Having sufficient bank balance is one of the key elements for studying Australia. International students must have AU$ 29,710 is show-money in their bank account. For Indian students, this amount can sum up to INR 12 lacs. These funds are part of the financial requirements to obtain an Australian student visa, and showcase their financial capacity to cover tuition fees, living expenses, and travel costs. Let’s dive in deeper and learn all about the financial requirements to obtain an Australian study visa. 

Australian Study Visa Requirements 

Applying for an Australian student visa requires meeting specific financial and academic criteria. Applicants must demonstrate sufficient funds to cover tuition fees, living expenses, and travel costs. As of May 10, 2025, the minimum required bank balance is AUD 29,710 for the primary applicant. Additionally, a minimum of 3 to 6 months of bank statements is necessary to substantiate financial capacity. Academically, a minimum of 60% in a diploma or 65% in a bachelor's degree is typically required. Applicants must also provide proof of English language proficiency, a Confirmation of Enrolment (CoE) from an Australian institution, and meet health and character requirements. Ensuring all documentation is accurate and complete will facilitate a smoother visa application process. 

Costs incurred for Australia Student Visa Holders 

Pursuing education in Australia entails several financial obligations for student visa holders. As of July 1, 2024, the Australian government increased the student visa application fee to AUD 1,600, reflecting the growing value of Australian education and a commitment to maintaining the sector's integrity.  

Beyond the visa fee, students must demonstrate sufficient funds to cover tuition fees, living expenses, and travel costs. Tuition fees vary depending on the course and institution, with bachelor's degrees ranging from AUD 20,000 to 45,000 annually, master's degrees from AUD 22,000 to 50,000, and doctoral degrees from AUD 20,000 to 42,000. 

Living expenses are a crucial consideration. The Department of Home Affairs mandates that students have access to funds covering living costs, which, as of October 1, 2023, amount to AUD 24,505 per year. This ensures students can support themselves without financial hardship.  

Additional costs include Overseas Student Health Cover (OSHC), which is compulsory for the duration of the stay, and travel expenses, estimated between AUD 1,850 to 2,500 annually. Students should also budget for accommodation, utilities, and other personal expenses, which can vary based on location and lifestyle choices. 

Who Can Show Funds for Australia Study Visa? 

When applying for an Australian student visa, applicants must demonstrate sufficient financial capacity to cover tuition fees, living expenses, and travel costs. 

• This financial evidence can be provided by the student or a sponsor, such as a parent or spouse. 

• Sponsors are required to show proof of adequate funds in their bank accounts to support the student's stay in Australia. 

• Alternatively, if the sponsor has an annual income exceeding AUD 72,465, this ongoing income can serve as evidence of financial capacity. 

• It's essential that the financial documents are recent, typically covering the last three to six months, to accurately reflect the sponsor's financial status. 

• Ensuring that these financial requirements are met is crucial for a successful student visa application. 

 

Smart Tips to Manage Finances for Students in Australia 

Managing finances effectively is crucial for students in Australia to ensure a stress-free and enriching academic experience. Here are some smart tips to help you stay on top of your finances: 

1. Create a Detailed Budget: Begin by outlining all your income sources and expenses. Utilize budgeting tools like the Australian Government’s MoneySmart budget planner to monitor spending and identify areas to cut costs.  

2. Explore Affordable Student Accommodation in Australia: Student accommodation in Melbourne, Sydney, and other top student cities feature the best housing options. Students must choose between on-campus residences, homestays, or shared rentals to find cost-effective options that suit your needs.  

3. Utilize Student Discounts: Always carry your student ID to access discounts on public transport, entertainment, and retail purchases. Many establishments offer special rates for students, helping you save considerably.  

4. Cook at Home: Dining out can be expensive. Preparing meals at home is more economical and often healthier. Plan your meals, shop for groceries wisely, and consider cooking in bulk to save time and money. 

5. Use Public Transportation: Opt for buses, trains, or cycling instead of owning a car. Public transport is generally cheaper, especially with student concessions, and reduces expenses related to fuel, maintenance, and parking. 

6. Seek Part-Time Employment: Many students find part-time jobs to supplement their income. Ensure that your work hours comply with visa regulations and don’t interfere with your studies. 

7. Monitor Utility Usage: Be mindful of electricity, water, and internet usage. Simple actions like turning off unused appliances, taking shorter showers, and choosing energy-efficient devices can lead to significant savings. 

Conclusion 

Demonstrating sufficient financial capacity is crucial for obtaining an Australia Study Visa. Students must show proof of funds covering tuition fees, living expenses (AUD 29,710 per annum), and travel costs. Meeting these financial requirements ensures a smooth visa approval process, allowing students to focus on their academic journey in Australia. 

 

FAQs on Financial Requirements for an Australia Study Visa

1. How Much Bank Balance is Required for an Australian Student Visa in 2025?

Ans:  To apply for an Australian student visa, applicants must show a minimum bank balance of AUD 29,710 as of May 10, 2025. This amount covers living expenses, tuition fees, and travel costs. The funds should be maintained for at least 3 to 6 months before application submission.

2. Can Someone Else Sponsor My Australian Student Visa?

Ans:  Yes, a student’s parent, legal guardian, spouse, or partner can act as a financial sponsor. Sponsors must provide proof of sufficient funds in their bank account or demonstrate an annual income of at least AUD 72,465. Recent bank statements covering the last 3 to 6 months are required to validate financial capacity.

3. What Are the Hidden Costs of Studying in Australia?

Ans:  Beyond tuition fees and living expenses, students must budget for additional costs such as:

• Visa application fee: AUD 1,600 (as of July 1, 2024)
• Overseas Student Health Cover (OSHC): Varies by provider and length of stay
• Travel expenses: AUD 1,850 to 2,500 per year
• Accommodation and utilities: Based on city and lifestyle choices

4. How Can International Students Manage Their Expenses in Australia?

Ans:  Students can manage finances effectively by:

• Choosing affordable student accommodation (on-campus, homestays, or shared rentals)
• Using student discounts for transport, entertainment, and shopping
• Cooking at home instead of eating out
• Using public transport or cycling instead of owning a car
• Taking up part-time jobs while adhering to visa work limitations

5. How Long Should I Maintain My Bank Balance Before Applying for a Visa?

Ans: The Australian Department of Home Affairs requires applicants to provide bank statements covering the last 3 to 6 months. These statements must show consistent financial capacity to cover tuition fees, living expenses, and travel costs, ensuring a smooth visa approval process.