The ability to demonstrate actual access to finances as part of a student visa application is one of the most crucial requirements for visa approval when applying for a student visa for Australia. All candidates must indicate that they have enough money available to cover their costs of attending school in Australia when submitting their applications to the Department of Home Affairs.
If more proof of their financial capacity is needed, the applicant must provide it in an approved form and include the required amount of money. Regardless of the degree of the evidence, if the applicant has presented insufficient financial proof, the application may be rejected without requiring more details.
The kind of proof applicants can offer to show that they have the financial means to pay:
proof of a certain annual salary for their parents or spouse/de facto partner
proof of adequate funding Australia student visa to cover travel expenses, the first year of course fees for themselves, the first year of school fees for each family applicant who is a school-age child or
proof of funds for an Australia student visa to pay the applicant’s and each family member’s pro rata share of living expenses when the stay is less than 12 months, or
a completed AASES form (for exchange students in secondary school) or
a letter of financial support from the DFAT or the military for an Australian student visa.
Fewer applicants for student visas are anticipated to have the opportunity to demonstrate annual income to satisfy the financial criteria. This is because applicants would not be able to demonstrate the necessary income level in nations where income is underreported to government taxation authorities or when income is predominantly taxed through enterprises. This is an alternate method of demonstrating financial capability for applicants who are unable to offer the required evidence of income, evidence of funds for travel expenses, evidence of funds for the first 12 months’ living expenses, course fees, and school fees.
The primary candidate for a student visa’s personal income must be shown as the income:
a spouse or de facto partner or parents: – this can include the combined income of both parents. It does not include the income of parents- in-law (that is, the parents of the student’s spouse or de facto partner).
The annual income amount to demonstrate is equal to A$62,222 for single applicant and A$72,592 for a couple. The income specified is gross (that is, before tax) and the evidence must be in the form of official government documentation, such as a tax assessment (or country equivalent). To ensure the claimed income is recent, the documentation must have been issued in the 12 months immediately before the application is made.
Annual income provided by the applicant’s spouse/de facto: –
If the spouse or de facto of the primary student applicant has submitted proof of their salary to meet the financial criterion and will quit their job to travel with the primary student applicant to Australia, they might no longer have the necessary income. The candidate would then need to satisfy the financial criteria listed under “Funds for travel expenses and the first 12 months’ worth of living expenses, course fees, and school fees.”
Subsequent entrant family members who apply to join a student visa holder who was granted a student visa prior to 1 July 2016 will still need to meet the financial requirements for the Subclass 500 (student) visa. When deciding what evidence of financial capacity should be required depends on the evidence level assessed for the primary student when granted their TU570 to TU-576 student visa:
- Streamlined evidentiary requirements = AL Exempt (ALX/Streamlined) and AL1
- Regular evidentiary requirements = AL2 and AL3.
Sufficient funds for travel, living, course (tuition) and school fees Student Visa Financial Capacity by Student only.
The amount of funds an applicant must demonstrate can be calculated by adding the living cost amount of A$21,041 for a student for the first 12 months, the first annual course fee and travel costs for the student. If the period of stay is less than 12 months, then the living costs are calculated on a pro rata basis.
Combined applications including family member applicants.
The amount of funds an applicant must demonstrate if family member applicants are included in the application can be calculated by adding:
the living cost amount of A$21,041 for a student and the accompanying family members (A$7,362 for an adult and A$3,152 for a child) for the first 12 months or pro rata amount.
The student’s first annual course fee.
The school fees for all school-age dependants for the first 12 months or pro rata amount; and
Travel costs for the student and all family members:
The applicants, together, must demonstrate the specified total amount to meet the requirement.
Sibling students and student guardians
If an applicant:
has a sibling who is a student visa applicant or student visa holder or has nominated a student guardian to accompany them to Australia.
it will be assessed whether the evidence of financial capacity provided by the applicant is the same as that provided for their sibling or guardian.
