Students are looking to travel to various other countries to pursue their education, at any level, and Australia tops this year’s list. Australia, with its numerous universities and beautiful cities and landscapes, draws students and professionals here to further their studies. However, there are many factors students need to consider before beginning their study abroad journey. One of the most significant aspects to consider is the financial requirement for obtaining a study visa for Australia.
If you’re wondering about the bank balance required for an Australia study visa, you’ve come to the right place. In this blog, we will discuss everything you need to know about the bank balance required for an Australian study visa in 2024.
Australia Study Visa Requirements and Eligibility Criteria 2024
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).
Intake at Australian universities.
Australian university intakes vary from university to university, depending on course availability and numerous other factors. There are four educational intakes (two primary intakes and two additional intakes) by Australian universities.
Primary Intakes
- February
- July
Additional Intakes
- September
- November
What are the costs incurred for Australia Student Visa Holders in 2024?
Australia is a popular destination for students seeking higher education. Students moving to another country can be exciting and overwhelming. They must prove funds and other essential expenses. Australia student visa fees, travel expenses, living expenses, accommodation, and further details required for overseas students are mentioned below.
Also Read: Apply student visa for Australia from India in 2024
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.
Cost and processing time for an Australia Study Visa in 2024
Australian study visas cost AUD 650 (approximately 35,818.93 INR). Australian study visa fees will increase to AUD 715 on July 1, 2023.
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
What are the sources to show proof of funds?
To study at any Australian university, the student must provide evidence of financial stability. Some of the acceptable sources for showing funds are given below:
Bank statements (current account or savings account)
Scholarships (governmental or university)
Property documents
Loan (governmental or private)
How GreenTree Immigration can assist you?
GreenTree Immigration 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.
In India, we have received exceptional ratings and recognition as the premier and authorized consultants.
Conclusion
In general, it is recommended that prospective students have access to sufficient funds to cover tuition fees, living expenses, travel costs, and other expenses as students. Moreover, demonstrating funds availability through bank statements or other financial documents is only one part of the visa application process. Students also need to show their commitment to studying, provide evidence of English language proficiency, and fulfill other visa requirements. In conclusion, by carefully considering their expenses and gathering all the necessary documentation, students can increase their chances of obtaining a study visa. This will enable them to pursue their dreams of studying in Australia. The minimum needed for an Australian study visa is 45 lakhs to 47 lakhs INR.
Frequently Asked Questions:
1. How do I prove sufficient funds for an Australian visa?
Applicants can show proof of sufficient funds for Australia by providing bank statements, and proof of any scholarships or grants (if applicable).
2. How much bank balance do I need to show for an Australia study visa?
A year’s worth of living expenses up to Rs. 12 lakhs is the required bank balance for an Australia study visa.
3. What is the minimum percentage required for an Australian study visa?
A minimum of 60% in a diploma or 65% in a bachelor’s degree is required for an Australia study visa.
4. How many months of bank statements are required for an Australian student visa?
A minimum of 3 to 6 months of bank statements are required to be submitted during the submission of an Australia study visa application.
5. What is the age limit for an Australian study visa?
The maximum age limit for an Australian study visa is 40 years.
