Australia Updates Financial Requirements for Student Visas

Australia’s government is making changes to the financial requirements for international students who want to study in the country. This update is important because the cost of living has gone up, and the rules haven’t been adjusted since 2019.

New Financial Requirement for Student Visas

Starting from October 1, 2023, if you’re applying for a student visa in Australia, you’ll need to prove that you have at least AU$24,505 in savings. This money is meant to cover your living expenses for a year.

What’s the Financial Eligibility Criterion?

To get an Australian student visa, you have to meet certain criteria. One of them is showing that you have enough money to pay for your travel, tuition fees, and living costs while you’re studying. This rule is in place to make sure students don’t face financial problems during their education.

The financial eligibility criteria haven’t been updated since 2019, mainly because of the challenges brought by COVID-19. Before 2019, these criteria used to change every year. The new financial requirement becomes effective on October 1, 2023.

Changes for Applicants with Family Members

If you plan to bring your spouse or other family members with you, there are new financial requirements for them too. If you apply for a new student visa on or after October 1, 2023, you’ll need to show that you meet these new financial rules. But if you apply before this date, the new financial conditions won’t apply to you.

It’s important to know that the financial amounts required for the visa are the bare minimum. The actual living costs in different parts of Australia can be higher than what’s required for the visa.

Final Words

Before moving to Australia for your studies, it’s a good idea to plan your living expenses. Being well-informed about the average living costs in Australia is crucial for your preparations. You can estimate your day-to-day living expenses in Australia using the Study Australia Cost of Living Calculator on the official Study Australia website.

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