If the same evidence is provided officers should assess if the evidence is sufficient to cover the costs of both students/applicants and whether additional evidence of funds is required. The 12 months period is calculated in relation to the proposed entry date of the student guardian.
The first 12 months: The applicant is required to give evidence of funds for the first 12 months of stay.
The first 12 months means the period that:
begins if the application is made outside Australia – on the day of the applicant’s expected arrival in Australia; or if the application is made in Australia – on the day that the student visa is expected to be granted to the applicant and ends on the day that is sooner of the final day of the applicant’s anticipated stay in Australia, or the day that is 12 months following the start of the period.
Courses that last less than a year
The applicant must demonstrate on a pro rata basis the cash they will utilise for the expected stay time if the intended stay period is shorter than 12 months.
Each applicant’s monthly living expenses are A$21,041, A$7,362, and A$3,152, with a CPI increase starting in 2017. To calculate the appropriate living costs amounts, officers shall consult the instrument in effect at the time the application is lodged. The cost of living does not include airfare or health insurance.
Prepaid boarding or prepaid homestay fees
Students who will be accommodated in formal boarding or homestay arrangements with their education provider may prepay a portion of these fees prior to the issue of a CoE.
Formal boarding or homestay arrangements do not include privately arranged boarding or homestay arrangements, or private rent arrangements.
If a student provides evidence of prepayment of formal boarding or homestay fees, this amount can be deducted from the amount the student needs to show against the living costs component of the financial requirements.
Acceptable evidence may be in the form of a contract or an authorised receipt of payment from the education provider.
Tuition and/or education fees are indicated by the education provider on the CoE and/or “Offer of Place” letter. The course start date and course end date on the CoE/s are used to determine the overall course length for determining course costs. The applicant’s length of stay in Australia has no bearing on the cost of the course. For instance, a 20-month course would last from the first of March 2017 to the last day of October 2018.
The education provider should have divided the price of boarding from the course fees for pupils who had established boarding arrangements. An officer can verify the letter of offer to see if the course and boarding components have been split out there if they are worried that the boarding costs have been included with the course fees on the CoE.
Upfront course costs
Any amount that the provider notes on the CoE as prepaid may be subtracted from the total course costs payable when determining the amount of money to cover course fees if an applicant submits one or more CoEs with their visa application school costs for dependents who are students.
If school-age dependents are included in the student visa application (either by filing a joint application with the student, or by applying as a subsequent entrant), the expenses of education must be considered in any financial capability calculations. Family members who do not submit a student visa application should not have their educational expenses considered. A preset annual cost of AUD 8,296 is used to evaluate financial ability to pay for the education of dependents who are of school age unless school fees are waived.
If not in school yet
The cost of education must be considered when determining one’s financial capacity from the time they become a school-age dependent until the end of the first 12 months if, at the time of visa decision, the child in question is not a school-age dependent (that is, is under 5 years old) but will be during the first 12 months of the intended stay period.
The cost should be divided by the number of days out of 365 that the kid will be a dependent who is of school age.
Exemptions for school fees
Dependent children of PhD students are not required to demonstrate capacity to meet school costs if they provide evidence of enrolment in an Australian government school because Australian government schools exempt children of PhD students from paying school fees.
Dependent children of Australian Commonwealth Government scholarship recipients, including children of DFAT and Defence students, are not required to demonstrate this amount if they provide evidence of enrolment in a government school and commonwealth scholarship. Australian government school’s exempt children of Commonwealth scholarship recipients from paying school fees.
Travel expenses must be consistent throughout the program and communicated to external parties so that applicants are aware of the financial resources that must be considered when calculating funds. Travel costs are AUD 2,000 for applicants outside Australia and AUD 1,000 in Australia. There may be exceptions in some countries (such as African countries) where travel costs are significantly higher. All exceptions must be disclosed. If family members submit a joint application with the student, travel costs must include travel costs for each family member included in the visa application.
