From 10 May 2024, the amount of money that Student and Student Guardian visa applicants need to have to be eligible for the visa is increasing.
The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work.
International students who can show they meet this new financial capacity requirement are better able to make informed decisions about their future.
Students are less likely to:
- be in financial distress once in Australia
- breach their visa conditions by working more hours than their visa conditions allow
- be vulnerable to worker exploitation.
The below table outlines the funds you need to show to meet the minimum financial capacity requirement, which will be changed from 10 May 2024.
Minimum required funds to meet financial capacity requirements
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 | |
| Primary applicant | AUD24,505 | AUD29,710 |
| spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
