Documentary evidence of financial capacity

From 1^st July, 2016 international student in Australia planning to study on a student visa need to provide evidence of financial capacity by providing one of the following:

1. Travel Expenses
2. Living costs for the first 12 months of your stay in Australia
3. Course fees for the first 12 months of study
4. Income level of your parents or spouse

Living costs would be as follows for a 12 month period:

From 1 July 2016, the 12 month living cost is:

• $19,830: main applicant
• $6,940: partner or spouse
• $2,970: for each dependent child
• $8,000: schooling costs for dependent children

Students can show funds by showing evidence of one of the following:

• Deposits with a bank or financial institution
• Loan from a financial institution or government
• Scholarship or sponsorship

There is no restriction in terms of who can provide financial support, and this is quite different to the current student visa framework.

Income Requirement

Your spouse or your parents will need to show official Government documentation (i.e., a tax assessment) of their income which has been issued in the 12 months prior to application. The minimum income required is as follows:

• $60,000: single applicant
• $70,000: applicant with dependents
• This could be difficult to establish if you are from a country with low per capita income levels.

The income demonstrated must be the personal income of your spouse (who is not travelling with you) or parents. In circumstances where both of your parents are working, their combined income can be considered for this requirement.

Genuine access to funds

Students and accompanying family members must have enough money genuinely available during stay in Australia.

Genuineness of funds will take into account factors including:

• the nature of the relationship between you and the person who is providing the funds, where applicable
• your income, assets and employment or those of the other person who is providing the funds
• your previous visa history and that of the person providing the funds.

School aged dependants

Where school aged children are included in your student visa application following funds will need to be added to the amount of funds:

• schooling costs of AUD $8,000 per year for each child.

If you require any further information, please do not hesitate to contact us at info@australasiaeduconnect.com.au.

Source: (a) https://www.border.gov.au/Trav/Stud/More/Student-Visa-Living-Costs-and-Evidence-of-Funds;

(b) http://www.acpet.edu.au/uploads/files/Fact%20sheet%20-%20SSVF%20financial%20requirements.pdf;