How much financial proof is required to study in Australia? Latest update

To be approved for an Australian student visa, you (or your sponsor) must provide evidence that you have sufficient financial resources to cover all costs during your studies and stay in Australia. These costs include tuition fees, living expenses, return airfares and other incidental costs.
The role of financial proof when studying in Australia
Proof of financial resources is a mandatory requirement for most international students who want to study in Australia in order to:
Ensure your ability to pay: The main purpose of financial proof is to ensure that you have sufficient funds to cover your living and study costs during your studies in Australia.

Protect the interests of students: By requiring students to demonstrate financial resources, the Australian government wants to ensure that international students come to this country for the legitimate purpose of studying, not to work or for any other purpose.
Clear financial proof will also help increase the credibility of your Australian student visa application.

To prove your financial resources during your study in Australia, you need to consult and prepare early for the following factors:

2.1. Proof of annual income

You need to provide evidence of an annual income of at least AUD 87,856 within 12 months before you apply. The proven income must be the personal income of the student's parents or spouse.
In case both your parents are working, the financial proof can be combined from the income of both parents. You need to provide financial proof in the form of official government documents such as tax assessments with a term of less than 12 months. Tax declaration within the last 12 months.

2.2. Proof of financial capacity for 12 months of study in Australia

To demonstrate financial capacity for the first 12 months of study, you need to ensure that you can afford:
Transportation costs to Australia
Tuition fees for 12 months for you and any school-age dependents (if applicable)
Living costs for 12 months for you and any family members accompanying you to Australia.

Living costs for 12 months will be determined as follows:
Student: AUD 29,710 (Including tuition fees)
Partner / Spouse: AUD 10,394
Accompanying children: AUD 4,449
Travel costs: Approximately AUD 2,000 (Return)

In addition to providing evidence of financial capacity, you also need to demonstrate that you and your family have access to the above expenses while studying and living in Australia. You need to demonstrate:
Your relationship with the person who is financially supporting you (family)
Parents' income, assets and employment (if required for some cases)
Previous visa history of both the student and the financial supporter

Is it difficult to prove financial resources for studying in Australia?

Proving financial resources for studying in Australia will depend on each specific case. To make the process of proving your financial resources easier, prepare all documents and clearly present your financial sources. You can also go to IDP to get advice on all important documents that need to be prepared during the application process.

If I receive a scholarship, do I need to prove financial resources?

If you receive a full scholarship that covers all tuition fees, living expenses and other expenses during your study abroad, you may still be required to provide ID from the consulate and the specific documents will depend on the specific characteristics of each application. Contact IDP for detailed advice!
However, if the scholarship only covers part of the costs, you still need to prove that you have enough financial capacity to pay for the rest.

Do dependents accompanying you have to prove financial resources?

For dependents accompanying you to study in Australia, typically spouse or children, you need to prove the cost of study if your child is over 5 years old and the cost of living of the accompanying child/spouse. The amount you need to prove for living expenses is AUD 10,394/year (for one person).

With information on financial proof requirements when studying in Australia, you can refer to and prepare all visa application documents in the easiest way. If you want to save time and increase the rate of applying for an Australian student visa, contact the consulting team at IDP immediately for advice on the process of preparing documents to study in Australia and interviewing for an Australian visa with a success rate of up to 95%
You can also participate in free study abroad seminars organized by IDP, consultants will help you choose the right school, major and course, find scholarships to study in Australia with a value of up to 100%
Contact IDP for advice on studying in Australia today!
Free study abroad consulting hotline: 19006955