New Financial Capacity Requirement for Student Visa

In the last six months, there have been major changes with the Student Visa criteria including the replacement of Genuine Temporary Entrant (GTE) criteria with the Genuine Student (GS) criteria implemented in March 2024; and most recently, another increase in the financial capacity requirement implemented on 10 May 2024. 

In some cases, financial capacity evidence may not be required when applying for a Student Visa depending on the risk assessment of the applicant’s country of passport and the education provider.  However, most education providers now require applicants to provide financial capacity evidence during enrolment and Immigration Case Officers can exercise their discretion to ask for these documents.

This article intends to discuss the new financial capacity requirements for a Student Visa by providing answers to the questions below.

  1. How much financial capacity evidence do I need to show when applying for a Student Visa?

Here are the new amounts required:

Primary Student Visa applicant

  • Living cost in Australia for 12 months, $29,710
  • Tuition fee for the first 12 months. This can be between $15,000 to $45,000 per year depending on the course.  Note that you can take out the initial tuition fee you have paid your education provider from this amount and provide your receipt of payment.
  • Travel cost, this is about $2,000 for offshore applications and $1,000 for onshore applications.

Secondary Student Visa applicant (Spouse/Defacto/Child)

  • Living cost in Australia for 12 months for the primary applicant’s spouse/partner, $10,394
  • Living cost in Australia for 12 months for the primary applicant’s child, $4,449
  • Tuition fee for the first 12 months for school aged dependent, $13,502.  Note that you can take out the initial tuition fee you have paid your education provider from this amount and provide your receipt of payment.
  • Travel cost, this is about $2,000 for offshore applications and $1,000 for onshore applications.
  • What are the acceptable evidence?

The acceptable evidence can be any of the following:

  • Bank statement or bank certificate showing the required amount;
  • Loan agreement with a financial institution showing the loan amount can cover the required amount;
  • Government loan agreement showing the loan amount can cover the required amount;
  • Scholarship or financial support showing the scholarship/financial support grant can cover the required amount; or
  • Primary applicant’s parent, spouse or de facto partner’s personal annual income, in the 12 months immediately before the application is made of at least $87,856 if there’s no secondary applicant and $102,500 if there is a secondary applicant.
  • What will happen if the applicant cannot provide the requested financial capacity evidence?

Unfortunately, if you cannot provide the requested financial capacity evidence, your visa application will be refused.

  • My Student Visa application was refused due to not providing enough financial capacity evidence but I still want to study in Australia, what should I do?

If you are outside of Australia, you can apply for another Student Visa, and you should provide the required financial evidence if the funds are available/accessible to you.  If you are onshore, you have the option to file an appeal at the tribunal if you have strong grounds as to why your visa application should be granted. 

Filing an appeal within 21 days of your visa refusal gives you legal rights to stay in Australia and continue your studies but you cannot apply for another Student Visa while in Australia since your visa has been refused and if you hold a Bridging Visa. 

  • I have the required financial capacity evidence when I lodged my Student Visa.  Can I use the funds while my visa application is still in progress?

The Case Officer usually verifies the amount provided on the application at the time of decision.  If the fund available on your or your financial sponsor’s bank account is lower than the required amount, then your visa application will be refused.   Due to the stricter requirements for Student Visa applications, it is best to seek advice or assistance from a Registered Migration Agent or an Immigration Lawyer to have a better chance of your visa application be presented to the Department of Home Affairs in the best light.