Students are looking to travel to various other countries to further their studies, at any level, and Australia is at the top of the list this year. Australia, with its many universities and beautiful cities and landscapes, attracts students and professionals here to pursue their studies. However, there are many factors that students need to consider before beginning their study abroad journey. One of the most important aspects to consider is the financial requirements for obtaining a study visa for Australia.
If you are wondering about the bank balance required for a Study visa in Australia, You have 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 2023.
Australia Study Visa Requirements and Eligibility Criteria 2023
Australian student visa requirements and eligibility criteria are listed here:
- Meet the age requirements (there is no maximum age limit). However, it is difficult to obtain a visa after 40 years.
- Receipt of study visa application fee
- Educational certificates, transcripts and other relevant certificates
- Statement of Intent (SOP).
- English Proficiency Test Evidence: IELTS/PTE Test Form Report
- Medical certificate (cost between INR 8,000 and 10,000)
- Criminal record certificate (if applicable).
- Character and health requirements
- Be a true temporary participant (GTE).
- Must be enrolled at an Australian university and have a Confirmation of Enrollment (CoE).
- Provide proof of an acceptance letter.
- Have sufficient funds for the entire stay and provide proof of these funds (through bank statements, proof of loan or any other relevant documents).
- Take out and produce compulsory health insurance, OSHC (Overseas Student Health Cover).
- Biometrics (digital photos and fingerprints).
Admission to Australian universities.
Admissions to Australian universities vary from university to university, depending on course availability and many other factors. There are four educational promotions (two main promotions and two supplementary promotions) in Australian universities.
Primary inputs
Additional contributions
What are the costs incurred for Australian student visa holders in 2023?
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. Australian student visa fees, travel costs, living expenses, accommodation and other details required for international students are mentioned below.
Read also: Apply for a student visa to Australia from India in 2023
Tuition fees and expenses in Australia as an international student
The cost of education in Australia varies depending on the university. Tuition fees may vary depending on course selection, university, grades and other factors.
Average tuition fees for each degree are shown below.
Licence: 20,000 to 45,000 AUD
Master’s degree: 22,000 to 50,000 AUD
Doctorate: 20,000 to 42,000 AUD
Travel costs to Australia as an international student
As an international student in Australia, travel costs can take up a significant portion of your budget. You can save money on daily transportation by purchasing a student discount card. This gives you a reduced fare for public transport. Plus, walking or biking to class is a great way to save money while staying active. Foreign students spend between $1,850 and $2,500 per year.
Living expenses for one year are shown below.
Living expenses in Australia as an international student cost on average between $20,000 and $40,000 AUD per year. Living expenses include accommodation, food and utility bills.
Living expenses for one year are shown below.
- Student: $21,041 AUD
- If the partner accompanies you, an additional 7,362 AUD
- If your dependent child accompanies you, an additional fee of AUD 3,152
- Dependent children (school age): AUD 8,000 per year
Insurance costs in Australia as an international student
Students moving to Australia on a study visa need compulsory insurance called Overseas Student Health Cover (OSHC), which should be valid until the end of their stay. OSHC costs AUD 6,000 (INR 330,450.31 approximately). The cost varies depending on the length of the course and stay in Australia.
Cost and processing time for an Australian study visa in 2023
Australian study visas cost AUD 650 (approximately INR 35,818.93). Australian study visa fees will increase to AUD 715 on July 1, 2023.
The processing time for the Australian study visa (subclass 500) differs for each course.
- Higher education sector: 8 to 35 days
- Postdoctoral 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 winning sector: 6 to 59 days
- School sector: 15 days to 5 months
- Foreign Affairs or Defense Sector: 2 to 34 days
Australian study visa processing takes up to 8 weeks, while some applications are processed immediately.
Who is eligible to sponsor an Australia study visa?
The following people can sponsor the student to obtain an Australian student visa:
- Parents or legal parental guardians (must sponsor 60-70%)
- Grand parents
- Spouse
- Siblings
- Aunt or uncle
- Loans
What are the sources for presenting proof of funds?
To study at any Australian university, the student must provide proof of financial stability. Some of the acceptable sources for showing funds are given below:
Bank statements (current account or savings account)
Scholarships (government or university)
Property documents
Loan (governmental or private)
How GreenTree Immigration can help you?
Immigration of green trees has been providing exceptional Australian visa and immigration services for many years now. We have an exceptional team to provide customers with a positive and hassle-free experience. They have successfully processed over 100 Australian study visas. Our Australian process experts help you gather the required documents and draft SOPs for submitting your study visa.
In India, we have received exceptional ratings and recognition as leading and licensed consultants.
Conclusion
In general, it is recommended that prospective students have access to sufficient funds to cover tuition, living expenses, travel costs and other expenses as a student. Additionally, demonstrating the availability of funds through bank statements or other financial documents is only part of the visa application process. Students must also show their commitment to study, provide proof of English proficiency, and meet 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 allow them to pursue their dream of studying in Australia. The minimum requirement for an Australian study visa is INR 45 lakhs to 47 lakhs.
Frequently asked questions:
1. How can I prove that I have sufficient funds to obtain an Australian visa?
Applicants can prove they have sufficient funds for Australia by providing bank statements and proof of scholarships or grants (if applicable).
2. What bank balance do I need to present for an Australia study visa?
One 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 3-6 months of bank statements must be submitted when submitting 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.