Financial Resources

Studying in Australia might have been your dream, but it is much more than a dream. It can be an international exposure that can help you in your growth. Being an opportunity, Australian education does not come so easy. Studying in Australia involves a number of procedures. One of them is providing the proof of your financial resources. Your desired college or university ask for this document in order to know whether you can bear the cost of education or not. Even while obtaining a student visa, you have to be able to prove that you can take care of yourself financially for the first year or two that you are in the country. So the proof of your financial resources matter.

Why do they do this?

Colleges, universities, embassies, or consulates ask such information with a purpose and it is important for you to understand why they ask for it. There are a few reasons that this proof is required. The first thing that the Australian government wants to know through your proof of financial resources is that you will be able to get the most out of your education. Monetary issues can create a lot of stress in students’ mind. If you lack funding and fail to gather enough for your education and living in Australia, it can have negative impacts on every part of your life. Feeling financially secure is important for anyone in life. It can be very difficult for students to concentrate on studies while also worrying about their financial situation. By making sure that you have the financial resources you need available, you’ll be in a better place as you go through your university career.

The Australian government does not want to worry about taking care of international students and their financial situations while they are in the country. If the country were not to check for proof of financial resources, the country may end up taking on unnecessary financial burden due to an ill-prepared international student.

Cost of living in Australia can be quite high, especially in urban areas such as Sydney and Melbourne. Instead of allowing international students to struggle or be shell-shocked by the cost of living after they’ve arrived, the Australian government has opted to check out a student’s finances before they can even obtain a visa to enter the country.

Minimum Requirements

The Department of Home Affairs has minimum requirements that you must reach in order to be able to obtain your student visa. Here are the minimum requirements as of February 1, 2018.

Student: The student must have equivalent to one return airfare to the country of Australia. They must also have course fees and approximately AUD 20,290 for the cost of living (rent, food, etc) in order to be considered for a student visa. This may differ depending on where you are living and what school you are attending.

  • Student’s spouse or partner: If you are married (as many who go into graduate studies are) or are in a committed relationship or civil union, you must also have proof of financial resources for your spouse or partner. They must have the equivalent of one return airfare to the country as well as an extra for the overall cost of living. If they are taking classes as well, they must have enough for their own coursework.
  • Children: If you have children under the age of 6, each of them will add another airfare and AUD 3,040 per year. If your children are over the age of 6, the Department of Immigration and Citizenship will determine a cost based on your child’s age, school level, and the region of Australia that you are residing in.

You might have some queries about the minimum requirements. Your college or university can also have different requirements based on their policies. In such cases, you can contact the financial aid office or international studies office at your university, or you can contact the Department of Home Affairs of Australia directly.

How Do They Calculate Whether or Not I’m Eligible?

The proof of your financial resources could be in the form of bank statements, loan contracts, or information that is related to those who may be paying for your education. It could also be any financial aid that you have from the government or university as well. When you are providing proof of your financial resources, more is better. Give the Department of Immigration and Citizenship as much information as you have; you can never have too much; you can always have too little. They will keep all of your information safe and private during the process, and will not sell or provide it to third parties.

Those who are looking at your financial resources will take the following three factors into account when determining proof of financial resources.

  • The applicant’s previous financial and immigration history. This can include passport history, credit history, bank statements, and taxes.
  • The employment history of the applicant or the employment history of the person providing them with financial support. This is to ensure that the student will have a consistent income and are reliable with employment and/or money.
  • The source of the income used (such as cash assets or a bank loan). This is taken into so that the Department of Immigration knows exactly where the money is coming from and if that is a reliable source of income.

If the personnel who look at your proof have any doubt that you will be able to provide for yourself or if the proof has many fallacies, they will ask for further information. This is why you should provide more information upfront; the more information that you provide to them, the less of a chance that your visa application will be denied or delayed. It is always better to explain things well than to face questions that arise due to confusions.

Where can I find help?

The international student department at your university will be able to help you determine whether or not you meet the required minimums. If the university is convinced by your proof, it may help you by providing financial aid. The proof of your financial resources can be important for you to secure work while in the country, or to deal with your savings account or another type of loan. Contact the university as soon as you’ve been accepted so that you can start the process of being approved for a student visa. You can find help and information regarding financial requirements from the Department of Home Affairs as well.

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