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Proof of Funds for Australian Student Visa 2024: Know Financial Documents

Proof of Funds for Australian Student Visa 2024: Know Financial Documents

Edited By Prabhjyot Kaur | Updated on Sep 02, 2024 02:48 PM IST

To study in Australia as an international student, you need an Australian student visa. One of the essential things for the student visa application is the financial requirements to study in Australia. The proof of funds for the Australian student visa demonstrates that you have enough money to travel, study and live in Australia during the study period.

An amount of AUD 29,710 per year must be shown by international students to cover the 12 months of living costs in Australia. If the dependants or family members also come to Australia along with the students then extra funds are necessary. Candidates who fail to showcase the minimum amount of funds to study in Australia will face visa rejection. Read the article to know the proof of funds for Australia student visas for international students.

Accepted Evidence For Proof of Funds For Australia Student Visa

If you are willing to know how to show proof of funds for Australian student visa, then there are different ways to present them. Some of the acceptable documents to proof of funds for Australia Student visa are mentioned below.

  • Bank Statements: Students who have money in their official bank account or their parent/guardian account can showcase their funds with bank statements. Even the term deposits or fixed deposits can also be used for this purpose.

  • Tax Assessments: If the applicant's parents have an annual income of a minimum of AUD 87,856 for 1 year, then they can submit tax assessments not older than 12 months as proof of funds for the Australia student visa application.

  • Loan Sanction letter and disbursement evidence: Students who seek education loans for their study in Australia can demonstrate their proof of funds with the loan sanction letter and provide evidence of for the security used and also submit the evidence of disbursement and loan terms data.

  • Scholarship letters: Students who secure scholarships that cover their tuition fees can submit a scholarship letter that mentions the funds covered under the scholarship for the students.

  • Sponsorship Fund: If someone else is covering the cost of studying in Australia, then students must provide evidence of financial support they have given to the student.

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What are the Proof of Funds for the Australian Student visa?

The proof of funds is the documentary evidence submitted by the applicants during the Australian student visa application. These documents showcase that the student has the financial means to cover the expenses for tuition fees and stay and travel in Australia while studying in this country. The acceptable forms of proof of funds for an Australian student visa 2024 are bank statements, sponsorship letters, scholarship letters, loan approval letters, etc.

Why is proof of funds required for an Australian Student visa?

The Australian Government requires proof of funds to ensure that the candidate can sustain their expenses in Australia during the study period. Also, Australian universities require these financial proofs to assess the candidate's ability to complete their course without any financial issues.

So holding the minimum financial savings helps the candidate to be

  • Financially worry-free and complete their education in a foreign country.

  • Students are less likely to breach the visa conditions by working more hours beyond the student visa limit.

How much funds are required for an Australia student visa?

The proof funds that you are required to show for the Australian student visa include the following expenses.

Travel costs in Australia for students

The travel fund is the money required for the to and fro travel expenses from India to Australia.

Proof of Funds for Australia Student Visa Evidence - Travel Requirements 2024

Student Status

Travel Costs

Students applying from India

AUD 2,000

Indian students applying within Australia

AUD 1,000

Course fees in Australia for International students

The first 12 months of the course fees are considered in the financial requirement of the visa application. If you have already paid some amount to the university, then you can deduct this amount and showcase the remaining amount for the financial requirement for the visa application. For this proof, you can show the fee receipt or confirmation of enrollment.

How to calculate the financial requirements of course fees in visa application?

Here are some of the examples that demonstrate the necessary funds for the visa application with different course durations.

Examples of minimum money required for evidence in visa application

Course Details

Details

Example 1:

Course Duration: 10 months

Course Fee: AUD 15,000

The total amount for financial proof required for visa application is AUD 15,000. If you have already paid AUD 5,000 to the university, then the total amount for financial proof required for visa application is AUD 10,000.

Example 2:

Course Duration: 3 years

Course Fee: AUD 50,000

The fee for 12 months can be known by dividing the total fees by the total duration i.e., 50,000/3=16,666. So the financial proof required for visa application is AUD 16,666. If you have already paid some of the fees to the university you can deduct that amount from the AUD16,666.

