Australia revises financial requirements for international students starting May 10: Key changes

NEW DELHI: The Australian Department of Home Affairs has announced an increase in the amount of savings required for international students applying for Student and Student Guardian visas. The rule went into effect today, May 10, 2024. However, applications submitted prior to the specified date will be evaluated using the financial capacity requirements in effect at the time of application.

From 10 May 2024, the amount of money that Student and Student Guardian visa applicants need to have to be eligible for the visa is increasing.

Department of Home Affairs, Australia

A detailed write-up on the official website of the Department of Home Affairs, Australian Government at immi.homeaffairs.gov.au states that, beginning May 10, 2024, the amount of money needed for applicants of Student and Student Guardian visas to qualify for the visa will be increased.According to the notice, the financial capacity requirement has been revised to align with 75% of the national minimum wage.
This adjustment aims to more accurately represent the amount of money deemed sufficient for sustaining a basic standard of living while pursuing studies in Australia. It acknowledges that students are not engaged in classes for 25% of the year, during which they may have the opportunity to return home or work without limitations.
The announcement highlights that international students meeting the new financial requirement can make better decisions about their future. It states that meeting this requirement reduces the likelihood of financial problems in Australia, visa breaches due to excessive work, and vulnerability to exploitation.
Additionally, a table is provided on the notification outlining the funds needed to meet the requirement, effective from May 10, 2024. Here’s an overview-

Category
 Financial capacity requirement before 10 May 2024
 Financial capacity requirement after 10 May 2024
Primary Applicant AUD 24,505 AUD 29,710
Spouse or De Facto Partner (Not applicable to Student Guardian applicant) AUD 8,574 AUD 10,394
Dependent Child AUD 3,670 AUD 4,449
Annual School Costs AUD 9,661 AUD13,502
Personal Annual Income (No family member) AUD 72,465 AUD87,856
Personal Annual Income (With family member) AUD 84,543 AUD 102,500

(For context, a Google search for conversion from Australian Dollar – AUD to Indian Rupee -INR shows AUD 1,000 is approximately worth INR 55,220.)
The updated regulation requires students to show savings of at least AUD 29,710 in order to secure their visa. This is the second adjustment in seven months. Previously, the requirement had increased from AUD 21,041 to AUD 24,505.
What is Australian Guardian Visa?
The Australian Guardian Visa allows individuals to come to Australia for the purpose of providing care and support to a student visa holder who is under 18 years of age, or over 18 in exceptional circumstances. This visa permits guardians to care for more than one student during their stay in Australia.
For more details check the AU Immigration official notification.

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