Change in value!
It is recommended that the currency rate in effect at the time of application be used to calculate financial capability. However, if there has been a movement of more than 10%, the current exchange rate should be used in its place since financial evidence standards must be met at the time of determination.
Australia Student Visa Minimum Bank Balance
According to the calculations above, a single candidate will need to have a minimum bank balance of A$59,000 for a university programme and A$40,000 for a vocational course to apply for an Australian student visa.
Financial Documents for Student Visa Australia
A student visa applicant may use one of the following forms of proof to demonstrate that they have enough money: money deposited with a financial institution.
- a financial institution loan.
- a government loan.
- financial aid or scholarships.
The price of a piece of property is not an acceptable form of testimony. It is not permitted to ask for proof of additional cash beyond what is required. The ‘genuine access’ portion of the financial criteria must consider the applicant’s relationship to the person or organization supplying the cash.
Acceptable Financial Institutions for Australian Student Visa
The following financial proof is admissible from the following categories of financial institutions:
- Financial institution has adopted adequate credit risk management methods.
- Financial institution is approved by the country’s central bank (or equivalent) and has the necessary licenses.
- A financial institution is officially assigned a high credit rating by an impartial agency.
- the financial institution has been linked to any improper behaviour, such as systemic fraud or bribery; papers from the financial institution have previously been examined by Home Affairs and determined not to reflect real cash accessible to a customer.
Some students could decide to transfer money from a questionable university to a respectable one. However, officials should take into account whether the student would have access to such monies. The money might then be utilized to satisfy the financial requirement. A student could, for instance, hold money in a post office account. Because it does not offer loans, a post office is not a suitable financial institution. The learner has the option to withdraw their money and deposit it in a trustworthy financial institution.
Other typical situations involve students using their provident funds or taking out a loan from a company that doesn’t accept deposits. Neither of these versions would be acceptable on its own. However, the funds can be utilized to satisfy the financial requirement if the student deposits the money in a respectable financial organization or even borrows against them (through a loan from a respectable institution).
Money deposit in Acceptable Banks for Australia Student Visa
Bank statements are one type of possible proof of monetary deposits for an Australia student visa. If the student will really have access to the money for usage for the duration of the visa’s validity, term deposits or fixed deposits may also be utilized to satisfy this condition.
The financial criteria for the Subclass 500 (Student) visa still apply to family members who apply to accompany a student who was granted a student visa before 1 July 2016.
Those who depend on money in provident fund accounts or accounts kept under government programs may decide to have enough money moved into an account at a reputable financial institution that they have full access to. You may provide bank statements for the accounts into which money was transferred as proof of your ability to pay.
Loan as Financial Evidence for Student Visa
A loan is a contract that is legally enforceable under which a financial institution agrees to lend money to a borrower with the understanding that the money will have to be paid back; it is not dependent on the borrower receiving some or all the money that was agreed to be lent, nor is it dependent on a repayment schedule.
As a result, alternative forms of borrowing, including using a credit card or a line of credit, which have pre-approved limits that can be used as needed and only need payments on the money withdrawn, can be regarded as loans.
Financial support from a government, education provider or international organisation
If a candidate says they are receiving financial aid from the government, a school, or an international organization, they are required to submit supporting evidence from the organization in question that verifies and details their financial aid.
Officers should refer to the scholarship or funding letter as a “financial sponsorship letter for student visa” to determine the amount of funding provided. For instance, DFAT students are required to show that they have additional cash available to support family member applications since DFAT typically does not give enough income to pay living expenses. Families are frequently covered by the Department of Defence’s budget; therefore, further financial documentation is not necessary.
Information on funding for secondary exchange students
Secondary exchange students’ financial capacity can be verified using the AASES form that was given to them. This is so because secondary exchange programs entail paying a fee to an exchange organization that covers course costs as well as homestay lodging (full board).
