Latest Changes to Student Visa Financial Requirements 2024

Starting May 10, 2024, the Australian Government is set to increase the student visa financial requirements for international students. The new financial capacity requirements for student visas (subclass 500 and subclass 590) will be increased to AUD29,710, which represents an almost 21% increase from the previous amount (AUD24,505).

• Now, students must demonstrate that they have sufficient funds to pay 75% of the national minimum wage.
• The purpose of increasing the financial capacity requirements is to facilitate international students while they are studying in Australia.
• This changed money proportion will also cover the 25% of the year (break period), during which students can go back to their homes or work for unlimited hours.

So, the recent updates in student visa financial requirements will ensure that students live comfortably while studying in Australia.

Key Changes to the Student Visa Financial Requirements

Here is the list of important changes to the student visa financial requirements for international students in 2024:

• The financial capacity requirement for the main applicant will increase from AUD 24,505 to AUD 29,710.
• The financial requirement will rise from AUD 8,574 to AUD 10,394 for a spouse or de facto partner of the main applicant. 
• The financial requirements for a dependent child will increase from AUD 3,670 to AUD 4,449.
• The annual school costs for international students will be changed from AUD 9,661 to AUD 13,502.
• The personal annual income requirement will be AUD 87,856 for applicants without a family member and AUD 102,500 for applicants with a family member.

Have a look at the following table for a better and clearer understanding of the changed minimum financial requirements for international students.

Benefits of the New Student Visa Financial Requirements for International Students

New student visa financial requirements offer numerous benefits to international students which are:

• The changed financial requirements will help the international students make informed decisions in order to manage their finances wisely during their stay in Australia.
• The students will be less stressed and more relieved while having sufficient funds during their studies in Australia. 
• These new financial capacity requirements will protect students from worker exploitation. 
• By meeting these new financial requirements, students will be less likely to breach their visa conditions of limited working hours.

Get More Information on Student Visa at The Migration 

The Migration is a registered company that provides authentic visa and education consultancy services to its clients. We have a team of experienced MARA-certified agents in Australia that provide students with the most recent and updated information regarding student visas. 

So, if you are an international student and looking for professional help, schedule an online appointment now and allow us to assist you throughout your visa application process.

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Source:

Increase to the Financial Capacity Requirement for Student and Student Guardian Visas

FAQs

How much bank balance do I need to submit for a student visa in Australia in 2024?

Starting May 10, 2024, international students will be asked to provide evidence of at least AUD 29,710 ($19,576) in order to receive their visa. This is the second rise in approximately seven months, as the minimum savings amount was raised from AUD 21,041 to AUD 24,505 in October.

What are the new visa changes for students in 2024?

Here is the list of changes to temporary graduate visas in 2024 by the Australian Government:

• The age limit for a 485 visa will be reduced to 35 years. 
• The English language requirements for international students will be increased from 6.0 to 6.5.
• There will be no extension to post-study work rights for students.
• There will be an end to the replacement stream of temporary graduate visas.