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 Requirement | Before 10 May 2024 | After 10 May 2024 |
| Primary applicant | AUD 24,505 | AUD 29,710 |
| Spouse or de facto partner | AUD 8,574 | AUD 10,394 |
| Dependent child | AUD 3,670 | AUD 4,449 |
| Annual school costs | AUD 9,661 | AUD 13,502 |
| Personal annual income (no family) | AUD 72,465 | AUD 87,856 |
| Personal annual income (with family) | AUD 84,543 | AUD 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.