Requesting evidence of financial capacity from applicants
Requesting formal evidence of financial capacity from students subject to streamlined evidentiary requirements should be the exception and should be undertaken in limited circumstances only. Officers may request specific evidence in the following situations:
- There is specific intelligence that raises questions about a student’s ability to pay:
- If the applicant has previously applied for a visa, any information Home Affairs has regarding their capacity to meet their financial obligations while in Australia.
- If the applicant has previously been granted a visa, any information Home Affairs has regarding their capacity to cover their living expenses while in Australia.
Affidavit of Financial Support for Student Visa
The sponsor must certify in an affidavit that the funds used to support the applicant’s student visa application are sufficient to pay for the applicant’s tuition, board, lodging, health insurance, and return flight home once they have completed their studies.
Financial Requirements for Subsequent Entrant Visa 500 for family members
For the duration of their intended stay in Australia, all subsequent entrant candidates for student visas must have enough money or other means of support to pay their own expenditures as well as those of each member of the original student applicant’s family. The money must be accessible and available to support the applicants financially while they are in Australia.
Every candidate must certify on their application that they have enough money saved up to cover their entire stay in Australia. The applicant for the next entry must submit more proof of their financial capabilities if necessary.
The family member applicants whose applications are not combined with the primary student must either:
- show proof of the primary applicant’s spouse/de facto partner or parents having a specific annual income; or
- show proof of having enough money to pay for their own travel expenses, the first years’ worth of living expenses, and tuition for every family applicant, even those who already have an associated student visa.
The first applicant’s visa may be referred if they may have violated visa condition 8516 if the subsequent entrant cannot show proof of their ability to support themselves, their family, and anyone who already has an associated visa.
Amount of funds to demonstrate.
Application from family members who enter later.
The following can be added to determine how much money an application must show:
- The first years’ worth of living expenses for the student and every accompanying family member.
- The first years’ worth of tuition for the student.
- School expenses during the first 12 months for all dependents who are of school-age.
- All travel expenses for the student’s family.
“The first 12 months” (applicants who become subsequent entrants)
The 12-month timeframe is computed in respect to the subsequent entrant family member applicant(s) proposed entry to Australia for determining the financial requirement for subsequent entrant applicants. If the principal applicant has already spent some time studying in Australia, this is extremely important.
Requesting evidence from subsequent entrant applicants
Officers should be led by the main applicant’s combined country and education provider risk ratings when deciding whether to request proof of financial capability from subsequent applications.
- If the primary applicant was required to demonstrate specific evidence, their family members should also be asked to provide evidence.
- If the primary applicant was not required to demonstrate specific evidence, their family members should also not be asked to provide evidence, unless there is information available that may indicate concerns or a change in circumstances.
Requesting evidence of funds from family members of streamlined applicants
Only extremely specific situations should be used to ask following entrant family members of streamlined students for formal proof of their financial stability.
The following five situations are examples of when officers may think about requesting specific evidence:
- If the student has changed their course since receiving their visa and is now enrolled at a school where they would have been required to provide proof of funds as part of their visa application. Only if the student has been on their current visa for less than a year of study would it normally be acceptable to ask for money from family members.
- There is specific intelligence that raises questions about the financial stability of the student, the family members, or the entire family unit.
- If the applicant has already received a visa, whatever information Home Affairs may have regarding their capacity to meet their financial obligations while in Australia.
- Any data that Home Affairs may have regarding the applicant’s ability to cover their living expenses while in Australia if they have it if they have previously applied for a visa.
- If the applicant acknowledged in their application that they lacked the money to cover their whole stay in Australia.
Genuine access to funds as financial matrix for Australia student visa
The candidate must have access to money. The applicant (and any accompanying family members, if any) should be able to utilize these monies to support themselves while they are in Australia. To evaluate whether the applicant(s) would have access to the cash, one can consider the circumstances of the applicant or person donating the funds.
