Student visa savings Australia: How much money do I need?

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Applicants for a subclass 500 Student visa in Australia now have to be able to prove they have access to at least $AUD24,505 to cover living costs but many visa applicants do not realise they have to provide evidence of more savings if they intend to bring family members.

In addition, there is actually a way to secure a student visa without meeting this requirement but applicants still need access to a significant amount of money to cover living expenses in Australia through their parents or partner.

Student visa applicants do not have to meet the $AUD24,505 requirement if their parents or partner earned at least $AUD72,465 in the last 12 months. If applicants intend to prove their parents or partner can support them whilst living in Australia, they must submit official government evidence of this income, usually in the form of tax assessments.

If an applicant is bringing a partner, they must provide evidence they can support these individuals as well. If they want to bring a partner they need an additional $AUD8,574 and if a child accompanies the visa applicant they will need $AUD3,670 more.

In Australia, all school-aged children must attend school by law, so student visa applicants with school aged children who will accompany them must prove they have an additional $AUD8,296 in savings. It is worth keeping in mind this requirement is usually waived for PhD students or applicants who have received an Australian Commonwealth Government scholarship.

As well as the $AUD24,505 to cover living costs, applicants will have to prove they have enough money to be able to pay for travel back to their home country. The Department of Home Affairs website says applicants from East or Southern Africa need AUD2,500.

Applicants from West Africa need AUD3,000, while overseas applicants from anywhere else need an additional AUD2,000. If you are applying from inside Australia, you need $AUD1,000 for travel costs.

The Department of Home Affairs increased the amount of money student visa applicants need in October 2023 by 17% and said the reason for the change was the sharp increase in living costs in Australia over the last 18 months.