Getting accepted by the University of your Preference is only the first step in fulfilling your dream of studying in Australia. What lies beyond the extensive application process is equally important – the financial formalities that go with the visa application for Australia. When completing your online visa application form, you will be required to provide a collection of documents on the finances front and also be aware of the steps involved in submitting them.
To begin with, let us discuss the proof of income factor. For this, you will be required to provide evidence that your parents or your partner had a personal annual income of at least AUD 60,000 in the 12 months immediately before you apply. In case you have family members coming along, you must demonstrate your parents’ or partner’s income is at least AUD70,000.
Another essential detail is the cost of living. Like many other countries, you would be needed to show proof that you have enough funds to cater to your education and living expenses while you are in Australia. You would be required to provide documents that demonstrate that you have adequate funds to meet the duration of your stay in Australia. It should be noted that the living cost requirement for Australian student visa applicants has risen from AUD$18,000 per year to AUD$18,610 per year to ensure that international students are financially ready to relocate to Australia and that they will have access to sufficient funds during their stay.
Essentially, the funds should cover:
- Travel costs to and from Australia
- Living costs
- Tuition costs
This is necessary and in case you are applying for a student loan to cover your expenses, you would need the letter from the bank to validate your financial capacity. If the loan was drawn several months before the application was submitted, the candidate should be able to demonstrate either that the funds are in a current account/savings account in the name of the student or the individual providing financial assistance or have been used to pay expenses such as course fees and airfares.
Finally, you would need access to a debit or a credit card to make an online visa fee payment. The visa fee today for Student Visa (573) is AUD 535. However, this is subject to revision and students are advised to verify the official website before they start the application process.