Examples of factors that might be considered include:
- The applicant’s or fund provider’s employment history.
- The applicant’s or the person giving the fund’s income and assets.
- The source of the income used to meet the financial requirements (for instance, if the applicant is depending on funds from a third party (for example, a family friend), and the nature of the relationship between the applicant and the person providing the funds; and
- whether the source of the source of income has previously supported another student visa applicant financially.
- Any information that Home Affairs may have regarding the applicant’s capacity to meet their financial obligations while they were in Australia if they have previously been granted a visa.
- The immigration activities of other nationals from the applicant’s home country in Australia are such that further investigation into the applicant’s sincere intentions should be made.
- If the applicant has previously applied for a visa, any information that Home Affairs has in relation to their ability to pay for their living costs while in Australia.
- Relevant intelligence and analysis reports on malpractice and unauthorized immigration (where applicable given the circumstances of the individual).
Genuine access – Annual income
Applicants who have shown they have enough money by supplying documentation of their parent’s or spouse’s yearly salary must also establish that they would have access to the money coming in from that source. There is typically no need to further investigate “genuine access” based on the relationship to the applicant because the annual income criterion is limited to the applicant’s spouse/de facto partner or parents.
However, the applicant may need to present proof of the link between the applicant and the person giving the funds to satisfy the ‘genuine access’ component of the financial requirement. Decision-makers may also look for proof of the type of employment or asset ownership that generated the applicant’s personal income, especially if they have concerns about the records’ age or have information that suggests there may have been a change in circumstances (such as a significant economic downturn in the applicant’s country or specific intelligence).
If the amount of personal income shown is identical to the amount needed, indicating that the funds have been generated deliberately to meet visa criteria, additional investigation might also be appropriate.
Genuine access – Money deposit
Deposits held by the applicant, the applicant’s spouse/de facto partner, or the applicant’s parents would typically meet the genuine access criteria.
The likelihood that the applicant will have access to funds for the purpose of supporting themselves financially while living in Australia is lower when funds have not been committed to the applicant. For instance, if multiple family members and/or outside parties are paying for the applicant’s stay in Australia, the applicant is less likely to have access to the money than if it is in their own name (or the name of their spouse/de facto partner/parent, as appropriate).
The applicant will live with a relative in Australia who will pay all (or some) of the applicant’s costs and expenses while in Australia, which is an example of a situation where an applicant would reasonably expect to have access to funds in Australia even though the money deposit is in another person’s name. For instance, while the relative will cover all living expenses, the student’s parents will pay for things like course fees.
Eight variables should be considered:
- whether the applicant is the name on the account.
- The third parties’ connections to the application and account holder (e.g., are they related).
- if there is a savings history to build the cash or if the money is a lump sum payment in an account (even if owned by the applicant or their spouse/de facto partner/parent). This should indicate where third party “donations” or “loans” have come from.
- where the account is held (for instance, whether it is held in Australia or a place where substantial deposits of money cannot be transferred abroad). • how long the money has been in the account.
- If the money deposit is stored outside of Australia, whether there is proof that the country’s currency control laws authorize the remittance of cash for study, and if necessary, whether there is proof of the relevant approval.
- the age of the applicant.
- the conditions of the family.
Decision-makers must be convinced that any cash supplied in a business account as proof of financial capability will be used by the student while the student is studying in Australia.
(Note: If a business offers financial assistance, it does so on behalf of the business, not of the individuals that work there. Genuine access to the funds cannot be proven unless the individuals with the authorization to commit the business are located and the necessary documentation is obtained.)
In these situations, the company should be able to transfer the money it wants to dedicate to the student into an account (current, savings, or term deposit) in the name of the student or the person supplying the money. The applicant can be requested for proof that the firm was the source of the funds.
Supporting documentation must demonstrate that the student has actual access to funds when they have been moved into a recognized financial institution but came from a different source.
