Proof of Funds Required for Australia Study Visa in 2025

If you are planning to study in Australia in 2024, you need to meet some important requirements. One of the most important ones is showing proof of funds. This means you need to show you have enough money to support yourself during your stay in Australia.

Here, we will explain the main things you should know about proof of funds for an Australian student visa.

What is Proof of Funds?

Proof of funds for studying in Australia is about showing you have enough money to cover your tuition fees, living expenses, and other costs. This helps prove to the Australian government that you can take care of yourself while studying there. You can show this with simple documents like bank statements, letters from sponsors, or affidavits. In this blog, we will explain which are acceptable documents and which are not.

Why is Proof of Funds Required for Australia?

Proof of Funds is required as Australian immigration has to ensure that you are capable of sustaining yourself and your family while studying in Australia, and not become a financial burden on the country’s resources. That is why you need to present proof that you are financially capable during your stay. Proof of funds is required for Australian student visa subclass 500. Apart from Australian immigration offices, you need to show the proof of funds to universities applying to as some universities also require you to submit the proof of fund.

Read More About: Proof of Funds for USA Student Visa

How Much Funds Are Required for Australia?

Recently, the Australian Government increased the requirement for a migration check. This implies that applicants are required to provide at least a minimum amount of proof of savings in AUD 29,710 annually for the cost of living. The amounts mentioned are only the minimum sum of financial capability as required by the visa, while the costs of living could be more than the one set in the visa depending on the area in Australia. A regular applicant has to show an amount of AUD 29,710 for the spouse an amount of AUD 10,394 and with child an additional amount of AUD 4,449. Apart from this, school fees or course fees and travels needs to be considered.

Watch the video and learn about secured and unsecured loan options for Australia

List of Documents Accepted as Proof of Funds

An array of documents accepted as strong Proof of Funds makes it smooth to manage financial requirements. Immigration, education, or any other venture, these documents which include bank statements, loan sanction letters, ITR or Income Tax Returns, and other sponsor letters act as rock-solid Proof of Funds that are required for an Australia Study Visa. A detailed critique of them is given below.

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  Loan approval letter: This is the official letter that is issued by a lender also known as loan approval letter or loan sanction letter, confirming the loan approval in Australia. It contains basic information such as the amount approved, the rate of interest, and the repayment schedule, and it is an authoritative confirmation of the approval of the loan.

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  Bank statements: Your bank will issue a statement detailing its transactions over a certain period and will serve to evidence transactions for proof of funds towards Australian immigration or any other such authorities. Consistency in transaction amounts over time proves the ability to sustain yourself in Australia.

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  ITR is proof of funds that represents your financial status and flow of income. The presentation of your ITR while presenting in a visa or admission application portrays your financial capability, income, and tax paid, and shows the deductions that give an idea of your financial status to the government.

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  Sponsor letter: A capacity certificate, wherein a letter of sponsorship from an Australian bank, based on your history and assets which were considered for loan purposes, may not be construed as cash but reflects on the history of one's finances.

Australian Visa Financial Requirements for Living Expenses for Dependents

As of May 10, 2024, the Australian government has updated the financial requirements for dependents. Let us understand the financial requirements breakdown as follows:

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  Primary Student:

  • 
    Annual Living Expenses: AUD 29,710.

   
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  Accompanying Family Members:

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    Spouse or De Facto Partner: Additional AUD 10,394 per year.
  • 
    Each Dependent Child: Additional AUD 4,449 per year.

   

• 
  Schooling Costs for School-Age Children (5-18 years):

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    AUD 13,502 per year, per child.

   
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  Travel Expenses:

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    Sufficient funds to cover return airfare for yourself and each accompanying member.

   

These amounts have been set to make sure that international students can support themselves and their accompanying family members during their stay in Australia. However, please note that the actual living costs may vary depending on your lifestyle and various other factors.

List of Documents Not Accepted as Proof of Funds

Some documents feel like they will work as proof of funds required for an Australia study visa but are not considered valid, especially in the case of Australia. Below are the details for the same - 

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  Fixed assets: Assets like machinery, equipment, or vehicles are not recognized as proof of funds in Australia due to challenges in converting them into readily available cash.

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  Income/Salary slips: Despite reflecting earnings, income or salary slips are not acknowledged as proof of funds in Australia as they don't demonstrate the immediate availability of liquid assets.

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  Overdrafts: Overdrafts are not considered valid funds for an Australian student visa since they represent a credit facility rather than actual available funds.

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  Bank statement other than family/legal guardian: Bank statements from sources other than family or legal guardians are not accepted in Australia, as they do not provide assurance of the necessary financial support and commitment required for a student's education.

Studying abroad is a decision that needs to be made carefully. There are several factors that you need to consider before you embark on this journey. Proof of funds is one of those initial important aspects as this is something that helps you get your study visa and thus makes a significant difference in your plan. In case you are not able to arrange funds for your studies you can take an education loan from GyanDhan. At GyanDhan we make sure to provide you with the guaranteed best loan as per your specific needs. We help you throughout the process and do not even charge a penny from you. All you gotta do is check your eligibility with GyanDhan to start the process.

Role of Overseas Education Loans for Proof of Funds

Education loans help students show they have enough money to live and study in Australia. This proof is needed to get a student visa. Here’s how loans are useful:

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  Show Financial Readiness: A loan from a bank proves you have money to pay for tuition, living expenses, and travel. Visa officers accept sanctioned loans as proof.

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  Covers Major Costs: Loans can include money for tuition, rent, food, books, and travel.

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  Accepted Documents: The loan sanction letter from the bank is valid proof of the approved amount that can be submitted for your visa.

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  Builds Credibility: Taking an education loan is a positive show of dedication to your will to study in Australia. It also shows that you can manage your finances during your stay in Australia.

Read also:

• 
  Guide to UK Student Visa: Eligibility, Requirements, Application Process

• 
  Documents Required for US Student Visa

• 
  Germany Student Visa Process: What You Need To Know

• 
  Sweden Study Visa for Indian Students

Frequently Asked Questions