Financial requirements
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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 for yourself, your spouse and your dependent children for the duration of your stay in Australia.
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$) that you need access to. These amounts are the minimum required for this visa. They do not necessarily represent the cost of living in Australia.
| Expenses | Per Person | Amount required in A$ |
|---|---|---|
| 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 | A$8,000 per year | |
| Living | Yourself | A$12,000 per year |
| Spouse | A$4,200 per year | |
| First child | A$2,400 per year | |
| Each other child | A$1,800 per year |
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.