Q. How much bank balance is required for an Australia student visa ?

From 1 October 2023, overseas applicants who wish to study in Australia will have to demonstrate their financial stability with a deposit of AUD 24,505 (AUD), or approximately INR 13.23 lakh, the Act intends to meet the increasing cost of living of prospective students them during their time in Australia to secure the necessary financial support. Financial requirements have been adjusted in line with the Australian Government’s commitment to protect the welfare and financial stability of international students while studying domestically.

Authorities hope to allay worries that students will not be able to afford Australia's relatively high cost of living by imposing this minimum savings threshold that will require prospective international students to submit bank statements or other legitimate financial records attesting to their ability to meet the new savings requirement as proof of their financial capacity. The modification made to the financial requirements highlights the importance that the Australian government places on the Genuine Temporary Entrant (GTE) requirement. This reinforces the idea that students must genuinely intend to remain in Australia for the duration of their studies by saving a minimum amount in their bank account for their expenses.

Financial requirements can greatly impact the application process for a visa, so applicants should be aware of these changes. This revised rule considers the various financial backgrounds of international students in addition to reflecting the state of the economy today. These rules are intended to create a balance between welcoming students and guaranteeing their capacity to maintain a comfortable standard of living throughout their academic journey since Australia remains a popular destination for education.

It is recommended that prospective students visit the Department of Home Affairs official website in Australia for up-to-date, accurate information on financial obligations and visa requirements.