21% increase to Student Visa financial capacity requirements

From 10 May 2024 onward, the Migration LIN 19/0198: Evidence of financial capacity - Subclass 500 Visa and Subclass 590 Visa) Instrument 2019 has effectively increased the financial requirements for the grant of Student (Subclass 500) Visas and Student Guardian (Subclass 590) Visas, which means that persons who want to study in Australia (along with their accompanying family members) must now have evidence of increased funds to be granted their Student Visa and Student Guardian Visas.

This table outlines the funds Student Visa and Student Guardian Visa Applicants will need to show to meet the minimum financial capacity requirements if they are lodging their application from 10 May 2024 onward.

The financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. This will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia. This proportion considers that students are out of course session for 25 per cent of the year. During this time they may return home or have access to unrestricted work.

While acknowledging that these financial capacity requirements were already updated and increased on 1 October 2023, the Australian Government has stated in the Explanatory Statement to the new legislative instrument that the 10 May 2024 increase of approximately 21% reflects the current cost of living pressures Student Visa and Student Guardian Visa holders will be subject to once they arrive in Australia, and that the previous financial capacity figures were not an accurate representation of current costs of modern living in Australia.

What does this mean for Student Visa and Student Guardian Visa Applicants?

If you have already lodged or proceed to lodge your Student Visa Application by 9 May 2024, your application will still be subject to the old financial requirements, even if it is still being proceed on 10 May 2024.

If your Student Visa Application is lodged on or after 10 May 2024, you must ensure that you provide evidence of your satisfaction of these new financial requirements, and that you ensure that your documentary evidence conforms with the prescribed types of evidence for the Student Visa Program.

For more information, you can check out our Student Visa Guide. Should you wish to discuss your eligibility for a Student Visa, please email info@inclusivemigration.com.au or submit an enquiry through the contact form on our website.