From 10 May 2024, international students and their guardians applying for visas in Australia will face increased financial requirements. It is the second increase to the savings minimum in the last year.
Here’s what you need to know.
Why are financial requirements increasing for student visas in Australia?
The Department of Home Affairs has announced these changes to align with 75% of the national minimum wage. This adjustment aims to better reflect the true cost of living for students during their studies in Australia.
The revised financial requirements are based on the assumption that students spend approximately 25% of their academic year out of session, potentially returning to their home country or working without restrictions. By setting these new standards, the Department aims to ensure students can sustain a minimum standard of living, make informed decisions about their education, and avoid financial distress.
What are the new minimum financial requirements for international students from 10 May 2024?
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 | |
| Primary applicant | AUD24,505 | AUD29,710 |
| Spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
What if I applied for my student visa before 10 May?
Applications submitted before 10 May 2024 will be assessed under the previous financial requirements. Ensure your supporting financial documents meet the old standards to avoid processing delays.
For more information, see the Department of Home Affairs website: Subclass 500 Student visa | Subclass 590 Student Guardian visa.
