Attention all prospective students and guardians,
Important updates have been announced by the Department of Home Affairs regarding the financial requirements for Student and Student Guardian visas for those planning to study in Australia. Effective May 10, 2024, there will be an increase in the financial capacity requirement to ensure a minimum standard of living while studying in the country.
Living Costs Adjustment
The Department of Home Affairs (DHA) has confirmed the increase in living costs, which now stand at AUD$29,710 per annum for students. For partners accompanying students, the living cost is set at AUD$10,394, and for children, it is AUD$4,449 annually.
Reasons for the Increase
This adjustment aligns the financial capacity requirement with 75 percent of the national minimum wage, as reviewed and set annually by the Fair Work Commission. This ensures that students have adequate financial resources to support themselves during their studies in Australia, reducing the likelihood of financial distress and visa condition breaches.
International students who can demonstrate a financial capacity of AUD$29,710 are better positioned to focus on their studies without the added stress of financial difficulties. Additionally, this measure aims to prevent students from engaging in unauthorized work or being vulnerable to exploitation.
Application Process
Applications lodged before May 10, 2024, will be assessed under the previous financial capacity requirements. However, visa applicants who submit their applications within the first week of the changes will be granted additional time to demonstrate their capacity to meet the new requirements.
For detailed information on the increased financial capacity requirement and the type of evidence applicants can provide to demonstrate their access to these funds, please visit the Department of Home Affairs website under Subclass 500 Student Visa and Subclass 590 Student Guardian Visa.
Conclusion
Studying in Australia offers a world-class education and diverse cultural experiences. However, it’s crucial to stay updated on visa requirements and financial obligations to ensure a smooth transition to student life in Australia.