Example 3:

Course Duration: 18 months

Course Fee: AUD 20,000

The fee for 12 months can be known by dividing the total course fees by the total number of months and then multiplying by 12 i.e., (20,000/18) x 12 = 13,333. So the financial proof required for visa application is AUD 13,333. If you have already paid some of the fees to the university you can deduct that amount from the AUD 13,333.

Living expenses in Australia

Students should provide evidence of funds for living 1 year in Australia. Recently from May 2024 onwards the proof of funds for Australian student visa has been increased to AUD 29,710. Previously before May, the requirement was only AUD 24,505 but anyone applying after May 10, 2024, is required to provide the increased financial capacity. As a student you are planning to bring your spouse, or child as dependents on your student visa, then additional charges will be implied based on the updated amount.

These proof of funds for living in Australia are the minimum estimate of the student expenditure and the actual living costs in Australia can be higher than the visa requirements based on your personal needs. Check out the table below to know the minimum financial capacity required while applying for Australia student visa details.

Minimum required Proof of Funds for Australian Student Visa 2024

Applicant

Financial capacity requirement after 10 May 2024

Primary Applicant (Student)

AUD 29,710

Spouse of the primary applicant

AUD 10,394

Parent of the primary applicant


AUD 10,394

Dependent child

AUD 4,449

School costs for accompanying members: If any school-age child is travelling with the student, they must show a piece of evidence to cover the school fees for them. The minimum schooling cost of AUD 13,502 per year for each child is required to be shown in the financial requirements of the visa application.

Frequently Asked Question (FAQs)

1. Can I submit my Australia student visa application without proof of funds?

Proof of funds is one of the essential documents in the visa application.,if the document checklist of the visa application requires to submission of the proof of funds, then the candidate must definitely submit it. Failure to submit this can result in the refusal of a visa application.

2. What happens if I do not submit proof of funds for my study visa in Australia?

Failure to submit proof of the financial requirement of the Australia study visa will result in visa rejection. The re-application of a visa and its processing time takes extra time for the candidate delaying their enrollment for their course.

3. What are the living costs in Australia?

On average the cost of living in Australia is around AUD 2500 per month for an international student. As per the Department of Home Affairs of Australia, international students require a minimum amount of AUD 29,710 per year to manage their living expenses in their country.

4. How much bank balance is required for Australian student visa?

The bank balance required for the Australian student visa application should include AUD 29,710 for living expenses, 1-year tuition fees amount and travel expenses to return to the home country.

5. How do I prove sufficient funds for an Australian student visa?

You can provide the funds for the visa application by submitting proofs like bank statements, loan sanction letters, scholarship or sponsorship letters, etc.

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Questions related to

Get answers from students and experts

Hi there,

Hope you are doing fine.

Yes it is possible to pursue a Masters in Education (M.Ed) in Australia with a bachelor’s degree in engineering (B.E). Australian universities have flexible entry requirements and value diverse academic backgrounds. However you will need to meet specific admission criteria set by the universities you are interested in.

To enhance your application you can highlight any relevant experience you have in teaching, training or educational projects. Some universities might also require you to submit a statement of purpose explaining your interest in transitioning to education and how your background in engineering could contribute to your study and future career in education.

You should review the specific requirements for each university and program by reaching out to the admissions offices of the universities you are interested in to confirm their acceptance criteria and discuss your unique background.

Hope this resolves your query.

A B.Ed. from IGNOU may be recognized but requires additional assessments in the UK, Australia, and New Zealand.

  • UK : Assessment by UK ENIC and possibly additional qualifications like a PGCE.
  • Australia : Evaluation by AITSL and meeting state-specific criteria.
  • New Zealand : Assessment by the Teaching Council of Aotearoa New Zealand, including possible English proficiency and practical teaching requirements.

Further qualifications or training might be necessary in each country.


