The Australian government has announced that the student visa fund proof requirement will increase by 17% from AU$21,041 to AU$24,505, effective from October 1, 2023. This is the first increase in the student visa fund proof requirement since 2019.
The Australian government states that the increase is necessary to ensure that international students have enough money to support themselves during their studies in Australia. The increase also takes into account the rising cost of living in Australia.
To meet the student visa fund proof requirement, international students must show that they have access to at least AU$24,505 in savings. This money can be held in the student’s own name, or in the name of a family member or sponsor.
International students can also meet the student visa fund proof requirement by providing evidence of a scholarship, grant, or other financial support.
The Australian government has also announced that it will apply additional scrutiny to high-risk cohorts and ask for additional documents to prevent fraud in applications.
This increase in the student visa fund proof requirement is likely to have a significant impact on international students who are planning to study in Australia. International students from low-income countries may find it more difficult to afford to study in Australia.
However, the Australian government has stated that it is committed to supporting international students and that the increase in the student visa fund proof requirement is necessary to ensure that international students have a positive experience in Australia.
Implications for international students
The increase in the student visa fund proof requirement will make it more expensive for international students to study in Australia. International students from low-income countries may find it more difficult to afford to study in Australia.
International students should also be prepared to provide additional documentation to support their student visa application.
Tips for international students
- Start saving for your studies early. The sooner you start saving, the more time you will have to accumulate the necessary funds.
- Consider applying for scholarships or grants. There are many scholarships and grants available to international students who are planning to study in Australia.
- Be prepared to provide additional documentation to support your student visa application. This may include evidence of your savings, scholarships, grants, or other financial support.