- Proof of earnings or transfers from other institutions or accounts, subject to more examination in cases where the records of those transfers are not normally dependable.
- similarly, funds transferred from an account at an institution that is the usual bank of the student or sponsor (such as a post office account) to a financial institution on the approved list can be supported by the account history.
- when the money in provident funds is deposited into an account with an acceptable financial institution and the applicant has unrestricted access. Evidence of employment may be used to substantiate claims that a wage has been credited to an account.
Genuine access – Loans from financial institutions (including credit cards)
Loans should be made in the student’s name or the name of the person who is supporting the student financially.
To ensure that the loan is for the student’s support and has not been committed to other uses, decision-makers may want to look for more information. This might happen in four situations:
- the loan is for a sizeable sum above what is required.
- The financing was obtained well in advance of the submission of the visa application.
- The loan was given to help assist a different student.
- A business is the recipient of the loan or the applicant.
Loans taken out in the applicant’s name, the applicant’s spouse’s or de facto partner’s name, or the applicant’s parents would typically satisfy the genuine access criteria unless there is proof that the application for a student visa may not have actual access to the loan’s proceeds. If the loan is jointly held in the name of another person, the relationship between the student visa application and the loan holders should be taken into account in order to determine if the applicant would actually have access to the funds in Australia.
Consideration should be given to the person who owns the loan collateral and their connection to the applicant if the loan was secured by collateral. The amount of time the loan was obtained prior to the application may also be considered. If the loan was taken out months before the application was submitted, the applicant must be able to show that the money is either in a current or savings account in the name of the borrower or the person providing financial assistance, or that it has been used to cover costs like tuition and airfare.
Decision-makers may consider four elements to ensure that the money will be accessible to the applicant:
- whether the monies have been dispersed and, if so, into whose account they have been put.
- The nature of the loan’s collateral (property or a cash deposit), as well as who owns the asset.
- How the money in the money deposit was accumulated and how long the deposit was held if the collateral was a money deposit.
- proof that the country’s exchange control laws allow for the transfer of cash for study, and if necessary, proof of the relevant approval.
Business loans do not meet the ‘genuine access’ requirement.
The easiest method to convince us that the student will have access to these monies is to provide evidence of disbursement:
- Disbursement in accordance with the agreement with the education provider, financial institution, and student shall be made where the educational loan relates to course costs that will be paid directly to the educational provider. For instance, this can be for the tuition for the first semester. The application should also include information regarding the loan’s terms, including any constraints related to distribution.
- Agents should think about demonstrating that the first 12 months of these monies have been disbursed if the student loan includes living expenses. Instead, they can think about demonstrating that the student is depending on another source of funding to pay for the first year of living cost.
In the case of applications submitted in Australia by holders of student visas, it may be necessary for the applicant to decide for the transfer of funds for the initial 12 months into an account with an Australian bank if the evidence of funds relates to the proceeds of an international loan or money deposit held abroad. Bank statements of the Australian account indicating the deposit and a trail to indicate that the money are proceeds from the previously mentioned foreign loan or deposit would be evidence of genuine access.
Genuine access – Government loans, scholarships, or financial support
If a student is to be supported by one of the following six organizations through a scholarship or other official financial arrangement, the applicant for a student visa would typically meet the legitimate access requirements:
- the student’s Australian educational institution.
- The Commonwealth Government of Australia.
- the national government of a foreign country.
- the government of a state or territory in Australia.
- a province or state administration of a foreign country that has the official backing of the national government of that foreign country.
- a global organization (such a United Nations agency) that conducts business in multiple nations.
The decision maker may ask for more evidence to confirm that funds will be available and accessible by the applicant if there are concerns based on the conditions of the entity supplying the funds. The following are four instances in which more details may be needed:
- There is little public knowledge about the organization.
- There is information that the organization has a finite lifespan.
- There are questions over the organization’s ability to operate legally and actively in Australia or abroad.
