Australia Raises Financial Requirements for Student Visas
Australia has increased the financial requirements Student Visa applicants must meet to support their stay.
The financial requirements have been raised in line with increases in living costs and expenses in the Consumer Price Index (CPI) as identified by the Australian Bureau of Statistics.
We expect the changes may make it more difficult for migrants to become eligible to apply for a Student Visa. Evidence of funds for a Student Visa is usually demonstrated through deposits of money or government loans from a financial institution or scholarships, however parents or a partner of a Student Visa applicant can also provide evidence of their annual income to meet the financial requirements.
Here’s a breakdown of the increase according to whether a migrant applies for a Student Visa as a single applicant or with dependants.
Single Student Visa Applicants
Student Visa applicants without secondary applicants now need to have access to funds of at least $62,222 (an increase of $2,222) per year through a partner/parent’s annual income.
They must also show their ability to cover annual cost of living and travel expenses of $21,041 (an increase of $751) per year.
Student Visa Applicants With Secondary Applicants
Those studying in Australia with accompanying family members need to have access to funds of at least $72,592 (an increase of $2,592) per year through a partner/parent’s annual income.
Generally, applicants must also be able to show they are able to cover annual cost of living and travel expenses per year for secondary applicants in the following ways:
-An additional $7,362 for Student Visa applicants with a dependent spouse or de-factor partner (an increase of $262)
-An additional $3,152 for Student Visa applicants with a dependent child (an increase of $112)
-An additional $8,296 for Student Visa applicants that require annual school fees for a dependent child (an increase of $296).
It’s important to note that the financial requirements may vary from the above for single Student Visa applicants and those with secondary applicants, depending on circumstances such as the duration of study and other factors.
Student Visa Applicants from India, Nepal, Pakistan and Other Level 3 Assessment Countries
Student Visa applicants from countries classified by the Department of Home Affairs with a Level 3 risk assessment must also provide evidence of their ability to meet course fees in addition to annual cost of living and travel expenses.
Countries such as India, Nepal and Pakistan were increased to a Level 3 risk assessment in September, therefore applicants from these countries may have been ill-prepared for these new financial requirements that were announced only a month later.
The change to a Level 3 risk assessment for India, Nepal and Pakistan also means Student Visa applicants from these countries must give evidence of their English language proficiency if applying for courses by an education provider that is not a reputed university.
According to SBS News, India and Nepal are respectively the second and third largest sources of international students to Australia.
Migration Connections Made Simple
To find out if you’re eligible to study in Australia on a Student Visa or other Australian visa options, simply contact our Registered Migration Agents for a Visa Pre-Assessment on hello@immigracious.com.au or 08 6263 4406.
Source:
Immigracious’ Registered Migration Agents
Migration Institute of Australia
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