How Much Bank Balance is Required for an Australian Student Visa in 2023

Applying for an Australian student visa (subclass 500) involves demonstrating sufficient funds to cover living expenses, tuition fees, and travel costs. This guide helps international students and potential applicants understand the bank balance requirements.

General Guidelines for Bank Balance Requirements

As of February 2023, the Australian government recommends that international students have access to around AUD 21,041 per year to cover living expenses. This figure serves as a baseline, and actual requirements can vary based on individual circumstances. Here are some key factors to consider:

Tuition Fees: These vary significantly by institution and course, so it's crucial to check specific costs at the desired institution. Travel Expenses: This can include the cost of flights to and from Australia, which typically ranges from AUD 2,000 to AUD 3,000 (depending on the route and time of travel). Overseas Student Health Cover (OSHC): This is mandatory for all international students and can range from AUD 1,000 to AUD 3,000 per year based on the type of cover chosen.

Exact Funding Requirements

For a single student applying for a one-year course, here are the detailed funding requirements:

12 months living expenses: AUD 21,041 Tuition fees for the first year of study: Varies by institution and course Return airfare to and from Australia: AUD 2,000 to AUD 3,000 Overseas Student Health Cover (OSHC): Varies based on the type of cover chosen

It is essential to keep in mind that these figures are subject to change. Therefore, it's advisable to visit the official Department of Home Affairs website or consult with an immigration advisor for the most current financial requirements.

Bank Statement Requirements for Self-Funding Students

If you are self-funding your studies and your annual income is at least AUD 62,000, you may need to provide a bank statement from your personal account for at least one year. This demonstrates your financial stability and ability to cover the required funds.

Conclusion

Applying for an Australian student visa involves more than just meeting the basic funding requirements. It's important to keep track of all expenses and ensure you have the necessary documentation to support your application. Always check the official Department of Home Affairs website for the most updated information on financial requirements and other visa-related details.