Funds requirements for Australia study visa

Australia is a preferred study destination among international students as it offers many benefits to international students who complete their study in Australia.

In order to successfully get an Australia student visa there are certain requirements students must fulfil. Having enough funds for their tuition fee and cost of living in Australia is one of them. Below are some of the common queries of Students answered by an experienced and an expert MARA agent in Chandigarh who has been guiding students for Australia study visa since last 16 years.

Question 1 How much funds do I require for my Australia student visa?

Answer

As per the current policy applicants aspiring to study in Australia need to have funds of first 12 months to support their application. This means that the applicants must show proof of funds of first year of tuition fees and first year of cost of living for their Australia student visa application. There is also a requirement to have travel expenses.

Question 2 How much is the amount for this one year?

Answer

The amount depends on the number of applicants who are applying for the visa. By number of applicants it means that if you are a single person applying for a student visa or a married applicant having dependent spouse and kids.

Question 3 I am unmarried and a single applicant. How much money do I require to support my Australia student visa application?

Answer

You need to have funds for first year of your tuition fee, first year of your cost of living and travel expense. Let’s say your first year tuition fees id AUD 20000 then the amount you would be required to show is as below

  • Tuition fee 1st year AUD 20000
  • Cost of living 1 year AUD 21040
  • Travel expense AUD 2000

So the total amount comes out to be AUD 43040 that is approximately 23 lakh INR currently

Question 4 What is the form in which I may have this funds?

Answer

The funds must be liquid funds which are available for you to study in Australia. The acceptable forms of liquid funds are

  • Amount held in saving accounts
  • Amounts held in form of fixed deposit
  • Education loan

Question 5 I have mutual funds of about INR 20 lakh. Are these acceptable?

Answer

No mutual funds are not acceptable funds to support your Australia study visa application

Question 6 Is there some way I can use these mutual funds to support my application?

Answer

One of the possible ways could be liquidate these funds and transfer these to your saving account. Here we would like to stress that the applicants must discuss in detail with their consultant about all the aspects of the application and then act as advised.

Question 7 Is there a requirement of the funds being old?

Answer

The case officer assessing your Australia study visa application needs to be satisfied that the funds are genuinely available for your use. Having funds which are held in your account for some time lets say 6 months would positively impact the application.

Question 8 What is the solution if the funds are not old?

Answer

The applicants may provide the source from where the funds originated in support of the application. The source must be in an acceptable form and verifiable. This may serve the purpose. Here again we would like to stress that the applicants must discuss about complete profile with their Australia student visa consultant  before taking any decision  about the form of funds required to support the Australia student visa application.

Question 9 Who can sponsor me for my Australia study visa

Answer

Acceptable sponsors for the visa are

  • Your parents
  • Your grandparents
  • Your real brothers and sisters
  • Your spouse

Question 10 I do not have enough funds in liquid form. How can fulfil these requirements?

Answer

There is another option of showing the family income evidence. In case if you do not have required amount of funds and have sufficient family income in form of income tax returns and other acceptable income evidence then that may serve the purpose.

Question 11 What is the amount of income requirement?

Answer

You must have income documents to support that you have income of AUD62,222 in the 12 months immediately before you apply for your Australia student visa if you are a single applicant.

If are applying along with your dependents that is your spouse then this income requirement increases to AUD72,592 in the 12 months period immediately before you apply for your study visa.

Question 12 Who can show the family income evidence?

Answer

The acceptable sponsors for family income evidence are your parents and your partner. You can attach official government documents such as income tax statements in support of your application. If a single parent does not fulfil the requirement then you may use the combined documents of parents if both are working

Above are few of the queries regarding the funds requirement for Australia study visa 2022.