Subclass 500 Financial Requirements Oct 2023.
From 1 October 2023, the amount of funds that student visa applicants will need, to meet the financial capacity requirement, will increase.
If Immigration ask you to provide evidence of financial capacity you must also prove you have access to it.
At a minimum, you must have enough money to pay for:
- Your travel costs.
- 12 months of your course fees (or pro rata fees, if your course is less than 12 months).
- 12 months of living costs for you and any family members who come with you to Australia (or pro rata fees, if you are staying less than 12 months).
- School fees for any school-age children who accompany you (or pro rata fees, if the child will be at school for less than 12 months).
From 1 October 2023, the 12-month living costs will increase to:
- Students or guardians – $24,505 up from $21,041.
- Partners coming with you – $8,574 up from $7,362.
- Each child coming with you – $3,670 up from $3,152.
From 1 October 2023, if you are including any school-age children in your application, add schooling costs of at least $9,661 per year for each child, up from $8,296.
From 1 October 2023, you can optionally provide evidence your parents, or your partner, had a personal income of at least $72,465 in the 12 months immediately before you apply. If you bring family members, you must show your parents’ or partner’s income of at least $84,543.
You must also include proof of paid adequate health insurance for the proposed duration of your visa.
From 1 July 2023, student visa holders can work no more than 48 hours a fortnight while studying.