Higher Financial Capacity Requirements for Student and Student Guardian Visas

The Department of Home Affairs (DHA) has announced an increase in the financial requirements for Student and Student Guardian visa applicants starting from 10 May 2024. This revision is designed to align the financial capacity requirement with 75 percent of the national minimum wage, offering a more accurate reflection of the funds needed to maintain a basic standard of living while studying in Australia. This calculation accounts for the fact that students spend approximately 25 percent of the year out of session, during which they may return home or enjoy unrestricted working rights.

The adjustment is expected to help international students make better-informed decisions about their education and living arrangements in Australia, thereby reducing the likelihood of financial distress, breaches of visa conditions through excessive work, and vulnerability to worker exploitation.

Below is a detailed table that outlines the required funds to meet the updated financial capacity requirements effective from 10 May 2024:

Requirement Before 10 May 2024 After 10 May 2024
Primary applicant AUD 24,505 AUD 29,710
Spouse or de facto partner of the primary student applicant (not applicable to Student Guardian applicants) AUD 8,574 AUD 10,394
Dependent child AUD 3,670 AUD 4,449
Annual school costs AUD 9,661 AUD 13,502
Personal annual income (no family member) AUD 72,465 AUD 87,856
Personal annual income (with family member) AUD 84,543 AUD 102,500

DHA will continue to assess applications submitted before 10 May 2024 based on the financial requirements in place at the time of application submission. This ensures a fair transitional process for applicants during this period of adjustment.

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