Financial Requirements for Your Student Visa: What You Need to Have Ready

A student visa application requires you to demonstrate that you have sufficient financial capacity, but the requirements and amounts can change frequently. We explain what you need to have ready and why checking the current figures is a step you cannot afford to skip.

Estimated reading time

6 minutes

One of the key aspects of applying for a Student visa (subclass 500) is demonstrating that you have sufficient financial resources to cover your studies, your living expenses, and those of any family members accompanying you, if applicable. This article explains what is assessed and how to prepare, without providing figures that may become outdated by the time you read them.

In general terms, the Australian Government requires evidence that you can cover:

• The cost of your course fees for the first year (or the applicable period).

• Your living expenses and those of any accompanying family members, based on an annual minimum amount that the government updates periodically.

• Travel costs (airfares) for you and your accompanying family members, if applicable.

• Schooling costs for any school-aged children accompanying you, if applicable.

The minimum living expense amounts and other values associated with the Student visa are updated relatively frequently by the Australian Government. Publishing a fixed figure on this blog creates a risk that it may become outdated, and relying on an amount that is no longer applicable could lead you to prepare an application with insufficient funds.

For this reason, as part of our advice, we always provide you with the amount applicable at the time of your application, verified directly against the official source.

• Your own bank statements or those of a financial sponsor (such as a parent or spouse) supporting the required amount.

• Educational loans from a recognised financial institution.

• Government scholarships or financial support, where applicable.

• A sponsorship letter if a third party is covering your expenses, together with the relevant financial evidence from that person.

• Providing statements showing funds that appeared very recently, without a history supporting their source. This may raise questions about the genuineness of the funds.

• Failing to include the living expenses of all family members who will accompany you.

• Using outdated figures found on forums or social media instead of verifying the current amount.

• Leaving the collection of financial documents until the last minute, when obtaining certain supporting documents (such as bank letters or account histories) may take several weeks.

• Determine in advance who will cover your expenses: you, a sponsor, or a combination of both.

• Verify the current minimum amount directly through the official source or with your adviser, rather than relying on older publications.

• Gather your banking history well in advance so it demonstrates financial stability, rather than simply showing the required amount on the day you submit your application.

• If you are using a sponsor, also prepare the financial documentation of the person supporting you.

Financial requirements are not simply about reaching a particular number. The evidence you provide needs to be clear, verifiable and consistent with the rest of your application. Checking the current figures and preparing your financial evidence in advance is one of the best ways to reduce stress before applying.