Commencing on May 10, 2024, there will be an increment in the financial threshold necessary for applicants seeking Student and Student Guardian visas to meet the eligibility criteria.
The modification in the financial capacity prerequisite now corresponds to 75% of the national minimum wage. This adjustment aims to accurately reflect the funds deemed essential to maintain a basic standard of living while pursuing studies in Australia. Considering that students have a 25% break during the academic year, enabling them to return home or engage in unrestricted work.
By complying with this enhanced financial capacity standard, international students can make more informed choices regarding their educational journey.
Meeting the new financial threshold reduces the likelihood of students:
- Facing financial hardships after arriving in Australia
- Violating their visa terms by exceeding the permissible work hours
- Falling prey to exploitative work practices.
Outlined below are the revised fund requirements essential to satisfy the updated minimum financial capacity criteria, set to be effective starting from May 10, 2024:
Applications submitted before May 10th, 2024 will be reviewed using the financial requirements that were valid when you applied.