Immigration Lawyers in Melbourne
immigration lawyers in melbourne

Increase to the Financial Capacity Requirement for Student and Student Guardian Visas

Starting 10 May 2024, the financial capacity requirement for Student and Student Guardian visa applicants will increase.

The updated requirement now aligns with 75% of the national minimum wage. This change aims to reflect a more realistic amount needed to maintain a minimum standard of living while studying in Australia. This proportion accounts for the fact that students are out of session for 25% of the year, during which they may return home or work without restrictions.

International students who meet the new financial capacity requirement will be better equipped to make informed decisions about their future.

These students are less likely to:

– Experience financial distress once in Australia

– Breach visa conditions by working more hours than allowed

– Be vulnerable to worker exploitation

The following table outlines the updated minimum financial capacity requirements effective from May 10, 2024.

Financial Capacity RequirementBefore 10 May 2024After 10 May 2024
Primary applicantAUD 24,505AUD 29,710
Spouse or de facto partnerAUD 8,574AUD 10,394
Dependent childAUD 3,670AUD 4,449
Annual school costsAUD 9,661AUD 13,502
Personal annual income (no family)AUD 72,465AUD 87,856
Personal annual income (with family)AUD 84,543AUD 102,500

Applications lodged before 10 May 2024, will be assessed based on the financial capacity requirements in effect at the time of application.

Are you planning to ply for a student visa? Contact the best Migration Lawyers in Melbourne to have a chat.

Spread the word!

Katsaros & Associates © 2022 - . Dolopia Group Pty Ltd. All rights reserved.
Reprinting or digital redistribution to the public is prohibited without the consent of Katsaros & Associates.