Financial Requirements

Acceptable sources of income

The money to support 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 support your family members 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.

Genuine access to funds

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