- There are questions about whether the organization has the money or the income to offer the service.
Education provider scholarship
Scholarships that satisfy the four following policy characteristics generally satisfy the real access requirement for the purposes of a student visa application:
- given to the student by the education provider they now attend or are considering.
- given based on merit and a transparent selection process.
- given to the student in recognition of their enrolment in a program that will result in the award of a Certificate IV or higher qualification.
- given to no more than 10% of the international students enrolled in a course or no more than three international students every intake, whichever is higher.
A student visa applicant who requests financial assistance from their current or intended educational institution is required to submit supporting paperwork from the institution. Each of the four aforementioned factors should be covered in the provider’s documentation. Only if decision-makers are concerned that the scholarship does not meet these criteria should more information be requested.
Corporate sponsorship would satisfy the genuine access requirements if either:
- There is a documented requirement for the student to be trained or retrained within the organization; or
- The planned course of study is compatible with their background and job within the company.
The candidate should be a company employee in both scenarios.
Frequently Asked Questions
- What Minimum Bank Balance is Needed for an Australia Student Visa?
- Applicants for Australian student visas must have A$21,041 in their bank accounts to cover living expenses, one year’s worth of tuition, round-trip travel from the student’s home country to Australia, and international student health insurance.
- For an Australian student visa, how much bank statement is required?
- The bank statement for the student visa financial support must be able to attest that there are funds available for the full year’s tuition costs, all applicants’ full year living expenses, return airfare at a cost of A$2000 per applicant, and Overseas Student Health Cover (OSHC).
- How Can I Present a Bank Statement for a Student Visa?
- Student visa bank statements should be authenticated by the issuing bank and clearly display the details of the issuing authority for purposes of verification.
- Exists a form for a financial support statement for a student visa.
- There isn’t a standard financial support statement for student visa. The sponsor’s statement should specify the amount and duration of help that is promised.
- Who can demonstrate finances for an Australian student visa?
- There are no limitations on who may provide financial documentation for an application for an Australian student visa. The person presenting the funding must have the money and be genuinely committed to helping you pay for your studies in Australia.
- How can I demonstrate finances for an Australian student visa?
- Bank deposits, fixed deposits, student loans, and provident funds made available in an accessible account are all acceptable forms of payment.
- How may someone be sponsored for a student visa?
- If you want to sponsor someone for an Australian student visa, you can show them that you have the means to pay for all their expenditures for a year in Australia. You can also show that you have a legal obligation to help the person who wants to apply for the visa.
- How old must the funds be to qualify for an Australia student visa?
- If the source of the cash is legitimate, there are no restrictions on how old the money in the accounts must be.
In Summary as per Ministerial direction 69, financial feasibility and affordability plays big role in outcome of visa for students when they are applying for Australia. Genuine access to fund should be there so that case officer can be convenience that student would able to afford the financial load of studies in Australia.
Normally, applicant can show or demonstrate below source of funds from either their side or their parents or spouse:
- Saving Accounts with balance more than 3 months old (Older the fund – lesser the risk) – Account statement must be uploaded along with source of income.
- Student loan (Disbursement of all type should be from loan and you need to demonstrate basis / security to get loan)
- Tax returns for sponsors for last 2 years would be ideal
- Fixed deposit with evidence of income and source of money of deposit.
- In some cases, parents would like to show Provident fund, in these cases need to submit provident fund withdraw-able limit letter from fund.
- Valuation certificate such as property, gold and other lands will help the file but most important is to show access to genuine fund which is in form of liquid cash which can be used for study purposes.
Please contact Aussie Education team for any help as needed for Australian student visa and other visa types. In the mean time, please visit below link for Australian Department of Home Affairs for upto date information about student visa: https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/student-500
* No liabilities will fall for any information provided here on Aussie Education Migration and Financial Services Pty Ltd or any other entity related with out group. Please always refer to Department of Home Affair’s website for recent information as error can be here.