Student and Student Guardian Visas Changes – New Financial Capacity Requirement
The Australian Government has increased Financial Capacity Requirement for student or student guardian visas, effective from 10 May 2024.
These changes impact the money visa applicants need to demonstrate they have for a student or student guardian visa. With cost of living increases the Governments changes will match 75% of Australia’s minimum wage seeking to ensure that visa applicants will have enough to cover living expenses in Australia while they study. This proportion takes into account that students are generally out of course session for 25% of the year, during which they may return home or have access to unrestricted work.
The below table outlines the funds you need to show to meet the minimum financial capacity requirement, which will be applied from 10 May 2024.
Minimum required funds to meet financial capacity requirements | ||
| Financial capacity requirement before 10 May 2024 | Financial capacity requirement after 10 May 2024 |
primary applicant | AUD24,505 | AUD29,710 |
spouse or de facto partner of the Student primary applicant (not applicable to Student Guardian applicant) | AUD8,574 | AUD10,394 |
dependent child | AUD3,670 | AUD4,449 |
annual school costs | AUD9,661 | AUD13,502 |
OR: | ||
personal annual income if there is no member of the family | AUD72,465 | AUD87,856 |
personal annual income where there is a member of the family unit | AUD84,543 | AUD102,500 |
Applications lodged before 10 May 2024, will not be impacted by the changes and will be assessed based on the financial capacity requirements applicable at the time of submission.
If you or family member are planning to apply for a student or student guardian visa and are uncertain about meeting these new requirements or need assistance, contact Stone Group Lawyers today to book an initial consultation.
The above article published by Stone Group Lawyers is intended as general information only and is not legal advice on any subject matter. By viewing the above article, the reader understands there is no solicitor-client relationship between the reader and the article published. The above article should not be used as a substitute for legal advice from a legal practitioner, and readers are urged to consult Stone Group Lawyers on any legal queries concerning a specific situation.