The new funding evidence requirement for Australian student visas is designed to ensure that international students have sufficient financial resources to support themselves during their stay in Australia. By following the tips below, you can submit strong financial evidence that will help you to increase your chances of having your student visa application approved.

 

The Australian government has announced new requirements for funding evidence for student visa applications as of October 2023. The new requirements are designed to ensure that international students have sufficient financial resources to support themselves during their stay in Australia.

 

Summary of new funding evidence requirements for student visa applications from 1 October 2023:

  • Primary applicant: AUD 24,505
  • Spouse: AUD 8,574 (35%)
  • Child: AUD 3,670 (15%)
  • School fees
  • Course fees for the first 12 months less any fees already paid
  • Travel expenses

 

Steps to check if you need to provide funds:

  1. Use the Document Checklist tool on the Immigration website to check if you are required to provide financial evidence: https://immi.homeaffairs.gov.au/visas/web-evidentiary-tool
  2. If you are identified as needing to provide financial evidence, you must provide this at the time of application. 
  3. If you are not required to provide financial evidence, you do not need to do anything at the time of application. However, you may still be asked to provide the financial documents during the process.

 

Acceptable sources of funds:

  • Bank statements
  • Bank certificates
  • Bank deposits
  • Education loans
  • Business loans (if evidence of disbursement is provided)

 

What evidence of funds?

  • Bank statements showing that you have at least AUD 24,505 in savings in your own name or in the name of your parents or guardians.
  • Scholarship or sponsorship letters from recognized organizations.
  • Letters from your parents or guardians stating that they will support you financially while you are in Australia.
  • Evidence of employment income, such as pay slips or tax returns.
  • Evidence of other assets, such as property or investments.

 

What happens if I do not meet the new funding evidence requirement?

If you do not meet the new funding evidence requirement, your student visa application may be refused. You may be able to appeal the decision, but you will need to provide additional evidence to support your appeal.

 

Tips for submitting strong financial evidence

Here are some tips for submitting strong financial evidence for your student visa application:

  • Make sure that your funding evidence is recent. The Australian government recommends that you submit evidence that is no more than 3 months old.
  • If you are submitting bank statements, make sure that they show regular deposits to your bank account.
  • If you are submitting a scholarship or sponsorship letter, make sure that it is from a recognised organisation, including company letterhead.
  • If you are submitting a letter from your parents or guardians, make sure that it is signed by all relevant parties.
  • If you are submitting pay slips or tax returns, make sure that they are from a legitimate employer.
  • If you are submitting evidence of other assets, such as property or investments, make sure that it is accurate and up-to-date.

 

If you are unsure about whether you need to provide funds for your student visa application or if you need help providing evidence of funds, you should consult with a registered migration agent.

 

By the time you submit your application, you must have all of your documents ready to go. If you are unable to provide all of the necessary documents and legal proofs, this is yet another reason that will result in the rejection of your application for an Australian student visa. It is therefore imperative that you, as an applicant, ensure that you are able to present documents that demonstrate that you are financially viable.

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