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08 May 2024

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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.

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