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Important Update for Student Visa Applicants in Australia: Increased Financial Requirements

Attention future Aussie students! There’s an important update regarding the financial requirements for obtaining a Student visa. Effective from 10th May 2024, the amount of money you’ll need to demonstrate has increased.

Why the Change Financial Requirements Australia?

This change aims to ensure you have sufficient funds to maintain a comfortable standard of living while studying in Australia. The new requirement is based on 75% of the national minimum wage, taking into account periods when you might be out of session and have the opportunity to work unrestricted or return home (around 25% of the year).

Benefits for You

Having adequate financial resources provides several advantages:

  • Reduced Financial Stress: By having enough funds, you’re less likely to face financial difficulties during your studies.
  • Staying Visa Compliant: The new requirement helps ensure you don’t unintentionally breach your visa conditions by working more than allowed.
  • Protection from Exploitation: Having sufficient funds makes you less vulnerable to exploitation in the workplace.

Minimum required funds to meet financial capacity requirements

The table below outlines the new minimum financial requirements for Student visa applicants (including Student Guardians) coming into effect on 10th May 2024:

CategoryBefore 10th May 2024 (AUD)After 10th May 2024 (AUD)
Primary Applicant24,50529,710
Spouse/Partner (Student applicant only)8,57410,394
Dependent Child3,6704,449
Annual School Costs9,66113,502
Personal Income (no family member in Australia)72,46587,856
Personal Income (with family member in Australia)84,543102,500
Source https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1196

Ready to Apply?

Do some research and ensure you meet the new financial requirements before submitting your Student visa application. This update is designed to support a smooth and financially secure study experience in Australia.

Still have questions? This blog post provides a general overview. For further details and specific guidance, consult official Australian immigration resources or speak with an immigration advisor.

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The information contained on this blog post is for informational purposes only and is not intended to be a substitute for professional advice. And the information provided on this blog should not be construed as professional advice.

While I strive to provide accurate and up-to-date information, I cannot guarantee that all information is complete or error-free. You should always consult with a qualified professional before making any decisions based on the information contained on this blog post.

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