New financial requirements for student visa in Australia
Recent Changes in financial requirements for student visa in Australia
On August 26, 2023, the Australian Government made a significant announcement regarding the financial requirements for international students applying for a student visa. Commencing from October 1, 2023, the minimum savings required for a student visa will see an adjustment from AUD 21,041 to AUD 24,505.
In order to meet the primary eligibility criteria for a student visa, applicants may be asked by the Minister to furnish evidence of their financial capacity, aligning with specific criteria to assure that they will have the necessary funds accessible while pursuing their studies in Australia. This evidence should encompass adequate funds to cover various aspects, including travel expenses, living costs, and course fees.
These modifications to the financial prerequisites for a student visa, particularly subclass 500, have been initiated to ensure that international students arriving in Australia for educational purposes have the financial means to support themselves throughout their stay and reduce the potential risk of exploitation due to immediate employment needs. Notably, this requirement was last updated in 2019, when it increased from AUD 20,290 to AUD 21,041. The government now recognizes the importance of another adjustment to reflect the rising living expenses in Australia.
As of October 1, 2023, international students seeking a student visa will need to demonstrate a savings amount of AUD 24,505, marking a 17% increase from the current requirement. This adjustment is in alignment with the evolving economic landscape and living costs in the country.
Learn here how to work legally in Australia!
START NOW
(~6 minutes)
FAQ
Q1: What is Global Talent Visa Australia?
If you are serious planning to move to Australia and you would like to discuss your eligibility for the Global Talent Visa, make now an appointment completing the form above.
Q2: Can I apply for Global Talent visa?
It is especially important to observe that all sectors listed by the government for the Global Talent Visa Program are all about technology and for this Global Talent Visa Program Expression of Interest’s application. This translates you will not have any merits review, ministerial intervention, judicial interview, temporary visa, etc..
Q3: Do not apply for Global Talent visa Australia!
We are the unique immigration, and business consultancy in Australia, truly able to help you on Global Talent Visa Program Expression of Interest’s application, because we have the only expert in this industry, that is degree qualified in engineering, Australian patent holder, Agtech startup’s co-founder, Linkedin’s influencer with more than 25,000 followers, and registered migration agent, with more than 21 years’ experience. Nowadays, there is no more capacitated agency, in Australia than MQuality, to provide you the mastering help, you need to succeed on Global Talent Visa Program...
Q4: What is the engineering occupations list for Global Talent Independent Program?
However, you may prefer to nominate one or more sectors that are most applicable to your engineering profession, specialization or with alternative titles to become eligible... Click here for the full list and more!...
Q5: Who can apply for Global Talent visa in Australia?
In order to become eligible for Global Talent visa in Australia, you will have to prove your outstanding achievements are internationally recognised, still be remarkable in your field of expertise, evidence that you would be a great value to Australia in your field of expertise, have no difficulty becoming established in your area of expertise in Australia and mainly you must produce a proof of a recognised organisation or individual in Australia, in the same field of yours, nominating you as global talent.
Q6: How long does it take to get a global talent visa?
As the Global Talent visa in Australia is not for points-tested General Skilled Migration visas, general processing times are between 2 – 3 months.
Q7: What can you do with global talent visa?
You will be allowed to live in Australia permanently at any city of your choice. Also, you will be able to enroll in Australia's public health care scheme, the best Medicare in the world. If your relatives are nice with you, you are allowed to sponsor them to come to Australia. After you have learned what “cricket” means in Australia and when eligible, you may apply for Australian citizenship.
Q8: Do you help me with CDR’s Engineers Australia approval?
Let us explain you how we can help you legally. We are the unique immigration, and business consultancy in Australia, truly able to help you, on your career episodes or summary statement, because we have the only expert in this industry, that is degree qualified, experienced Electrical Engineer and previously member of the Institute of Engineers Australia , Australian patent holder, Agtech startup’s co-founder, Linkedin’s influencer with more than 27,000 followers, Registered Migration Agent, with more than 21 years’ experience that have already helped more than 3,000 engineers to obtain a positive CDR Engineers Australia’ skills assessment.... Click here for more!...
There is no better place in the world to learn a 2nd or 3rd language, because Australia is the friendliest and the most harmonious multicultural community in the planet. Why are you still reading this article? Complete the form above now!
