Are you applying for Australian Student Visa? Latest News: Increase in financial capacity requirement
Latest News: Increase in financial capacity requirement
As we had informed earlier, some high risks countries like Nepal, India and Pakistan had been dropped to level 3 from level 2 last September indicating that all students’ visa applicants from this country must provide financial evidence and also English proficiency to satisfy the primary requirement for Australian Student Visa. Now, after a month there has also been changes and certain increment in financial capacity requirement making it difficult for international students to get Student Visa.
Students must show they have sufficient fund or access to higher level of income to cover the living and travel expenses in Australia. These funds must be demonstrated in addition to the course expenses for the respective university. There has been increase in cost of living and expenses and evidence of annual income simultaneously given the consumer price index.
Living Costs
The primary criteria for Australian student visa for a single/main applicant is that they must show evidence of the annual expenses i.e. living costs (12 months period) of $21,041 in addition to the course according to Department of Home affairs.
Similarly, visa applicants with their spouse or partners must show evidence of the annual expenses (12 months period) of $7362, whereas for each dependent child, the additional requirement will be $3152 and for the schooling costs of for dependent children $8296 will be further addition.
Income Requirement
The applicant must show proof that their parents or spouse will support their education. There has also been increase in minimum annual income requirement of the applicant’s parents or spouse. The evidence of taxable income of the applicant parents or spouse for at least one year must be provided before applying.
The minimum requirement for Single Applicant is $62,222 whereas for applicants with dependents is $72,592.
Evidence of Financial Means:
- Genuine Savings or fixed Deposits on recognized financial institution
- Loan taken from financial institutions
- Financial support
- Scholarships
- Government loans
Evidence of Income:
- Government documents of personal income i.e. tax notices.
It’s definitely going to have an effect, especially since the students are now required to not just show the evidence of funds but also that of English language proficiency, and the required funds being increased within a month of that big change.” Migration agent Jujhar Bajwa quotes.
Only last year, there has been a record of more than 120,000 international enrollments from India and Nepal to Australia for education. These two countries are respectively the second and third-biggest source of international students to Australia. However, the downgrade in assessment level and also increment in the financial capacity requirement might decrease the enrollments given the students might consider other countries for their studies with more lenient entry threshold i.e. the U.K and Canada.
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