Cost of Living for International Students in Australia - New Updates 2024
Australia has long been a popular destination for international students due to its high-quality education system and generally low cost of living compared to Western nations like the UK, Canada, and the USA. However, recent economic impacts are beginning to drive up living expenses for students studying in Australia.
Funds required to obtain an Australian Student Visa
Students keen on pursuing higher education in Australia must have adequate funds to pay for the following:
- 12 months course fees
- 12 months' living costs for the primary applicant and any dependent family members accompanying the primary applicant to Australia
- School fees for school-going dependent children who accompany the primary applicant to Australia.
- Travel cost
Here is the necessary information to know how much funding is required to get a student visa to Australia. Minimum required funds to meet financial capacity requirements:
| Financial capacity requirements before 10th May 2024 | Financial capacity requirements after 10th May 2024 | |
| Primary applicant | AUD 24,505 | AUD 29,710 |
| Spouse or de facto partner of the primary applicant (not applicable to Student Guardian applicant) | AUD 8,574 | AUD 10,394 |
| Dependent Child | AUD 3,670 | AUD 4,449 |
| Annual School costs | AUD 9, 661 | AUD 13, 502 |
| Personal annual income if there is no member of the family | AUD 72,465 | AUD 87, 856 |
| Personal annual income where there is a member of the family unit | AUD 84,543 | AUD 102,500 |
Here is another comparison chart showing the living expenses required by a student to study in eminent destinations. Let’s take a look to understand the financial requirements:
| Country name | Financial Capacity Requirement |
| US | US$12,000 – 15,000 (INR 1002001 – INR 12,52,501) approx. |
| UK | GBP 10,000 - GBP 12,000 (INR 10,42,344 – INR 12,50,812 approx. |
| Australia | AUD 29,710 (INR 16,29,746) approx. |
| Canada | CDN$20,635 (INR 12,54,713) approx. |
Evidence to show adequate funds to study in Australia
You must have adequate funds to cover the cost of living in Australia. While lodging the Visa, the Home Affairs department will ask you to declare and provide the minimum amount of funds you need for visa purposes. The actual cost of living varies across Australia and is relatively higher than the amount you need for a Visa. It is recommended that individuals should research the area where they want to live and know the cost of living there.
Here are the options to consider, proving you have adequate funds to stay in Australia. The options are as follows:
- Deposit of money in your bank account from an acceptable financial institution
- Loan from an acceptable financial institution
- Government loan
- Scholarships or similar financial support
I want to know more about studying in Australia
Annual Income
To prove that you have enough funds to stay and study in Australia, you can provide evidence that your partner or parents had an annual income of AUD 87,856 in the last 12 months before application. If any of your family members are accompanying you to Australia, then the income of your parents or partner must be AUD 102,500 in the last 12 months before the application. If both parents are working, combined income is considered, along with bank statements or direct evidence from the employer.
Conclusion
To conclude, if you want to give shape to your dream of pursuing higher education in Australia, adequate funds must be available to support you. Provide the evidence, obtain the Visa, and you are about to embark on an enriching educational journey in Australia.
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