For migrating to Australia with a high visa success rate, both commerce and medical fields offer strong opportunities, but they differ significantly:

  1. Medical Field :

    • High Demand : Healthcare professionals (doctors, nurses, allied health) are in high demand.
    • Visa Success : Higher chances due to skill shortages.
    • PR Pathway : Clear pathways for permanent residency.
    • Career Options : Wide range of opportunities with good pay.
  2. Commerce Field :

    • Opportunities : Demand for accountants, finance professionals, and business analysts.
    • Visa Success : Good, but dependent on specific roles and skill shortages.
    • PR Pathway : Viable but might require additional qualifications or experience.
    • Career Options : Diverse opportunities in finance, business, and management.

Choose based on your interests, skills, and long-term career goals.

hope this helps you!!

Hy,

Studying veterinary courses in Australia and securing a scholarship can be an excellent opportunity. Here’s a guide on how to pursue veterinary studies in Sydney and find scholarships:

Choosing a Veterinary Program in Sydney

Several universities in Sydney offer veterinary programs, including:

  • University of Sydney : Offers a Doctor of Veterinary Medicine (DVM) program.
  • University of New South Wales (UNSW) : Offers related programs but does not have a veterinary program. Check for related courses or alternative pathways.
  • Western Sydney University : Offers a Bachelor of Veterinary Science.

Applying to Universities

  • Research Programs : Visit the websites of these universities to understand their veterinary programs, entry requirements, and application deadlines.
  • Meet Entry Requirements : Ensure you meet the academic and English language requirements for the veterinary programs. This usually includes high school qualifications, English proficiency tests like IELTS or TOEFL, and sometimes an interview or entrance test.

Scholarships

University-Specific Scholarships

  • University of Sydney : Offers scholarships for international students, such as the Sydney Scholars Program. Check their scholarships page for specific awards related to veterinary science.
  • Western Sydney University : Offers various scholarships for international students, including those for specific programs or merit-based scholarships.

External Scholarships

  • Australian Government Scholarships : Look for scholarships offered by the Australian government, such as the Australia Awards Scholarships, which cover tuition fees, living costs, and other expenses.
  • Private and Non-Governmental Organizations : Various organizations offer scholarships for international students. Websites like Scholarship Portal, Study in Australia, and the DAAD (German Academic Exchange Service) often list opportunities.

Applying for Scholarships

  • Identify Opportunities : Start by identifying scholarships that you are eligible for. This can include university-specific scholarships, government scholarships, and private scholarships.
  • Prepare Documents : Common requirements include academic transcripts, proof of English proficiency, letters of recommendation, and a personal statement or essay.
  • Submit Applications : Follow the application process outlined by the scholarship provider. Be mindful of deadlines and ensure all required documents are submitted accurately.

Additional Tips

  • Contact University Admissions : Reach out to the admissions office of the universities you are interested in for guidance on scholarships and the application process.
  • Stay Organized : Keep track of scholarship deadlines and requirements to ensure you don't miss any opportunities.
  • Prepare Financially : Even with a scholarship, you may need to cover some expenses. Plan your budget accordingly.

Useful Resources

  • University Websites : For specific scholarship information and application procedures.
  • Study in Australia Website : For comprehensive information about studying in Australia, including scholarships.
  • Scholarship Portals : Websites like Scholarship Portal and Studyportals for finding scholarships and financial aid.

By carefully researching programs, preparing your application materials, and applying for scholarships, you can enhance your chances of securing funding for your veterinary studies in Sydney.

If you have completed a master's degree in the UK, you might still need to take the IELTS test to qualify for a Permanent Residency (PR) or Work Visa in Australia. While your degree from an English-speaking country like the UK may demonstrate your proficiency in English, Australian immigration authorities typically require a standardized English language test score, such as IELTS, to assess your language skills formally.

For better guidance, Invicta Institute can provide you with detailed information and assistance regarding the specific English language requirements for Australian PR or Work Visa applications. Invicta's experienced counselors can help you navigate the process and determine if your UK degree suffices or if you need to take the IELTS test.

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