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Increase to the Financial Capacity Requirement for Student and Student Guardian visas - From 10 May 2024

Starting May 10, 2024, the financial capacity requirements for Student and Student Guardian visa applicants in Australia will increase. This change aligns the required proof of financial resources with 75% of the national minimum wage, reflecting a more realistic estimate of the costs needed to maintain a minimum standard of living in Australia. The adjustment accounts for the fact that students may spend up to 25% of the year out of session, during which they might return home or have opportunities for unrestricted employment.

Key Changes:

  • The financial requirement for the primary applicant will increase from AUD 24,505 to AUD 29,710.
  • For a spouse or de facto partner of the primary applicant, the requirement will rise from AUD 8,574 to AUD 10,394.
  • The required funds for a dependent child will go from AUD 3,670 to AUD 4,449.
  • Annual school costs are set to increase from AUD 9,661 to AUD 13,502.
  • The personal annual income requirement will change from AUD 72,465 to AUD 87,856 for individuals without a family member, and from AUD 84,543 to AUD 102,500 for those with a family member.

These adjustments aim to reduce financial distress among students in Australia, lessen the likelihood of visa condition breaches due to excessive work, and mitigate the risks of worker exploitation. Applications submitted before May 10, 2024, will be assessed under the current financial requirements.

For more details, applicants can refer to the official pages for the Subclass 500 Student visa and the Subclass 590 Student Guardian visa.

Source: Increase-to-the-Financial-Capacity-Requirement-for-Student-and-Student-Guardian-visas---From-10-May-2024.pdf

 

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