International students who want to pursue higher education frequently choose Australia as their location. Together with top-notch research and educational institutions, the nation also offers a rich cultural experience. Nonetheless, it might be expensive to study in Australia, so visitors must have enough money to support their living expenses. We will talk about the financial requirements for an Australia study visa in this article.
International students are required by the Department of Home Affairs to provide proof that they have adequate money to pay for their living expenses while studying in Australia. Depending on the course and the length of the stay, a different amount of money may be needed. The current financial criteria for an Australia study visa are as follows:
Tuition fees:
International students are required to pay tuition fees upfront for their course of study. The fees can vary depending on the course and institution. Students can find the tuition fees for their course of study on the institution’s website.
Living expenses:
Apart from tuition fees, students need to have enough funds to cover their living expenses during their stay in Australia. The living expenses may include accommodation, food, transport, healthcare, and other personal expenses. The Department of Home Affairs has set the following minimum requirements for living expenses:
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For students who will be studying in metropolitan areas of Australia, the minimum annual living cost requirement is AUD 21,041.
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For students who will be studying in regional areas of Australia, the minimum annual living cost requirement is AUD 14,610.
The living cost requirement for the subsequent years of study may be less than the first year, depending on the location and circumstances.
Health insurance:
International students are required to have health insurance for the duration of their stay in Australia. The health insurance policy should meet the requirements set by the Department of Home Affairs. The cost of health insurance may vary depending on the policy and the insurer.
Proof of funds:
International students are required to provide proof of funds to meet the financial requirements for the Australia study visa. The following documents may be accepted as proof of funds:
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Bank statements showing the student's financial history for the past six months.
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A letter from the student's financial institution confirming the student's financial position.
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Evidence of a scholarship or other financial support.
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A letter from the student's sponsor confirming their financial support.
The financial requirements for the study visa should be understood by students who intend to pursue their studies in Australia. The students must have enough cash on hand to pay for their tuition, living costs, and health insurance for their whole stay. Students must make sure they have the appropriate paperwork to support their application because providing proof of funds is a requirement for visa applications.