The financial capacity requirement is an important requirement for a student visa (subclass 500) application. The applicant must have genuine access to sufficient funds to cover the expenses that they and any accompanying family members may incur during their intended stay in Australia.
Amount of funds
In satisfying the financial requirement for the student visa, the following evidence of funds may be provided:
Money deposit(s) with a financial institution: Bank statements. Term or fixed deposits may be used if the money will be released and the applicant will have genuine access to the funds
Loan with a financial institution:
Financial support from a government, education provider or international organization: Supporting documentation from the relevant organization confirming and describing the scholarship or financial support needs to be provided. Note that additional funds may need to be demonstrated if there is are family members to cover.
Sufficient funds for travel, living, tuition and school costs
The total amount of funds that needs to be shown is the sum of:
12 months of funds option – calculation of funds
Living cost amounts
Currently, the 12-month living cost is:
- student/guardian – AUD21,041
- partner/spouse – AUD7,362
- child – AUD3,152.
First 12 months
The first 12 months, if the application is made outside Australia, starts from the applicant’s expected arrival in Australia. If the application is made in Australia, the first 12 months starts on the day the student visa is expected to be granted.
If the intended stay is less than 12 months, the evidence of funds that needs to be provided will be on a pro rata amount.
Genuine access to funds
It is important not only to show that you have sufficient funds but also to have genuine access to funds. The DOHA will pull on these factors when considering if the applicant actually has genuine access to 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, and the nature of the relationship between the applicant and the person providing the funds)
- The employment history of the applicant or person providing the funds
- The income and assets of the applicant or person providing the funds
- If the person providing the source of income has provided financial support for another student visa applicant (see sibling student visa applicants or visa holders and student guardians)
- Any information which the DOHA has in relation to their financial status from the applicant having previously applied for or been granted a visa
- The immigration activities in Australia of other nationals from the applicant’s home country that may provoke further investigation into the genuine intentions of the applicant
If successful, Student Visa subclass 500 holders have some conditions attached to their visa which are as follows:
Condition 8105 – While the registered course of study is in session, you cannot work more than 40 hours per fortnight or 20 hours per week;
Condition 8202 – You must maintain enrolment in a registered full time course of study;
Condition 8501 – While you are in Australia, you must maintain their Overseas Student Health Cover;
Condition 8516 – If you were the main applicant, you must continue to satisfy the requirements to be granted a visa. This means that you must remain subject to a course of study, have adequate financial resources, and obey your student visa conditions;
Condition 8533 – if the you were outside of Australia when the visa was granted, you must notify your education provider of their residential address within 7 days of moving to Australia.
Are you confused about how to evidence your financial capacity, especially if you are coming in with family members? Speak to our education counsellor to assist you with your enquiry on +917578000004 or +61451400601.
