Student Visa Financial Requirements 2024

Student Visa Financial Requirements 2023

-with 500 Student Visa Funds Calculator

Student Visa Financial Requirements 2023 – how to prove your financial capacity

Understanding what is:

  • Acceptable source of funds for student visa Australia
  • Student visa financial capacity requirements Australia
  • Who can sponsor for student visa in Australia

Importance of this financial capacity requirement for student visa applicants

  • You need to show sufficient evidence of having financial capacity throughout your studies in order for your student visa to be granted
  • You cannot rely on part-time work to establish financial capacity
  • You need to show genuine access to the funds
  • If you don’t provide sufficient financial capacity evidence with your student visa application, your visa might be refused without asking for more information

Costs you need to show:

  • Travel costs
  • Living costs
  • Course fees (12 months)

Options for evidence to show financial capacity:

  1. deposits of money from a financial institution
  2. government loans or loans from a financial institution
  3. scholarships or similar financial support
  4. annual income of a parent or partner – see below for more details

Annual income

You can provide evidence your parents or your partner had a personal annual income of at least AUD62,222 in the 12 months immediately before you apply. If you bring family members, you must demonstrate your parents’ or partner’s income is at least AUD72,592. 

If both your parents are working, their combined income can be considered.

  • Provide evidence of your parents’ or partner’s income in the form of official government documents such as tax assessments less than 12 months old
  • It is NOT enough to provide bank statements or direct evidence from an employer.

Work out how much money you need

500 Visa Funds Calculator

You must have enough money to pay for:

  • your travel
  • 12 months of your course fees (or pro rata fees, if your course is less than 12 months)

Use the following information to work out how much money you need. To calculate pro rata costs, divide the annual cost by 365 and multiply the result by the number of days you intend to stay in Australia.

Living costs

12-month living costs are:

  • for students or guardians – AUD21,041
  • for partners coming with you – AUD7,362
  • for a child coming with you – AUD3,152

Course fees

  • Use the first 12 months of your course fees. If your course is 12 months or less, use the total cost.
  • If you have already paid – provide evidence of payment (receipt, or Confirmation of Enrolment) and deduct these costs

If you are in Australia and your course has already started, calculate the course fee for 12 months starting on the date you lodge your application.

  • Example 1: your course fee is AUD50,000 for 3 years. The fee for 12 months is the total course cost divided by the number of years you will be studying, so AUD50,000 divided by 3 years = AUD16,666, less any amount you have already paid if relevant.
  • Example 2: your course fee is AUD15,000 for 10 months and you have already paid AUD5,000. Deduct the amount you have already paid from the total amount. AUD15,000 – AUD5,000 = AUD10,000.
  • Example 3: your course fee is AUD20,000 for 18 months. The fee for 12 months is the total divided by the total number of months, then multiplied by 12. (AUD20,000/18) x 12 = AUD13,333. Deduct any costs you have already paid.

Travel costs

As a guide, when you calculate how much money you need, include:

  • AUD1,000 for travel costs if you are applying in Australia. If you will be returning to Africa include AUD1,500
  • AUD2,500 for travel costs if you are applying from East or Southern Africa
  • AUD3,000 for travel costs if you are applying from West Africa
  • AUD2,000 for travel costs if you are applying from anywhere else outside Australia 

Genuine Access to Funds

If we ask you to provide evidence of financial capacity you must also prove you have access to it. 

If someone else is providing you funds, give us:

  • evidence of your relationship with them
  • their identity documents
  • evidence of any financial support they have given you or another student visa holder in the past

If the financial support provided involves a business, show us proof the business is operating.

If you are providing evidence of deposits of money, explain their source. 

Any education loan to cover your tuition or living costs should be paid out according to the agreement between you, the bank and the education provider. If you receive any payments before we make a decision on your application, give us evidence including the terms of the loan and the full amount you will be paid.

If you are relying on another kind of loan, provide:

  • evidence of the security you used
  • the terms of the loan
  • evidence you can cover ongoing costs

The best evidence you can provide of genuine access to funds if you are relying on a loan is evidence of disbursement.

Let your provider know any conditions on your education loan. Some loans offer deferred repayment against your future earnings. These loans can be conditional on you studying only a specified course with a certain provider.

Evidence you have genuine access to the money

You must also prove you have access to the funds.

If someone else is providing you funds, give us:

  1. evidence of your relationship with them
  2. their identity documents
  3. evidence of any financial support they have given you or another student visa holder in the past

If the financial support provided involves a business, show us proof the business is operating.

Deposits: If you are providing evidence of deposits of money, explain their source. 

Educational loan: Any education loan to cover your tuition or living costs should be paid out according to the agreement between you, the bank and the education provider. If you receive any payments before we make a decision on your application, give us evidence including the terms of the loan and the full amount you will be paid.

If you are relying on another kind of loan, provide:

  1. evidence of the security you used
  2. the terms of the loan
  3. evidence you can cover ongoing costs

The best evidence you can provide of genuine access to funds if you are relying on a loan is evidence of disbursement.

Let your provider know any conditions on your education loan. Some loans offer deferred repayment against your future earnings. These loans can be conditional on you studying only a specified course with a certain provider.

Genuine Access

The Department will consider the following eight factors:

  1. whether the account is held in the applicant’s name
  2. the relationship of third parties to the applicant and the account holder (for example, are they a relative)
  3. whether the money is a lump sum payment in an account (even if held by the applicant or their spouse/de facto partner /parent) or is there a savings history to accumulate the funds (this should include where third party ‘donations’ or ‘loans’ have come from
  4. how long the money has been in the account
  5. where the account is held (for example, held in Australia, or whether held in a country from which large money deposits cannot be transferred internationally)
  6. if the money deposit is held outside Australia, whether there is evidence that the exchange control regulations of the country permit the remittance of funds for study and where necessary whether evidence of requisite approval is available
  7. the applicant’s age
  8. the family’s individual circumstances.


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If you want to know more about Australian visa and legal information, you can get in touch with us and we will be happy to help you!

Address: 6/13 Bridge St Epping NSW 2121

Tel: 02-8203 2999

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