Are you planning to study in Australia and wondering who can provide evidence of financial support for your student visa application? This article provides comprehensive information regarding financial requirements for a student visa and who can provide evidence of financial support.

Key Takeaways

• To apply for a student visa in Australia, you need to provide evidence of sufficient funds to cover living expenses, tuition fees, and travel expenses for yourself and your dependents.
• Different types of funding are accepted, such as personal savings, family support, scholarships, government loans, and loans from financial institutions.
• The person providing financial support must be willing to sign a formal declaration stating that they will financially support you during your stay in Australia.
• The amount of funds required depends on the duration of your course, your education provider, and your living arrangements.
• Providing false or misleading financial information in your student visa application can result in visa refusal or cancellation.

Why is it Necessary to Show Proof of Funds for a Student Visa in Australia?

To study in Australia as an international student, you must obtain a student visa. The Australian government requires all student visa applicants to demonstrate that they have the financial capacity to cover their expenses while studying in Australia. The purpose of this requirement is to ensure that international students can support themselves financially and not become a burden on the Australian economy.

To fulfill the financial requirements, you must provide evidence of sufficient funds to cover your living expenses, tuition fees, and travel costs for yourself and your dependents (if applicable). The amount of money required varies based on the duration of your course, the education provider, and the type of course you are enrolling in.

What are the Accepted Forms of Funding?

The Australian government recognizes different types of funding that can be used to meet the financial requirements for a student visa, including:

• Personal savings: You can use your personal savings as evidence of your financial capacity. You need to provide bank statements that show your savings history for at least the previous six months.
• Family support: If your family is financially supporting you, they need to provide a letter of support and bank statements proving their financial capacity.
• Scholarships: If you have been awarded a scholarship to study in Australia, you need to provide evidence of the scholarship details and its duration.
• Government loans: If you have received a loan from your government to support your studies in Australia, you need to provide evidence of the loan details and repayment terms.
• Loans from financial institutions: You can also obtain a loan from a financial institution to meet the financial requirements for your student visa. The loan provider must be an approved financial institution in Australia.

Who Can Provide Evidence of Financial Support?

The person providing financial support for your studies must be willing to sign a formal Australian government declaration called the “Financial Declaration for a Student”. This declaration confirms that they will financially support you during your stay in Australia and that they understand the consequences of not fulfilling this obligation.

The person providing financial support can be your parents, spouse or partner, legal guardian, or any other person who has the financial capacity to support you. If you are receiving support from multiple individuals, each person needs to complete a separate financial declaration.

How Much Funds are Needed to Support a Student Visa Application?

The minimum amount of funds required to support a student visa application depends on the duration of your course, your education provider, and your living arrangements. You need to provide evidence of the following funds:

• Living expenses: You need to have at least AUD $21,041 per year if you are a single student. If you are also bringing your family members, you need to show additional funds.
• Course fees: You need to provide evidence of your tuition fees for the entire duration of your course or the first year of your study.
• Travel costs: You need to show evidence of the cost of return airfares or provide evidence that you already have access to funds to purchase a return airfare.

In addition to these costs, you also need to provide evidence of health insurance coverage for the duration of your stay in Australia.

What are the Consequences of Providing False Financial Information?

Providing false or misleading financial information in your student visa application can result in visa refusal, cancellation, or other penalties. The Australian government takes financial misconduct seriously and does not tolerate fraudulent behavior.

If you provide false or misleading financial information, you may be refused a student visa or have your visa canceled. This can also affect your future visa applications, and you may be prevented from returning to Australia in the future.

Conclusion

To apply for a student visa in Australia, you must provide evidence of sufficient funds to cover your expenses while studying in Australia. The acceptable forms of funding include personal savings, family support, scholarships, government loans, and loans from financial institutions. The person providing financial support must be willing to sign a formal declaration stating that they will financially support you during your stay in Australia. The minimum amount of funds required depends on the duration of your course and living arrangements. Providing false or misleading financial information in your student visa application can lead to serious consequences.

FAQs

Q: Can I provide evidence of income from a job to meet the financial requirements?A: No, income from a job is not accepted as evidence of financial capacity for a student visa application.

Q: Can I change my financial sponsor during my studies in Australia?A: Yes, you can change your financial sponsor during your studies in Australia. However, you need to inform the Australian government of any changes in your financial circumstances.

Q: How can I find out the exact amount of funds required to support my student visa application?A: You can use the Department of Home Affairs’ online student visa calculator to estimate the amount of funds required for your student visa application. However, it is suggested to check with your education provider as they may have specific requirements.