New funds evidence for Australia student visa as from 1 October 2023

The Australian government has announced new requirements for funds evidence for student visa applications from 1 October 2023. The new requirements are designed to ensure that international students have sufficient financial resources to support themselves during their stay in Australia.

Summary of new funds evidence requirements for student visa applications from 1 October 2023

Regulated students and streamlined students who are asked to provide funds by a case officer:

• Primary applicant: AUD 24,505
• Spouse: AUD 8,574 (35%)
• Child: AUD 3,670 (15%)
• School fees
• Course fees for the first 12 months less any fees already paid
• Travel expenses

Steps to check if you need to provide funds:

1. Use the Document Checklist tool on the Immigration website to check if you are required to provide financial evidence: https://immi.homeaffairs.gov.au/visas/web-evidentiary-tool
2. If you are required to provide financial evidence, you are a regulated student and you must provide evidence of funds as calculated above.
3. If you are not required to provide financial evidence, you are a streamlined student.
4. However, a case officer may still ask you to provide funds, even if you are a streamlined student. If this happens, you must provide evidence of funds as calculated above.

Acceptable sources of funds:

• Bank statements
• Bank certificates
• Bank fixed deposits
• Education loans
• Business loans (if evidence of disbursement is provided)

What is the new funds evidence requirement for Australia student visa?

From 1 October 2023, student visa applicants will need to show that they have at least AUD 24,505 in savings to cover their annual living expenses in Australia. This is an increase from the current requirement of AUD 21,041.

What are the acceptable sources of funds for student visa funds evidence?

The following sources of funds are acceptable for student visa funds evidence:

• Bank statements showing that you have at least AUD 24,505 in savings in your own name or in the name of your parents or guardians.
• Scholarship or sponsorship letters from recognized organizations.
• Letters from your parents or guardians stating that they will support you financially while you are in Australia.
• Evidence of employment income, such as pay slips or tax returns.
• Evidence of other assets, such as property or investments.

What documents do I need to submit as proof of funds?

The specific documents that you need to submit will vary depending on your individual circumstances. However, you will typically need to submit the following:

• A bank statement showing that you have at least AUD 24,505 in savings in your own name or in the name of your parents or guardians.
• If you are sponsored by a scholarship or organization, you will need to submit a copy of the scholarship or sponsorship letter.
• If your parents or guardians are supporting you financially, you will need to submit a letter from them stating that they will support you financially while you are in Australia.
• If you have employment income, you will need to submit pay slips or tax returns for the past six months.
• If you have other assets, such as property or investments, you will need to submit evidence of this.

How do I submit my funds evidence?

You will need to submit your funds evidence with your student visa application. You can do this online through the ImmiAccount website or by mail.

What happens if I do not meet the new funds evidence requirement?

If you do not meet the new funds evidence requirement, your student visa application may be refused. You may be able to appeal the decision, but you will need to provide additional evidence to support your appeal.

Tips for submitting strong funds evidence

Here are some tips for submitting strong funds evidence for your student visa application:

• Make sure that your funds evidence is recent. The Australian government recommends that you submit funds evidence that is no more than six months old.
• If you are submitting bank statements, make sure that they show a consistent pattern of savings.
• If you are submitting a scholarship or sponsorship letter, make sure that it is from a recognized organization.
• If you are submitting a letter from your parents or guardians, make sure that it is on their official letterhead and that it is signed by both parents or guardians.
• If you are submitting pay slips or tax returns, make sure that they are from a legitimate employer.
• If you are submitting evidence of other assets, such as property or investments, make sure that it is accurate and up-to-date.

If you are unsure about whether you need to provide funds for your student visa application, or if you need help providing evidence of funds, you should consult with a registered migration agent.

Conclusion

The new funds evidence requirement for Australia student visa is designed to ensure that international students have sufficient financial resources to support themselves during their stay in Australia. By following the tips above, you can submit strong funds evidence that will help you to increase your chances of having your student visa application approved.

Disclaimer:

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.