Effective 10 May, Student and Student Guardian visa applicants will have to show increased amount of money for their visa applications.
The government of Australia has introduced this change to the financial capacity to align with a proportion of the national minimum wage and a reasonable consideration to provide a minimum standard of living while studying in Australia.
The students can make informed decisions if they can show they meet this new financial capacity and are less likely to:
- be in financial distress once in Australia
- breach their visa conditions by working more hours than their visa conditions allow
- be vulnerable to worker exploitation
Effective 10 May 2024,
- Primary applicants will need to show AUD 29, 710 for financial capacity requirements as opposed to AUD24,505.
- Spouse or defacto of the Student primary applicant (not applicable to Student Guardian applicant, the amount will increase from AUD8,574 to AUD10,394.
- Annual school costs will increase from AUD 9,661 to AUD 13,502.
- Personal annual income if there is no member of the family will increase from AUD72,465 to AUD 87,856.
- Personal annual income where there is a member of the family unit will increase from AUD84,543 to AUD102,500.
The Department of Home Affairs will assess applications lodged prior to 10 May 2024 under the arrangements in effect at the time of application.
Source: Department of Home Affairs
