account, this can be supported by evidence of employment.

Genuine access – Loans from financial institutions (including credit cards)

Loans should be in the name of the student or other individual providing financial support to the student.

Decision makers may wish to seek additional information to be satisfied that the loan is for the support of the student and is not a loan that has been committed to other purposes. As four examples, this may occur if:

• the loan is for a considerable amount more than required.
• the loan was taken out a significant period before the visa application was made.
• the loan was provided as support for another student.
• the loan is made to (or applied for by) a business.

Loans in the name of the applicant, the applicant’s spouse/de facto partner or the applicant’s parents would generally meet the genuine access requirement unless there is evidence indicating that the funds from the loan may not genuinely be available to the student visa applicants. If the loan is jointly held in another person’s name, consideration should be given to the relationship between the student visa applicant and the loan holders to establish whether the funds will genuinely be available to the applicant in Australia.

If a loan was obtained against collateral, consideration should be given to who the collateral for the loan is owned by and that individual’s relationship to the applicant. Another consideration may the amount of time before the application that the loan was obtained. If the loan was drawn down many months before the application was lodged, the applicant should be able to demonstrate either that the funds are in an account (current or savings) in the name of the student or the individual providing financial support or have been used to pay expenses such as course fees and airfares.

To be satisfied the funds will be available to the applicant, decision makers may consider four factors:

• whether the funds have been disbursed and if yes, in whose account the funds have been deposited.
• what the collateral for the loan was (property, money deposit) and who owns that asset.
• if the collateral was a money deposit, how the funds in the money deposit were accumulated and for how long the deposit has been held.
• evidence that the exchange control regulations of the country permit the remittance of funds for study and where necessary evidence that requisite approval.

Business loans do not meet the ‘genuine access’ requirement.

Evidence of disbursement is the best way to satisfy us that the student will have genuine access to these funds:

• where the education loan relates to course fees that will be paid directly to the education provider, disbursement according to the agreement with the education provider, financial institution and student should be provided. For example, this may be for the first semester’s course fees. Information about the terms of the loan, including any conditions around disbursement, should also be attached to the application.
• if the education loan includes living expenses, agents should consider showing that the first 12 months of these funds have been disbursed. Alternatively, they could consider showing that the student is relying on another source of funds to cover the first year of living costs.

In the case of applications made in Australia by student visa holders; if the evidence of funds relates to the proceeds of an overseas loan or money deposit held overseas, the applicant may be requested to arrange for the transfer of funds for the first 12 months into an account with a bank in Australia. Evidence of genuine access would be bank statements of the Australian account showing the deposit and a trail to show that the funds are proceeds from the overseas loan or deposit previously identified.

Genuine access – Government loans, scholarships, or financial support

A student visa applicant would generally satisfy the genuine access requirements if the student is to be funded by one of the following six entities through a scholarship or other formal funding arrangement:

• the student’s education provider in Australia.
• the Australian Commonwealth Government.
• the government of a State or Territory in Australia.
• the national government of a foreign country.
• a provincial or state government of a foreign country that has the written support of the national government of that foreign country.
• an international organisation that operates across several countries (for example an agency of the United Nations).

If there are concerns based on the circumstances of the entity providing the funds, the decision maker may request further information to verify funds will be available and genuinely accessible by the applicant. Four examples of situations in which further information may be required are:

• there is publicly available information that an organisation has a limited life span.
• there is limited public information about the organisation.
• there are doubts that the organisation is actively and lawfully operating in Australia or overseas.
• there are doubts whether the organisation has funds or an income sufficient to provide the financial support.

Education provider scholarship

For the purposes of a student visa application, scholarships that meet the following four policy requirements generally meet the genuine access requirement:

• awarded to the student by the student’s education provider or proposed education provider.
• awarded on the basis of merit and an open selection process.
• awarded to the student as a student who is enrolled in a course leading to the award of a Certificate IV or higher qualification.
• awarded to no more than 10% of overseas students in a course intake or no more than 3 overseas students in an intake (whichever is the greater).

A student visa applicant who claims financial support from their education provider or proposed education provider is expected to provide supporting documentation from the education provider. Documentation from the provider is expected to address each of the four factors above. Further evidence should be requested only if decision makers have concerns that the scholarship does not comply with these factors.

Corporate sponsorship

Corporate sponsorship would satisfy the genuine access requirements if either:

• the proposed course of study is consistent with their background and role within the corporation; or
• there is a demonstrated need within the corporation for the student to be trained or retrained.

In either case the applicant should be an employee of the company.

D. Student Finances Questionnaire

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Educational costs for Australia

University tuition fees in Australia

Tuition fees vary depending on the discipline you choose to study, the degree level, and the university in which you enrol.

Tuition for international students:

• Bachelor’s degrees: between 20,000 – 45,000 AUD/year
• Master’s and PhD degrees: between 22,000 – 50,000 AUD/year
• TAFE qualifications: between 10,000 – 20,000 AUD/year

 

Other Finances : Living Costs, Accommodation, Transport and other

Average student living costs in Australia

International students living in Australia need between 1,400 and 2,500 AUD/month to cover all their living expenses, including accommodation, food, and social activities. Keep in mind that when you apply for the student visa in Australia, you will need to prove you have the financial resources to live and study in the country.

Check the average budget you'll need for some of the most popular student cities in Australia:

• Sydney: starting at 1,900 AUD/month
• Adelaide: starting at 1,300 AUD/month
• Brisbane: starting at 1,400 AUD/month
• Melbourne: starting at 1,500 AUD/month
• Canberra: starting at 1,400 AUD/month

Accommodation costs in Australia

Most universities provide a small number of student dormitories for on-campus-accommodation. That's why many international students choose to rent a private property or live with a local family (homestay).

Average prices for common accommodation options:

• Homestay: 450 – 1,200 AUD/month
• Student halls of residence: 440 – 1,100 AUD/month
• Rent an apartment: 750 – 1,700 AUD/month
• Share a rented apartment/house: 380 – 850 AUD/month

Food costs in Australia

Groceries are available in local supermarkets and usually require around 500 – 1,000 AUD per month. You can save some money by shopping at the cheapest supermarkets, like Aldi, Coles and Woolworths.

The average cost of a meal in an inexpensive restaurant costs 18 AUD, while a three-course meal for two is 80 AUD. You can also choose from various Asian, Greek and Italian restaurants if you enjoy their specific cuisine.

Transportation costs in Australia

Some universities have a private transport supplier that helps students who stay on campus or those who need to reach some remote areas.

Depending on the area you are living in, you can benefit from other discounts from state programmes such as QLD (Queensland), SA (South Australia), or VIC (Melbourne). Otherwise, a public transport pass for students costs between 30 and 70 AUD/month, depending on the city.

You can also get around using a bicycle. You can rent one for around 40 AUD per day.

Extra costs

• Books and other study materials: between 500 - 1,000 AUD/year

Health insurance: rates start at 30 AUD/month