Increased financial capacity requirements for Student (Subclass 500) Visa and Student Guardian (Subclass 590) Visa applications
From 10 May 2024, the Department will be imposing increased financial requirements for Student (Subclass 500) Visa and Student Guardian (Subclass 590) Visa applications. The new financial requirements will apply to applications lodged from 10 May 2024 onwards, and applications lodged prior to 10 May 2024 which are still being processed by the Department will not be affected by this change.
If you read our previous blog post or videos about the Department prematurely updating its website to reflect these new financial requirements on 2 May 2024 (and then hastily reversing them on 3 May 2024 since the law had not been changed and there was no legal basis to require this at that time), you would have seen this coming. It was our prediction that these financial requirements would soon be formally updated to reflect the rising cost of living in Australia, and the Department has indeed confirmed that the financial capacity requirement has been updated to align with a proportion (75 per cent) of the national minimum wage. In this regard, the Department has stated that this will better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia, and that the 75% proportion considers that students are out of course session for 25% of the year, during which they may return home or have access to unrestricted work (Note: unrestricted work rights are subject to certain requirements).
What does this mean for Student 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.
