The dream of studying in Australia just got a bit more financially challenging for international students and their guardians. In a recent update, as reported by MSN.com, the Australian Department of Home Affairs has announced an increase in the financial capacity requirement for those applying for Student and Student Guardian visas. This move, effective from May 10, 2024, aims to ensure that visa applicants can sustain a minimum standard of living while pursuing their education down under.
According to the official statement released on the Department of Home Affairs website, the updated requirement now aligns with 75 per cent of the national minimum wage. This adjustment reflects a more realistic estimation of the funds necessary to support oneself during periods of study, considering that students are out of session for approximately 25 per cent of the year. Whether returning home or seeking unrestricted work during these breaks, students must be equipped with adequate financial resources to meet their living expenses.
Here’s a breakdown of the minimum required funds before and after the recent update:
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 | |
|---|---|---|
| Primary applicant | AUD24,505 | AUD29,710 |
| Spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
| Dependent child | AUD3,670 | AUD4,449 |
| Annual school costs | AUD9,661 | AUD13,502 |
| Personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
| Personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
This adjustment reflects the Australian government’s commitment to ensuring that international students and their families can afford the cost of living while studying in Australia. By aligning the financial capacity requirement with a percentage of the national minimum wage, the authorities aim to maintain the country’s reputation as a welcoming and supportive destination for international students.
It’s essential for prospective visa applicants to take note of these changes and ensure they meet the updated financial criteria before submitting their applications. Failure to meet the financial capacity requirement may result in delays or rejection of the visa application.
For more detailed information and updates regarding Australian visa requirements, you can visit the official website of the Australian Department of Home Affairs at immi.homeaffairs.gov.au.
Disclaimer: The information provided in this blog post is based on publicly available sources, including the report from MSN.com, and is intended for general informational purposes only. While we strive to ensure the accuracy and reliability of the information presented, readers are advised to refer to official government sources or consult with qualified professionals for personalized guidance regarding visa applications and related matters.
Stay informed, stay prepared, and embark on your educational journey in Australia with confidence!
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