Financial Requirement

Table1: Financial requirements for Student Visa Subclasses (570-571-572-573-574)

Assessment

Level 1

You must declare on your application that you have enough money to pay for travel, tuition and living expenses for yourself, your partner and your dependent children for the duration of your stay in Australia. You must also have enough money to support your partner and dependent children, even if they do not travel with you to Australia.

Assessment

Level 2

You must have enough money to pay for travel, tuition and living expenses. You must:

• show proofthat you can meet these financial requirements for the first 12 months of your stay in Australia
• Declareon your application that you can meet these financial requirements for the remainder of your stay in Australia.

Assessment

Level 3

You must have enough money to pay for travel, tuition and living expenses for yourself, your partner and your dependent children for the duration of your stay in Australia. you must:

• Show proof that you can meet these financial requirements for the first 18 months of your stay in Australia.
  Note: If you have completed 75 percent of your course and are applying to renew your student visa, you do not need to show your savings history.
• Declare on your application that you can meet these financial requirements for the remainder of your stay in Australia.

Supporting family members when studying for less than 12 months

If you are applying to study in Australia for less than 12 months, your family members are not eligible to come with you to Australia. However, you must show that you have enough funds to support your family members in your home country, taking into consideration the standard cost of living in that country.

Assessment

Level 1

Acceptable sources of income

Prepaid boarding fees

The money to support you and your family members may come from any source.

If you are boarding with your education provider and have prepaid your boarding fees, the amount you have prepaid can be deducted from the total amount of living costs you must demonstrate to the department.

You will need to show evidence to the department of the boarding fees as separate from the tuition fees.

Assessment

Level 2

The money to support you and your family members must come from one or more acceptable sources.

Examples:

• Money deposits held in a bank account by you or a person supporting you.
• A loan from an approved financial institution.
• A loan from your government.
• Financial support from your education provider or another organization.

If you are boarding with your education provider and have prepaid your boarding fees, the amount you have prepaid can be deducted from the total amount of living costs you must demonstrate to the department.

You will need to show evidence to the department of the boarding fees as separate from the tuition fees.

Assessment

Level 3

• a money deposit with a financial institution held by you, or a person supporting you, for at least three consecutive months immediately before the date of your visa application
• a loan from a financial institution made to you or a person supporting you
• a loan from your government
• your proposed education provider
• the Australian Government or an Australian State or Territory government
• the government of a foreign country
• a provincial or state government of a foreign country that has the written support of the national government of the foreign country
• an organization gazette by the Minister
• an acceptable non-profit organization
• a multilateral agency.
  Examples: United Nations, World Bank or Asian Development Bank

If you are boarding with your education provider and have prepaid your boarding fees, the amount you have prepaid can be deducted from the total amount of living costs you must demonstrate to the department.

You will need to show evidence to the department of the boarding fees as separate from the tuition fees.

Note:Only formal boarding arrangements will be accepted by the department. Prepayment of private boarding arrangements or rent will not be deducted from the living cost requirement.