- November 9, 2016
- Posted by: Mega Immigration
- Category: Study In Australia, Study Visa
Financial Requirements for Australian Student Visa
Evidence of Funds for Australia Student Visa
If you are applying for a Australia study visa, and are from India, you will most likely have to provide evidence of funds. This requirement protects students from arriving without enough money to support themselves in this expensive country.
You must prove that you have enough money to cover yourself, and any family members joining you, for the first 12 months of your stay in Australia. An applicant must have sufficient funds for the duration of stay in Australia. You must have funds available to cover your travel expenses, living expenses and tuition fees.
You can provide following evidences to prove your financial requirements for Australia student visa :
• You can provide evidence of funds to cover your tuition fees, living and travel expenses of 12 months.
• Evidence that you meet the annual income requirement.
• Money deposits or loan with an approved financial institution.
• The proof of income must be the personal income of your spouse or parents.
What are the sufficient funds required to Study in Australia?
Living Cost in Australia for International Students
From 1 July 2016, the 12 month living cost is:
- student/guardian AUD 19,830
- partner/spouse AUD 6,940
- child AUD 2,970.
The annual income option requires Indian students to provide evidence of personal annual income of at least AUD 60,000. For students accompanied by family members the amount is AUD 70,000. The income demonstrated must be the personal income of your spouse (who is not travelling with you) or parents. In circumstances where both of your parents are working, their combined income can be considered for this requirement. In all cases, the evidence of annual income must be provided in the form of Indian government documentation, such as a tax assessment.
Online document checklist tool for students
This includes the documents which are to be provided by students with their visa application for Student visa (subclass 500). A Student Visa allows you to stay in Australia to study full time in a recognized educational institution. Before you apply for this visa, you must have:
- Been accepted to study full-time in a registered course at an educational institution in Australia.
- Organized appropriate welfare arrangements for the duration of your intended stay in Australia if you are under 18 years of age.