Australia Student Visa (Subclass 500): Complete Financial Requirements Guide
Applying for an Australian student visa requires meticulous financial planning. As of mid-2024, the Department of Home Affairs has updated the financial capacity requirements to ensure students can support themselves comfortably.
Please note that the application fee for the Student Visa (Subclass 500) has significantly increased. The fee has been raised from A$710 to A$1,600.
The Financial Formula
To successfully obtain your visa, you must demonstrate "genuine access" to funds covering the first 12 months of your stay. The formula is:
1. Living Expenses (Updated May 10, 2024)
The Australian government has adjusted the cost of living index. You must show the following amounts in liquid funds:
| Applicant Type | Amount Required (AUD) |
|---|---|
| Primary Student | A$29,710 |
| Partner / Spouse | A$10,394 |
| Annual School Fees (Child aged 5-18) | A$13,502 |
2. Tuition Fees
You must show funds for the first 12 months of your course fees.
*If your course is shorter than 12 months, calculate the total cost. You may deduct any prepaid deposit amount from this total.
3. Travel Costs
An approximate travel expense must be added based on your region of origin:
- India / Outside Aus: A$2,000
- East/Southern Africa: A$2,500
- West Africa: A$3,000
- Onshore (In Aus): A$1,000
Alternative: The Annual Income Option
If you cannot show liquid funds in a bank account, you may satisfy the financial requirement by providing proof of genuine annual income from your parents or spouse. The income threshold is:
- A$87,856 if applying alone.
- A$102,500 if applying with a family member.
✅ Acceptable Funds
The Department of Home Affairs is strict about the source of funds. Money must be "readily available."
Acceptable Sources
- Savings Bank Account: In your name or an eligible sponsor's name. (Statements for 3–6 months required).
- Fixed Deposits (FDs): Must be "liquid" (encashable at any time). Requires a bank confirmation letter.
- Education Loan: From an RBI-approved bank. The sanction letter must cover Tuition + Living + Travel.
- Income Proof: ITRs, Salary Slips, or Business income statements (if using the annual income route).
Who Can Sponsor?
For Indian applicants, sponsorship is generally restricted to immediate family:
- Primary: Yourself, Parents, or Legal Guardians.
- Secondary: Spouse or De facto partner.
🚫 Not Acceptable as Primary Proof
The following assets are considered "illiquid" and cannot be used to demonstrate financial capacity:
- Property valuations (Real Estate)
- Gold or Jewelry holdings
- Mutual funds, Shares, or Bonds (Unless liquidated into a bank account)
- Unsecured loans or informal borrowings from friends/family
- Cash in hand
Start Your Australia Journey
Navigating financial requirements can be complex. The team at Smile Foreign Education is here to verify your documents and ensure your visa application is success-ready.