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Increase to financial capacity required for student visas and student guardian visas

Jun 15, 2024 | AUS | 0 comments

The Australian Government has increased the financial capacity requirement for Student and Student Guardian visas. The increase was announced on 08 May 2024 and will apply to Student and Student Guardian visa applications lodged on or after 10 May 2024.

The financial capacity requirement was increased to prevent students from experiencing financial distress in Australia, to stop students from breaching their visa conditions to work more than the permitted hours and to avoid students from worker exploitation. 

The below table outlines the funds students need to show to meet the minimum financial capacity requirement. 

Financial Capacity requirement before 10 May 2024Financial Capacity requirements after 10 May 2024
Primary applicant $24,505$29,710
Spouse or de facto partner of the student primary applicant (not applicable to Student Guardian applicant)$8,574$ 10,394
Dependent child$3,670$4,449
Annual school costs$9,661$13,502
Personal annual income if there is no member of the family $72,465$87,856
Personal annual income where there is a member of the family uni$84,543$102,500

The Department has announced that they will assess applications lodged before 10 ​May 2024 under the financial capacity requirements in effect at the time of application.