If you wish to study abroad, then Australia is a good choice because it is one of the most sought-after destinations in the world for high-quality education. Australia has world-class universities providing great options for research and academic programs in the field of science, arts, and humanities that are recognized worldwide.
However, you need to have sufficient funds at your disposal to make your dream come true. When a Student Visa Subclass 500 application is assessed, satisfying the financial capacity requirement is a primary criterion. When you plan to study in Australia, you need an adequate amount of money that is legitimately available to pay for your travel expenses, course fees, and living costs for you and your accompanying family members. If you fail to produce proof of financial capacity along with the Australian Student Visa application or as requested by an officer, the chance of visa refusal is quite high. Read on to know more about Student Visa Subclass 500 financial requirements.
Documents To Prove Financial Capacity
You can provide documentary evidence of financial capacity by choosing any one of the following options.
The 12-months fund option
• You need to submit documents that show you have sufficient money to cover traveling costs and 12 months living cost for you and your family members that includes your course fees and schooling cost of school-going dependants.
• If you enroll for a short course in Australia, you need to prove your financial capacity only for the duration of your course.
If you apply for a visa from outside Australia, the first 12 months will begin when you arrive in Australia. If you apply for the visa while staying there, the first 12 months will begin from the day on which the visa is approved.
Annual Income Option
• Give evidence indicating that the annual income requirement is met
Secondary Exchange Students
• Secondary exchange students are required to submit AASES (Acceptance Advice of Secondary Exchange Students).
Foreign Affairs/Defense students
• Such students are required to submit a letter of support issued by either the Department of Defense or Department of Foreign Affairs and Trade
Calculation Of Funds For 12 Months Fund Option
Evidence of funds includes a deposit of money, government loan, scholarship, sponsorship, or loan from an approved financial institution.
Cost Of Living For 12 Month
At present, the cost of living for 12 months is:
• Student: AUD21, 041
• Partner/spouse: AUD7, 362
• Child: AUD3,152
• Traveling cost: Approximately 2000 A$
The course you choose to get enrolled must be registered with CRICOS (Commonwealth Register of Institutions and Courses for Overseas Students). If the duration of your course is of 12 months consider the total cost of the course and if the duration is of more than 12 months, the first 12 months of your course fees should be calculated. The course fees will have to be calculated after deducting prepaid cost and either the receipts or the Confirmation of Enrollment should be provided as evidence along with the Visa Subclass 500 application.
In case you are already staying in Australia and your course has commenced, then the course fee to be paid for the 12-month period should be calculated starting from the date on which the visa application has been lodged.
Cost Of Schooling
If you include school-aged children in your visa application, you will need to add a minimum of AUD8, 296 per year to the number of funds required for each one of them. However, the schooling cost may differ depending on the state, territory, and schools in Australia.
However, you are not required to provide evidence of schooling costs in the following circumstances.
• If you are a Ph.D. student and can prove that your child has been admitted to a government school in Australia and the tuition fees have been waived.
• If you have been awarded the Australian Commonwealth Government scholarship that also includes Foreign Affairs and Defense-sponsored students and can prove that your child has been admitted to a government school and the tuition fees have been waived.
Cost Of Traveling
• You need to take into account AUD 2,000 except if you are applying from East or Southern Africa and West Africa where you need to include AUD 2,500 and AUD3, 000 respectively.
• If you are applying while staying in Australia consider AUD1, 000 except if you are going back to Africa where you need to include AUD1, 500.
Also, Read- Faqs For Temporary Graduate Visa Subclass 485
Calculation Of Funds For Annual Income Option
In the Annual Income Option, you are required to show proof of at least AUD62, 222 of personal annual income whereas the amount is AUD72, 592 if you come along with your family members. The earnings showed have to be either of your parents or your spouse who are not traveling with you and if both of them are working, their combined earnings would be taken into consideration for this condition. In all the circumstances, the evidence of annual income must be produced in the form of an official government document such as an income tax return. The documents must be attached to the visa application before submitting, failing to do so may lead to refusal of the visa.
Genuine Access To The Finances
It is mandatory for you and your accompanying family members to prove that you will be able to access the funds during your length of stay in Australia.
To find out whether the funds are going to be genuinely available, the following factors are considered.
• The kind of relationship you share with the person who is giving the funds, if applicable
• The earnings, assets, and employment details of the person offering the funds or that of yourself
• Prior visa history of yourself and the person offering the funds.
Acceptable Mode Of Funds
The available funds should be in the form of bank fixed deposits, savings account balance, PF, PPF, bank loans, deposits in the post office, government loans, and scholarship.
In order to meet the financial requirements for Visa subclass 500 accurately, it is best to seek assistance from the top Migration Agent Perth as they offer superior service regarding the processing of student visa applications. By availing their services, you can minimize the chance of student visa refusal.