You need to have enough money that is genuinely available to you to pay for your course fees, travel and living costs for you and your accompanying family members while you are in Australia.
Genuine access to funds
You and your accompanying family members must demonstrate that you will have access to the funds while you are in Australia.
Some examples of how to evidence genuine access include:
- When another person or business is providing funds, show evidence of the relationship and any history of financial support provided to the student or any other students. It is also good practice to provide identity documents for the person providing the funds or evidence that the business is currently operating.
- If relying on a money deposit, any recent large deposits must be explained. You may also consider explaining ongoing deposits – like wages.
- If you have an education loan to cover tuition fees or living expenses (such as accommodation) disbursement should occur according to the agreement between the bank, provider and yourself. Evidence of any disbursement which occurs before the visa application has been finalised, should be provided. Evidence of the terms of the loan and the full amount of the loan that will be disbursed should be attached.
- Providers should be aware of the conditions placed on the education loan. Some loans offer deferred repayment against future earnings of the student and are conditional on the student studying only the stipulated course as that provider.
- If you are relying on another type of loan, you may consider showing evidence of collateral used to get the loan, the terms of the agreement and capacity to cover ongoing costs. The best evidence of genuine access for a loan is full disbursement.
12 months of funds option – calculation of funds
Living cost amounts
From 1 February 2018, the 12 month living cost is:
- student/guardian – AUD20,290
- partner/spouse – AUD7,100
- child – AUD3,040.
Calculate the first 12 months of your course fees or include the total cost of your course if it is for a duration of 12 months or less. Deduct any prepaid costs and provide evidence of these payments (this should be on your Confirmation of Enrolment or provide receipts).
If you are in Australia and your course has already commenced, calculate the course fee payable for the 12 month period commencing from the date on which you lodge your application.
Example 1: if your course fee is AUD50,000 for three years, determine the fee for one year (12 months) by dividing the total amount by the number of years. The amount will be AUD16,666. Deduct any pre-paid amounts.
Example 2: If your course fee is AUD15,000 for ten months, and you have already paid AUD5,000, deduct this prepaid amount from the total amount. The amount will be AUD10,000.
Example 3: if your course fee is AUD20,000 for 18 months, determine the fee for one year (12 months) by dividing the total amount by the number of months, then times by 12 (20,000 / 18 x 12). The amount will be AUD13,333. Deduct any pre-paid amounts.
Where school aged children are included in your student visa application, schooling costs of AUD8,000 per year for each child will need to be added to the amount of funds that is required. This amount is the minimum required for a visa application only and you are responsible for researching schooling costs, which may vary widely between states, territories and schools in Australia.
You do not have to provide evidence of schooling costs if you are:
- a PhD student and can show you have enrolled your child in an Australian government school where the fees have been waived
- received an Australian Commonwealth Government scholarship, including Foreign Affairs and Defence sponsored students, and you can show you have enrolled your child in a government school where the fees have been waived.
If applying outside Australia, include AUD2,000 (except if applying from East or Southern Africa, include AUD2,500; West Africa include AUD3,000).
If applying in Australia, include AUD1,000 (except if returning to Africa, include AUD1,500).