From 1st Oct 2023, student visa applicants will need to show they have a minimum of AU$24,505 fund in savings account to cover annual living costs.
What is the financial capacity requirement?
To receive an Australian student visa, there is a list of requirements that you need to meet. One of these requirements is proof that you have enough money to cover your travel, course fees, and living costs during your stay. This is to reduce your risk of financial difficulty while you are studying.
Update to the financial capacity requirement
There were no updates have been made to the financial capacity since 2019, due to the effect of COVID-19. Prior to 2019, there were annual informs to the requirement. The new requirement will come into effect from 1 October 2023.
If you are planning to bring a spouse or family member to Australia, there are also updated amounts required.
If you lodge a new student visa application on or after 1st Oct 2023, you will be essential to show proof of new funds. If you apply before 1 October 2023, the new financial update will not apply.
The amount you need to show to meet the financial capacity is the minimum amount needed for the visa. Actual living costs vary throughout Australia and may be higher than what you need for the student visa.
To know more visit the Department of Home Affairs website.