You need to have enough money that is genuinely available to you, to pay for your course fees, and travel and living costs for you and your accompanying family members while you are in Australia. If you do not provide this evidence of financial capacity with your application or when asked by an officer, your student visa application could be refused.
You will be able to demonstrate this by providing one of the following:
- Option 1: Evidence of funds to cover travel to Australia and 12 months’ living, course and (for school aged dependants) schooling costs for the student and accompanying family members
- Option 2: evidence that you meet the annual income requirement
Option 1: Twelve months’ funds option
Majority of indian student demonstrate their Financial capacity by providing Evidence of funds for first 12 months of study. You need to have evidence of funds to cover travel to Australia and 12 months’ living, course and (for school aged dependants) schooling costs for the student and accompanying family members.
The 12 month living cost is:
- student or guardian – AUD 19,830
- partner or spouse – AUD 6,940
- Child – AUD 2,970.
Travel Cost: About 2,000 A$
Schooling costs for your children:
Where school aged children are included in your student visa application, schooling costs of at least AUD 8,000 per year for each child will need to be added to the amount of funds required. You are responsible for researching schooling costs, which vary between states, territories and schools in Australia.
Mr. Ruchit is a single student going for Master of IT having fees of 28,000 A$. He needs to show fund: 28,000 A$ + 19,830 A$ + 2000 A$
Mr. Rakesh shah is Married student going for Master of Professional accounting having fees of 26,000 A$. He needs to show fund: 26,000 A$. + 19,830 A$ + 6,940 A$ + 2000 A$
Mr. Vijay Panchal is Married student with one children of 1.5 years going for Master of Business having fees of 27,000 A$. He needs to show fund: 27,000 A$. + 19,830 A$ + 6,940 A$ + 2,970 A$ + 2000 A$
Mrs. Pooja shah is Married student going for Master of Professional accounting having fees of 25,000 A$. But she is applying for visa for herself only. Her Husband is not accompanying her. She needs to show fund: 25,000 A$. + 19,830 A$ + 2000 A$
Evidence of financial capacity includes:
- Money deposit with a financial institution (Bank Balance, FD etc…)
- Loan with a financial institution
- Government loans; and
- Scholarship or financial support