The Australian Government has announced an increase to the amount of savings international students will need to apply for a student visa. This requirement has not been updated since 2019 and needs to increase because of higher living expenses.
From 1 October 2023, student visa applicants will need to show they have a minimum of AU$24,505 in savings to cover annual living costs.
To receive an Australian student visa, there is a list of requirements that you need to meet. One of these requirements is proof that you have enough money to cover your travel, course fees and living costs during your stay. This is to reduce your risk of financial difficulty while you are studying.
No updates have been made to the financial capacity requirement since 2019, due to the impact of COVID-19. Prior to 2019, there were annual updates to the requirement. The new requirement will come into effect on 1 October 2023.
If you are planning to bring a spouse or family, there are also updated amounts required.
If you lodge a new application on or after 1 October 2023, you will be required to show proof of these new amounts. If you apply before 1 October 2023, the new financial capacity requirements will not apply.
The amounts you need to show to meet the financial capacity requirement is the minimum amount needed for the visa. Actual living costs vary throughout Australia and may be higher than what you need for the visa.
Knowing the average living costs in Australia is an important part of preparing for your studies. For an estimate of day-to-day living costs in Australia, use the Study Australia Cost of Living Calculator.
Visit the Department of Home Affairs website for more information on what is required for your visa application.