Majority of Indian student demonstrate their Financial capacity by providing Evidence of funds for the 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: AUD 20,209
- Partner/Spouse: AUD 7,100
- Child: AUD 3,040
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 Bachelor of IT of 3 years having fees of 28,000 A$ per year. He needs to show fund: 28,000 A$ (Fees for 1 year) +20,209 A$ (Living cost for 1 year) + 2000 A$ (Travel cost)
Mr. Rakesh shah is a Married and going for Master of Professional accounting of 2 years duration having fees of 26,000 A$. He needs to show fund: 26,000 A$. (Fees for 1 year) +20,209 A$ (Living cost for students – 1 year) +7,100 A$ (Living cost for Dependent – 1 year) + 2000 A$ (Travel cost for Student)+ 2000 A$ (Travel cost for Dependent)
Mr. Vijay Panchal is Married and having one children of 1.5 years going for Master of Business of 2 years duration having fees of 27,000 A$. He needs to show fund: 27,000 A$. +20,209 A$ +7,100 A$ +3,040 A$ + 2000 A$ + 2000 A$+ 2000 A$
Mrs. Pooja shah is Married and going for Master of Professional accounting having fees of 25,000 A$. But she is applying for a student visa for herself only. Her Husband is not accompanying her. She needs to show fund: 25,000 A$. +20,209 A$ + 2000 A$
Note: Please deduct any prepaid tuition fees amounts to get the actual amount of Fund required for the Australian Student visa.
Acceptable Evidence to fulfil financial requirements of Australian student visa includes:
- Money deposit with a financial institution (Bank Balance, FD etc…)
- A loan with a financial institution
- If you have money in Post office, PF/PPF, Co-operative Bank etc then Transfer fund to a Valid bank and keep proof of source of fund(Post office, PF/PPF, Co-operative Bank etc…)
- Government loans; and
- Scholarship or financial support
Genuine access to funds
You and your accompanying family members must be able to access the funds shown while you are in Australia. When considering whether the funds will be genuinely available, DIBP will take into account:
- 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 person providing the funds
- Your previous visa history and that of the person providing the funds.
Note: Relationship of a student with Person having a fund and Acceptable source of Fund is most important for Australian Student visa