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Enhanced Financial Capacity Standards for Student and Student Guardian Visas

International Students and Guardians,

 

Starting May 10, 2024, there will be a significant adjustment to the financial capacity requirement for those applying for Student and Student Guardian visas in Australia. This update is designed to ensure that visa holders have adequate financial resources to support themselves during their stay.

The new requirement is set at 75% of the national minimum wage, reflecting a more realistic amount needed to maintain a decent standard of living while studying. This calculation acknowledges that students are often out of session for around 25% of the year, during which they may return home or engage in unrestricted work opportunities.

 

Meeting this updated financial capacity requirement not only enhances your eligibility for the visa but also empowers you to make well-informed decisions about your educational journey in Australia. By having the necessary financial resources:

 

  • You are less likely to face financial hardships during your time in Australia.

  • You can avoid unintentional breaches of visa conditions

  • You are better protected against potential exploitation in the workplace.

For a clear understanding, the table below outlines the funds required to meet the minimum financial capacity requirement, effective from May 10, 2024. Applications submitted before this date will be assessed based on the existing financial criteria.


Minimum required funds to meet financial capacity requirements

Your Guide: Subclass 500 and Subclass 590


SUBCLASS 590 GUARDIAN VISA


The temporary visa in Australia is for individuals providing care and support for student visa holders under 18 years or older due to exceptional circumstances. To be eligible, you must be the student's parent, custodian, or relative over 21 years old, show sufficient funds to support both yourself and the student, have adequate health insurance, provide accommodation and welfare support, and hold an eligible substantive visa if already in Australia.


Step 1: Before applying you might need to organize health exams.

Step 2: Gather your documents make sure to provide accurate information

Step 3: Apply for your visa at least 6 weeks before the student's course starts.

Step 4: After you apply wait for confirmation of your application.

Step 5: Visa Outcome! Keep a copy of the decision with you when in Australia


SUBCLASS 500 STUDENT VISA


The student visa (subclass 500) allows individuals to stay in Australia for up to five years to pursue full-time study at an educational institution as per their enrollment. This visa permits participation in eligible courses of study and the option to include family members, such as a partner or dependent children, in the application. Whether inside or outside Australia, applicants can conveniently apply online. Once enrolled, students can work for up to 48 hours every two weeks, with exceptions for Master by Research and Ph.D. students who can work full time, and all students who can work full-time during school holidays. Here’s a step-by-step application.


To sum up, the Student visa (subclass 500) lets you study full-time in Australia for up to five years, and it even allows you to bring your family along and work part-time. Starting May 10, 2024, there's a big change in how much money you need to have to support yourself. This change is to make sure you have enough money to live well while you study. Meeting this requirement not only helps you qualify for the visa but also makes sure you won't have money problems or be taken advantage of at work. If you need help or want to know more about studying in Australia, check out the Australian Immigration Portal.


 Take your first step to start a great educational journey.

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