NEW FINANCIAL REQUIREMENTS FOR STUDENT VISAS

May 11, 2024 | AUS | 0 comments

There will be new financial requirements from May 10, 2024 for Student visas in Australia. 

This increase in the requirement will affect international students and their guardians who want to apply for Student and Student Guardian visas to study in Australia. Applicants must show financial capacity equivalent to 75% of the national minimum wage, which is a significant change from prior requirements.

Why the increase?

It is believed the threshold has increased to allow international students to sustain their cost of living while studying without having to work outside the visa conditions, reduce financial stress,  and their susceptibility to worker exploitation.

Impacts

Student and their families must be advised about these changes in time so that they can make appropriate arrangements Here are the changes: 

Before 10 May 2024 After 10 May 2024 
Primary applicant $24,505$25,710
Spouse or de facto partner $8,574$10,394
Dependant Child $3,670$4,449
Annual school costs $9,661$13,502
Personal annual income (without family member)$72,465$87,856
Personal annual income (with family member)$84,543$102,500

Plan Ahead 

All prospective applicants need to keep ahead of the changes and be prepared well in advance and make the appropriate arrangements.