The Department might again be increasing the financial requirements for Student Visas in the future
UPDATE on 8 May 2024: As we had predicted, from 10 May 2024, the Department will be imposing higher financial capacity requirements for Student (Subclass 500) Visas and Student Guardian (Subclass 590) Visas. For more information, please refer to our latest blog post about these new financial requirements.
While the financial requirements for the Student (Subclass 500) Visa program were only very recently increased by almost 17% in October 2023, if you ask us, you shouldn’t count on them staying the same for too much longer.
On 2 May 2024, the Department’s website actually outlined increased financial requirements which Student Visa Applicants were asked to account for, including the following changes:
Annual living costs for Primary Applicants increased from AUD24,505 to AUD29,710
Annual living costs for Secondary Applicants increased from:
AUD8,574 to AUD10,394 for an accompanying spouse/de facto partner
AUD3,670 to AUD4,449 for an accompanying dependent child
Annual school fees for a school-aged dependent child increased from AUD9,661 to AUD13,502
Annual income for parents or spouse/de facto partner in the last 12 months increased from:
AUD72,465 to AUD87,856 for a Primary Applicant not accompanied by any Secondary Applicants
AUD84,543 to AUD102,500 for a Primary Applicant accompanied by one or more Secondary Applicants
Brief changes to the financial requirements on the Department’s website for Student Visas on 2 May 2024.
These changes were subsequently reversed on 3 May 2024.
Brief changes to the financial requirements on the Department’s website for Student Visas on 2 May 2024.
These changes were subsequently reversed on 3 May 2024.
Brief changes to the financial requirements on the Department’s website for Student Visas on 2 May 2024.
These changes were subsequently reversed on 3 May 2024.
On that same day, we posted a video about these changes on our TikTok, Instagram and Student Visa Guide, and we noted in our video that these changes had not yet been implemented in the law, as the legislative instrument which applies still reflects the “old figures” (as opposed to the new increased financial figures on the Department’s website).
By way of update, the legislative instrument prescribing financial requirements for the Student Visa Program still remains the same, with no changes to the law. As of 3 May 2024, the Department has quickly reversed its 2 May 2024 increase to the financial requirements on its website, reverting to the financial requirements which have applied to Student Visa applications since October 2023. This is presumably since there is no legal basis for the Department to require the satisfaction of these increased financial requirements when the law has not been changed.
For the avoidance of doubt, these are the financial requirements which still apply in the Student Visa program:
Annual living costs of AUD24,505 for Primary Applicants
Annual living costs for Secondary Applicants:
AUD8,574 for an accompanying spouse/de facto partner
AUD3,670 for an accompanying dependent child
Annual school fees of AUD9,661 for a school-aged dependent child
Annual income for parents or spouse/de facto partner in the last 12 months:
AUD72,465 where a Primary Applicant is not accompanied by any Secondary Applicants
AUD84,543 where a Primary Applicant is accompanied by one or more Secondary Applicants
In summary, the short-lived (and now reversed) increase of financial requirements for Student Visas which were briefly outlined on Department’s website on 2 May 2024 are not yet in effect, and they may not actually be formally implemented in the immediate future, given how recently they were already increased in October 2023.
Nonetheless, it remains our view that persons interested in applying for a Student Visa in the future should be mindful of a potential increase to the financial requirements for Student Visas, this time by law (and not just on the website with no legal basis), perhaps in the coming months.
Should you wish to discuss your eligibility for a Student (Subclass 500) Visa, please contact us at info@inclusivemigration.com.au or submit an enquiry through the contact form on our website.
