One of the most common reasons for Australian visa refusals is insufficient demonstration of financial capacity. The Department of Home Affairs wants to see that you can genuinely support yourself (and your dependants) during your stay in Australia, covering tuition, living costs, health insurance, and travel.
Student Visa (Subclass 500): Required Funds (2024–25)
Cost Item | Cost Item Amount (AUD/year) |
|---|---|
Living costs — main applicant AUD 24,505 Living costs — partner/spouse AUD 8,574 Living costs — each child AUD 3,670 OSHC (Overseas Student Health Cover) AUD 600–1,500 (varies by fund) Tuition fees AUD 20,000–55,000 (varies by course) Return airfare AUD 2,000–5,000 Total estimate (single student) AUD ~50,000–85,000 (first year) | Living costs — main applicant AUD 24,505 Living costs — partner/spouse AUD 8,574 Living costs — each child AUD 3,670 OSHC (Overseas Student Health Cover) AUD 600–1,500 (varies by fund) Tuition fees AUD 20,000–55,000 (varies by course) Return airfare AUD 2,000–5,000 Total estimate (single student) AUD ~50,000–85,000 (first year) |
Acceptable Forms of Financial Evidence
• Bank statements (last 3–6 months showing consistent balance)
• Term deposits or fixed savings accounts
• Education loan approval letter from a recognised financial institution
• Scholarship award letter (full or partial)
• Parent or guardian bank statements with a statutory declaration
• Property ownership documents (as supplementary evidence)
Skilled Migration Visas: Financial Requirements
For points-based visas (189, 190, 491), there is no prescribed minimum bank balance. However, applicants are expected to demonstrate sufficient funds to settle in Australia. The Department considers: savings history, employment record, and settlement funds. A general benchmark is AUD 20,000–30,000 per person in accessible savings.
Partner Visa: Assurance of Support
Some family visa categories require an Assurance of Support (AoS), a financial bond paid by the sponsor guaranteeing that the applicant will not rely on Australian social security. The AoS amount varies by visa type and applicant age.
Next step
Start your Australia journey with GEMINI Education