Look, if you are applying for a student visa to Australia, the goalposts moved on 10 May 2024. The financial requirements went up significantly, and if your bank balance does not hit the new numbers, your application gets refused. That simple.
Here is exactly what changed and what you need to show.
The New Financial Amounts
Primary applicant: $29,710 (was $24,505)
Spouse or de facto partner: $10,394 (was $8,574)
Dependent child: $4,449 (was $3,670)
Annual school costs for children: $13,502 (was $9,661)
Personal annual income threshold (no family): $87,856 (was $72,465)
Personal annual income threshold (with family): $102,500 (was $84,543)
That is a jump of over $5,000 for the primary applicant alone. Bring a spouse and a child, and you are looking at close to $45,000 just in savings requirements.
Why the Increase
The new amount ties to 75% of the national minimum wage. The logic is straightforward: you are out of classes for roughly a quarter of the year, during which you can work unlimited hours or go home. So 75% covers your actual study period.
The government's real concern? Students arriving without enough money end up in trouble. They work more hours than their visa allows, they become vulnerable to dodgy employers, and that creates problems for everyone, including when they later apply for skilled visas.
What Happens If You Cannot Show It
Your application gets refused. There is no flexibility here. The Department checks your evidence against the threshold, and if the numbers do not add up, that is the end of it.
I have seen students scramble to find evidence after lodging because they assumed the old amounts still applied. Do not be that person.
What If You Already Lodged
Applications submitted before 10 May 2024 are assessed against the old requirements. Anything lodged after that date falls under the new rules. The date your application hit the system is what counts, not when you started preparing it.
What You Need to Do
Get your financial evidence sorted before you lodge. That means:
• Bank statements showing funds genuinely available to you
• Scholarship letters with actual dollar amounts
• Loan approval documents if you are borrowing
• Sponsor declarations with their financial evidence attached
If you are bringing family, add up each person's requirement. A student with a spouse and one child now needs to demonstrate over $44,000 in accessible funds, plus school costs if the child is of school age.
Not sure whether your evidence stacks up? Book a consultation and we will go through it properly before you lodge. Getting this wrong means a refusal on your record, and that makes the next application harder.
This article provides general information only and does not constitute legal advice. For advice on your specific circumstances, book a consultation.
