The financial capacity requirement for applicants seeking Student and Student Guardian visas will undergo an amendment starting May 10, 2024. This change involves an increase in the amount of funds required to qualify for the visa.
The updated financial capacity requirement aligns with 75 percent of the national minimum wage. This adjustment aims to accurately reflect the necessary financial resources to maintain a minimum standard of living while studying in Australia. It takes into account the fact that students are inactive for 25 percent of the year, during which they may return home or engage in unrestricted work.
International students will make more informed decisions
By meeting the new financial capacity requirement, international students can make more informed decisions about their educational journey. This adjustment is expected to reduce the likelihood of financial distress upon arrival in Australia, as well as instances of visa condition breaches or vulnerability to worker exploitation.
The revised financial benchmarks necessary to fulfil the minimum capacity obligation will be effective from May 10, 2024.
Minimum required funds to meet financial capacity requirements
| Applicant Type | 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 |
Applications submitted before this date will be assessed based on the financial capacity criteria in place at the time of application by the Department of Home Affairs (DHA), Australia. This change is applicable to the Subclass 500 Student visa and Subclass 590 Student Guardian visa.
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To confirm the latest Australia immigration updates and apply for relevant visa in Australia this year, you can get in touch with Visas Avenue trusted Australia Immigration Advisor and Expert on Toll-Free No. 78-18-000-777 or e-mail us at info@visasavenue.com.
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Rajneesh Kumar
13 May, 2024 
