08 May 2024




Increase to the Financial Capacity Requirement for Student and Student Guardian Visas
Living and studying in Australia demands financial preparedness to sustain the expenses during your stay. Being financially prepared for the expenses associated with pursuing education in Australia reduces the hassle and ensures a smoother journey toward fulfilling our Australian dream. It is important to be informed and ready to cover the costs of living in the Land Down Under.
The Australian Government’s Migration Strategy, introduced on 11 December 2023, is focused on enhancing the integrity and quality of Australia’s international education programs. It prioritizes safeguarding international students and supporting graduates in achieving their career objectives.
In line with this, we would like to highlight that effective May 10, 2024, there will be an increase in the financial requirements for Student and Student Guardian visa applicants. The new financial requirement applies to any visas lodged on or after May 10, 2024. This adjustment is designed to ensure that students have the necessary financial resources to support themselves during their studies overseas.
The data below outlines the updated funds required to meet the minimum financial capacity requirement due to the recent changes:
Minimum required funds to meet financial capacity requirements:
Financial capacity requirement before 10 May 2024
Financial capacity requirement after 10 May 2024
Personal annual income where there is a member of the family unit
AUD 84, 543
Spouse or de facto partner of the student primary applicant (not applicable to student guardian applicant
Dependent child
Annual school costs
Personal annual income if there is no member of the family
Primary applicant
AUD 102, 500
AUD 8, 574
AUD 3, 670
AUD 9, 661
AUD 72, 465
AUD 24, 505
AUD 29, 710
AUD 10, 394
AUD 4, 449
AUD 13, 502
AUD 87, 856
International students who can demonstrate that they meet this financial capacity requirement are better positioned to make informed decisions about their future. This financial preparedness ensures that students can focus on their studies and experience life in Australia without the added stress of financial uncertainty.
If you would like further information, please feel free to contact us through our Facebook page at https://www.facebook.com/ozpacificgroup.