If you aim to study abroad and choose to study in New Zealand specifically, then you need to meet the requirements of Immigration New Zealand of having enough money to pay for your tuition fee and money to live in New Zealand while on student visa.
As per the requirement, you need to show tuition fee + cost of living for the duration of your stay in New Zealand. The cost of living as recommended by INZ is NZD15000 annually.
So if you are enrolled in one year course, you must have one year tuition fee and one year of cost of living readily available for your study in New Zealand visa application. These funds must be from your immediate family members and must be acceptable funds.
For one year, if your approximate tuition fee is $15000; you must keep NZD 30000 to support your application.
For 2 years course, you must have 2 years funds and for 3 year program, you must show finances for 3 years. For course of more than 1 year, international students may opt for payment plan to support their study in New Zealand visa application. For a course of more than one year, students need to have 1st year funds readily available and payment plans for subsequent years.
How to make a payment plan?
It is very important that you provide a favorable payment plan with your New Zealand Student Visa Application. You must support your payment plan along with your income documents and saving spread over a three year period. As a proof of your payment plan, you can submit Income Tax Returns. These must reflect your income patterns. You can submit GPF and EPF statements showing yearly accumulation of funds in these statements. You can also include saving account statements which may include recent funds in them and provide source of those funds. You may include any fixed deposit which may be due to mature next year.
There are a range of documents which one may provide in support of their payment plan for their study in New Zealand application. We at West Highlander facilitate your New Zealand student visa application by giving you the required information as per your sponsor’s income sources and saving patterns. We make sure that evidence of savings and income supporting your payment plan is spread over a three year period as required by Immigration New Zealand.