Revised Financial Eligibility for Study Visa Released by Australian Government

• The Australian government published a new update on financial eligibility for student visas. The latest update addressed the revised financial ability of international students applying for study visas, and it will be effective on October 1, 2023.

• Due to the COVID outbreak, since 2019, there have been no revised financial ability updates from the government official. As the situation is getting better, a new announcement came into light.

What is the New Minimum Financial Requirement?

• As per the new update, a student must show a minimum of AUS$ 24,505 in his savings to apply for a student visa. The new fund requirement will be applicable from October 1, 2023.
• Further, the minimum savings will be increased if you apply for a student visa with your spouse. The revised update for the spouse visa will be released soon.
• Remember, if you apply before October 1, 2023, for a study visa to Australia, you must follow the old requirement tab. However, if you apply on or after October 1, 2023, students need to follow the new financial ability norm.                                 

Minimum Required Financial Ability	Required Documents	Effective From
AUS $24,505	Bank Statement, Study Loan, Provident Fund, Fixed Deposit, Scholarship Document	October 1, 2023

Estimation of Living Expenses                                      

• The new financial update will cover the day-to-day living cost, one-year total tuition fees of the college or university you’re applying for, and overseas student health insurance, which is mandatory for every student to land in Australia for study purposes.

Points to be Remembered

• The new financial update is for the minimum requirements for a study visa. However, it would help if you considered the below tips:

•  The cost of living is not the same, and it can vary in different locations in Australia.

• The cost of living might be higher than the minimum requirements.

 Before applying for the study visa, you must check the other expenditures, tuition fees, and health insurance coverage.

 You have enough monetary support to cover your expenses in Australia for one year at the time of your application.

 If you bring your spouse or spouse with kids, the minimum financial ability will be increased.

• The cost of living is higher in Australia compared to other study destinations in and around Europe and America. Post covid scenario, many students worldwide select Australia as their higher study destination. If you plan for an educational degree in Australia, your savings must support the cost of living, education, and insurance expenses.