Event, News by admin May 09, 2024
Increase to the Financial Capacity Requirement for Student and Student Guardian visas
From 10 May 2024, the amount of money that Student and Student Guardian visa applicants need to have to be eligible for the visa is increasing.
The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work.
International students who can show they meet this new financial capacity requirement are better able to make informed decisions about their future.
Students are less likely to:
- be in financial distress once in Australia
- breach their visa conditions by working more hours than their visa conditions allow
- be vulnerable to worker exploitation.
- The below table outlines the funds you need to show to meet the minimum financial capacity requirement, which will be changed from 10 May 2024.
Minimum required funds to meet financial capacity requirements..
| Financial capacity requirement before 10 May 2024 | Financial capacity requriement after 10 May 2024 | |
| Primary Applicant | AUD 24505 | AUD 29710 |
| Spouse or de facto partner of the student primary applicant (not applicable for student guardian applicant) | AUD 8574 | AUD 10394 |
| Dependent Child | AUD 3670 | AUD 4449 |
| Annual School Costs | AUD 9661 | AUD 13502 |
| Personal annual income if there is no member of the family | AUD 72465 | AUD 87856 |
| Personal annual income where there is a member of the family unit | AUD 84543 | AUD 102500 |
We will assess applications loged before 10 May 2024 under the financial capacity requirements in effect at the time of applicaiont.
Source: immi.homeaffairs.gov.au
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