How Much Bank Balance Is Required For Australia Study Visa?

How Much Bank Balance Is Required For Australia Study Visa?

Embarking on a journey to pursue higher education in Australia is an exciting and transformative decision. With its world-renowned universities, diverse culture, and stunning landscapes, Australia offers a unique and enriching academic experience. However, before you set foot on this educational adventure, it's crucial to understand the financial requirements associated with obtaining an Australian study visa. In this blog, we will delve into the specifics of how much bank balance is required for an Australia study visa and provide you with insights to help you plan your finances accordingly.

The specific financial capacity requirement may vary depending on factors such as the duration of your course, your chosen location in Australia, and whether you are studying alone or with family members.Tuition fees also vary widely depending on the institution and the chosen course of study. It's essential to research the tuition fees for your specific program and factor them into your financial planning.

Australia Study Visa Requirements and Eligibility Criteria

Australian student visa requirements and eligibility criteria are listed here:

• Pass the age eligibility criteria (there is no maximum age limit). However, it is difficult to get a visa after 40.
• Study visa application fee receipt
• Educational certificates, transcripts, and other relevant certificates
• Statement of purpose (SOP).
• English proficiency test proof: IELTS Test Form Report/PTE
• Medical Clearance Certificate (costs around 8000 to 10,000 INR)
• Police Clearance Certificate (if applicable).
• Character and health requirements
• Be a Genuine Temporary Entrant (GTE).
• Must be enrolled at an Australian university and have a Confirmation of Enrollment (CoE).
• Provide evidence of a letter of acceptance.
• Possess sufficient funds for the entire stay and provide evidence of the funds (through bank statements, loan evidence, or any other relevant document).
• Apply for and produce mandatory health insurance, OSHC (Overseas Student Health Cover).
• Biometrics (digital photos and fingerprints).

Tuition Fees & Expenses in Australia as an overseas student

Australia’s education cost varies according to the university. Tuition fees may vary according to course selection, university, grades, and other factors.

The average tuition fees for each degree are provided below.

Bachelor’s degree: $20,000–45,000 AUD

Master’s degree: $22,000–50,000 AUD

Doctoral Degree: $20,000–42,000 AUD

Travel expenses in Australia as an overseas student

As an overseas student in Australia, travel expenses can be a significant portion of your budget. You can save money on daily transportation by purchasing a student concession card. This gives you a discounted public transportation rate. Additionally, walking or biking to class is an excellent way to save money while staying active. Overseas students spend $1850 to $2500 per year.

Living expenses for a year are listed below. 

Living expenses in Australia as an overseas student, on average, cost around $20,000 to AUD 40,000 annually. Living expenses include accommodation, food, and utility bills.

Living expenses for a year are listed below.

• Student: $21,041 AUD
• If the partner is accompanying, an additional $7362 AUD
• If your dependent child is accompanying you, an additional $3152 AUD
• Dependent children (school-aged): $8000 AUD per year

Insurance expenses in Australia as an overseas student

Students who move to Australia on a study visa need mandatory insurance called Overseas Student Health Cover (OSHC), which should be valid until the end of their stay. The OSHC costs AUD 6000 (330,450.31 INR approx.). The cost varies according to the length of the course and their stay in Australia.

Evidence of Sufficient Funds

Sufficient funds to cover your living costs and tuition fees. This evidence typically includes:

• Bank Statements: You will need to provide recent bank statements that demonstrate your financial capacity. These statements should cover aspecific period (usually around 3-6 months) and clearly show that you have access to the required funds.

• Genuine Access: It's essential to demonstrate that the funds are genuinely accessible and available for your use while studying in Australia. This means that the funds should not be borrowed or temporarily acquired solely for the purpose of obtaining a visa.

• Financial Undertaking: If you have a sponsor (such as a parent or relative) who will be financially supporting you, they may need to provide a written statement confirming their commitment to covering your expenses.

• Scholarships or Loans: If you have been awarded scholarships or have taken out loans to finance your studies, you should provide relevant documentation to support these claims.

• Proof of Income: If you intend to work part-time during your studies to supplement your income, you can also provide evidence of potential earnings from employment.

It's important to note that the specific documentation required may change, and it's advisable to refer to the official Department of Home Affairs website or consult with an authorized migration agent for the most up-to-date information.

Processing Time for an Australia Study Visa

Australian study visa (subclass 500) processing time differs for each stream.

• Higher Education Sector: 8 to 35 days
• Postgraduate Research Sector: 13 days to 15 months
• Vocational Education and Training Sector: 9 days to 63 days
• Independent ELICOS Sector: 8 to 54 days
• Non-Award Sector: 6 to 59 days
• School Sector: 15 days to 5 months
• Foreign Affairs or Defence Sector: 2 to 34 days

Australian study visa processing takes up to 8 weeks, whereas some applications get processed immediately.

Who is eligible to sponsor a study visa to Australia?

The following people may sponsor the student in order to obtain an Australia Student Visa:

• Parents or legal parental guardians (must sponsor for 60 – 70%)
• Grandparents
• Spouse
• Siblings
• Aunt or Uncle
• Loans

How UTTER VISION can assist you?

UTTER VISION has been providing exceptional Australian visa and immigration services for many years now. We have an outstanding team to provide clients with a positive and hassle-free experience. They have successfully processed over 100 Australian study visas. Our Australian process experts aid in the gathering of the required paperwork and SOP writing for lodging your study visa.  

Conclusion

Securing an Australian study visa is a significant step toward achieving your academic and personal goals. Understanding the financial requirements and planning accordingly is a crucial aspect of this process. By carefully researching the estimated living costs, tuition fees, and other expenses associated with your chosen course and location, you can ensure that you meet the financial capacity requirement and embark on your educational journey with confidence.

Remember that financial planning is not only a visa requirement but also a practical consideration to ensure a smooth and enriching experience during your time in Australia. By demonstrating your ability to support yourself financially, you set the stage for a successful and rewarding period of study Down Under.