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Australia Increased Financial Requirements for Student and Guardian Visas.docx
- 1. Australia Increased Financial Requirements for Student and Guardian Visas Starting from May 10, 2024, there will be a change in the money needed for people applying for Student and Student Guardian visas. The adjustment means that applicants will have to show more funds to be eligible for the visa. The revised financial requirement now matches 75 percent of the national minimum wage. This change is meant to better represent the amount of money needed to support oneself adequately while studying in Australia. It considers that students are not active for 25 percent of the year, during which they might go back home or work without restrictions. Enhanced Decision-Making for International Students International students will be better equipped to make wise choices about their educational path by meeting the updated financial capacity requirement. This change aims to lower the chances of facing financial difficulties upon arriving in Australia, as well as decreasing instances of breaking visa rules or being at risk of exploitation in the workplace. The new financial standards required to meet the minimum capacity obligation will come into effect on May 10, 2024. New Financial Requirement Benefits International Students Minimum funds required to meet the financial capacity requirements for different applicant types before and after May 10, 2024: Applicant Type Financial Capacity Requirement Before May 10, 2024 (AUD) Financial Capacity Requirement After May 10, 2024 (AUD) Primary Applicant 24,505 29,710 Spouse or De Facto Partner of Primary Applicant 8,574 10,394 Dependent Child 3,670 4,449 Annual School Costs 9,661 13,502
- 2. Applicant Type Financial Capacity Requirement Before May 10, 2024 (AUD) Financial Capacity Requirement After May 10, 2024 (AUD) Personal Annual Income (No Family Member) 72,465 87,856 Personal Annual Income (With Family Member) 84,543 102,500 Applications submitted before May 10, 2024, will be evaluated based on the financial capacity criteria set by the Department of Home Affairs (DHA), Australia, at the time of application. This change applies to both the Subclass 500 Student visa and the Subclass 590 Student Guardian visa.