Applicants who are planning to study in Australia need to have enough money to carry their daily expenses and complete their studies with ease. In case, your application is not able to fulfill the financial requirement then there are high chances the study visa application can be refused.
To avoid such problems you should hire the Migration Agents in Brisbane because their skills and experience will increase the chances of getting a visa on time.
How can the applicant show the financial requirement?
There are two possible options which will help you to show the financial requirement:
Option 1
Proof of funds to cover travel expenses and 12 months’ living, course and schooling costs for the student along with accompanying family members
Option 2
Meeting the annual income requirement evidence.
Option 1 “12 months fund option”
Most of the students choose the option of 12 months to give evidence of funds. The student needs to have enough funds to cover the travel, living expenses, and course expenses. The 12-month living cost will include
The 12-month living cost is:
Student: AUD 20,209
Partner/Spouse: AUD 7,100
Child: AUD 3,040
Travel cost is around AUD 2,000
Schooling costs for the children
The students of school age will have schooling costs around AUD 8,000 per year and will be added to the fund requirement. You need to look for the schooling costs because the cost will be different in each territory, state, and school in Australia.
What is the acceptable evidence for the financial requirement?
Money deposit with a financial institution (Bank Balance or FD)
Money in Post office, PF/PPF, Co-operative Bank, etc then Transfer fund to a Valid bank and keep source fund proof (PF/PPF, Post office, or Co-operative Bank.)
A loan with a financial institution.
Government loans
Scholarship support
Option 2 “Annual Income Option”
With the annual income option, the applicant needs to give proof of an annual income of around AUD 60,000. It should be either the personal income of the parents or spouse. In case, both the parents are working then the income can be combined to meet the financial requirement. The evidence should be in the form of official government documents like IT returns. However, the evidence in the form of bank statements or direct information by the employer is not acceptable in any manner. In case, the family members of the students are accompanying then the requirement is at least AUD 70,000.
Additional options
You should talk to the migration agent if you are facing any problem at any step of your visa application. If you’re looking for help then you should hire our migration agent and they will tell you what you need to do so that your student visa application gets approval without delay or issue.