Financial Capacity Requirement for Student Visas Increasing
As of 10 May 2024, the monetary threshold for Student and Student Guardian visa applicants is increasing.
The financial benchmark has been revamped to mirror 75 percent of the Australian national minimum wage. This adjustment aims to provide a clearer indication of the funds required to sustain a basic standard of living while pursuing studies in Australia. It takes into consideration that students are off-campus for 25 percent of the academic year, during which they may head back home or engage in unrestricted employment.
The increase to the financial capacity requirement is approximately a 21 percent increase from the previous requirements.
The Department of Home Affairs decision to increase the financial capacity requirement is based on assumptions that international students who demonstrate compliance with this updated financial standard are better equipped to make well-informed decisions about their future endeavors and be less likely to be in financial distress in Australia, breach their visa conditions by working more hours than permitted, or be vulnerable to worker exploitation in Australia.
Outlined below is a table detailing the funds necessary to meet the minimum financial capacity requirement, effective from 10 May 2024.
| Circumstance | Financial Capacity Requirement (AUD) |
| Primary Applicant | $29,710 |
| Spouse or De Facto Partner of the Student Primary Applicant | $10,394 |
| Dependent Child | $4,449 |
| Annual School Costs | $13,502 |
| Personal Annual Income (if there is no member of the family unit) | $87,856 |
| Personal Annual Income (if there is a member of the family unit) | $102,500 |
Applications submitted prior to 10 May 2024, will be assessed based on the financial criteria applicable at the time of application.
More Information
If you have any questions in relation to the increase of the student visa financial capacity requirements, please contact our office on 1300 083 843 or submit an online enquiry.