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Australian Student and Student Guardian visa application financial capacity requirements increased for 2023-2024

November 1, 2023 Raymond Salomonn Comments Off

Financial requirements for Australian student visa have now changed. Under the new legislative instrument announced recently, Australian student visa requirements now updated to align with the Consumer Price Index (CPI) data published by the Australian Bureau of Statistics. Applicants for Subclass 500 Student visas or Subclass 590 Student Guardian visas are required to provide evidence of financial capacity. Under subclauses 500.214(4), 500.313(4), and 590.216(4) of Schedule 2 to the Migration Regulations 1994, in addition to their ability to pay for tuition fees, visa applicants are also required to demonstrate that they have genuine access to sufficient funds to meet other expenses while in Australia, for example, living costs, education fees for accompanied school-aged dependent children etc., as appropriate.

The financial criteria for applications for Australian student visas and visas for student guardians is increased for the fiscal year 2023–2024.
Financial requirements for Student and Student Guardian visa applications increased for the 2023–2024 fiscal year

Both the international students already in Australia on student visas, and first time student (or student guardian) visa applicants will be subject to this new measures as part of their student visa application process. These new measures should be taken into account when preparing Australian student visa checklist. Registered migration agents all over Australia should be aware and incorporate these new measures when consulting clients for student visa applications.

Specific amounts for living costs and other expenses a visa applicant must demonstrate for the current financial year are now specified in legislative instrument LIN 19/198. This legislative instrument is called Migration (LIN 19/198: Evidence of financial capacity—Subclass 500 Visa and Subclass 590 Visa) Amendment (LIN 23/070) Specification 2023.

These requirements specify, in Australian dollars (AUD), the amount of funds an applicant must demonstrate in order to meet the primary criteria for the grant of a Subclass 500 visa, the secondary criteria for the grant of a Subclass 500 visa, or the primary criteria for the grant of a Subclass 590 visa. Until 2019, these figures were previously updated annually. Due to the COVID-19 Pandemic, these requirements have not been updated in recent years.

The Minister for Immigration has issued this new legislative instrument, LIN 19/198, to adjust annual living costs and expenses in accordance with Consumer Price Index (CPI) increases from June 2019 to June 2023, effective 1 October 2023. The Consumer Price Index (CPI) is a metric used for measuring inflation at household levels. It encompasses data on the fluctuation of prices across several categories of household spending.

Now that the Covid-19 pandemic has ended, it is anticipated that the Australian government will continue to revise these financial requirements annually.

Following table shows up-to-date figure for Student and Student Guardian financial capacity requirements:

Type of applicant for subclass 500 (Student) or subclass 590 (Student Guardian) visa

Amount in AUD

Primary applicant – (living costs per year)

AUD 24,505

Spouse or de facto partner – (living costs per year)

AUD 8,574

Each dependent child – (living costs per year)

AUD 3,670

Annual school costs for each school-aged dependent child

AUD 9,661

Personal annual income for a primary applicant (no secondary applicant)

AUD 72,465

Personal annual income for a primary applicant (with secondary applicant)

AUD 84,543

Raymond Salomonn, an experienced Registered Migration Agent based in Sydney, provides valuable guidance on the student visa application process. He advises clients, particularly onshore international students aiming to sponsor their family members to join them in Australia, that they must also showcase their financial capability to support their spouse, de-facto partners, and any dependent children. This requirement aligns with the latest legislative instruments.

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One vital aspect that often raises questions is demonstrating financial capacity to support family members. As a student visa applicant or a student guardian, understanding this requirement is essential. Raymond Salomonn ensures that you comprehend the financial criteria and can navigate it successfully. He helps you build a strong case, allowing you to enjoy the benefits of Australia’s world-class education system.

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