Student Visa Financial Requirement

Since the introduction of the new subclass 500 student visas there have been several changes in the financial requirement.

Immigration can request evidence of meeting the financial requirement from any student (however they usually only request financial documentation from students that are traditionally from high risk countries). Students from certain high risk countries will be requested to prove that they have sufficient financial resources to support themselves in Australia. To find out if you will be required to provide you financial documentation check immigration’s document checklist here

There are now two ways you can meet the financial Requirement:

  1. Annual Income or

  2. Financial Deposit/Scholarship/Loan

Annual Income

The big change with the financial requirement with the new student visa is that annual income can be used to demonstrate you meet the requirement. The annual income option requires students to provide evidence of personal annual income of at least AUD 62,222. For students accompanied by family members the amount is AUD 72,592.

Who can show their income?

The income demonstrated must be the personal income of your spouse (who is not travelling with you) or parents. In circumstances where both of your parents are working, their combined income can be considered for this requirement. In all cases, the evidence of annual income must be provided in the form of official government documentation, such as a tax assessment.