Financial Requirements

You must meet the following financial requirements.

Travel, tuition and living expenses

You must have enough money to pay for travel, tuition and living expenses.

You must:

• show proof that you can meet these financial requirements for the first 12 months of your stay in Australia
• declare on your application that you can meet these financial requirements for the remainder of your stay in Australia.

The table below outlines the amounts in Australian dollars (AUD) that you need access to. These amounts are the minimum required for this visa. They do not necessarily represent the cost of living in Australia.

Expenses	For	Amount required in AUD
Travel	Yourself	Return air fare to Australia
	Family members	One return air fare to Australia per person
Tuition	Yourself	Course fees
	Children aged 5-18	AUD8000 per year
Living	Yourself	AUD18 000 per year
	Partner	AUD6300 per year
	First child	AUD3600 per year
	Each other child	AUD2700 per year

The department must be satisfied that an applicant, once in Australia, will have genuine access to the funds they claim to possess to cover the travel, tuition and living costs for themselves and their family members.

Acceptable sources of income

The money to support you and your family members must come from one or more acceptable sources.

Examples:

• Money deposits held in a bank account by you or a person supporting you.
• A loan from an approved financial institution.
• A loan from your government.
• Financial support from your education provider or another organisation.

Note: Non-cash assets such as property and shares are not acceptable evidence of income. However, non-cash assets may be liquidated or used as collateral on a loan.

Providing evidence of money deposits or loans

You may need to show evidence of how the money to fund your studies was accumulated.

If your source of income is a money deposit held in a bank account, you must provide the following evidence:

• pay slips
• bank loan documents
• interest from investments.

If your source of income is a loan, you must provide the following evidence:

• a bank statement showing the amount of available credit
• a statement from the holder of the loan that its purpose is to support your studies.

Note: If your source of income is a home loan with a redraw facility from an Australian financial institution, the funds from the redraw facility may be considered a loan. A home loan with a redraw facility from a non-Australian financial institution may be acceptable, but must be considered on a case-by-case basis.

Fully Funded Students

If you are a fully funded student, you must show evidence that the sponsoring agency, government or organisation will cover the cost of:

• travel, tuition and living expenses for yourself and dependent family members accompanying you to Australia
• supporting your dependent family members remaining in your home country, taking into consideration the local standard of living.
  Note: If family members later decide to join you in Australia, you must show evidence of extra funds from an acceptable source to cover their travel, tuition and living expenses in Australia.

Prepaid boarding or homestay fees

If you are boarding or have entered into homestay arrangements with your education provider and have prepaid your boarding or homestay fees, the amount you have prepaid can be deducted from the total amount of living costs you must demonstrate to the department.

You will need to show evidence to the department of the boarding or homestay fees as separate from the tuition fees.
Example: A contract or an authorised receipt of payment from your education provider.
Note: Only formal boarding or homestay arrangements will be accepted by the department. Prepayment of private boarding or homestay arrangements or rent will not be deducted from the living cost requirement.