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Australia Student Visa New Update for Financial Capacity Evidence

According to the Australia student visa news today, the Australian Government has increased the amount of financial evidence for overseas students to qualify for a student visa. This criterion has not been updated since 2019 and should be increased due to rising living costs.

Student visa applicants will be required to prove a minimum of AU$24,505 in savings to meet yearly living expenditures from October 1, 2023.

What is this Financial Capacity Evidence?

A list of conditions must be met in order to obtain an Australian student visa. Financial Capacity Evidence is the proof that you have enough money to cover your travel, course fees, and living expenses during your stay is one of these criteria. This is to lower your chances of experiencing financial difficulties while studying.

Australian Visa Update about Financial Capacity Requirement

Due to the impact of COVID-19, no adjustments to the financial capacity requirement have been made since 2019. Prior to 2019, the criterion was updated on a yearly basis. The new requirement will take effect on October 1, 2023.

Australian study visa updates

  • The required savings amount changes from AU$21041 to AU$24,505.
  • There are now revised amounts necessary if you intend to bring a spouse or family.
  • If you file a new application on or after October 1, 2023, you must provide verification of these increased amounts. The increased financial capacity criteria will not apply if you apply before October 1, 2023.

The amount you must present to achieve the financial capability criterion is the bare minimum for the visa. Actual living costs vary around Australia and may be greater than what you require for the visa.

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