Planning to study in Australia requires more than just course admission; applicants must demonstrate they can financially support themselves. The Australian government requires international students applying for a Subclass 500 Student Visa to provide proof of funds to cover tuition, living expenses, and other costs during their stay.
Proof of funds shows that a student has enough money to live and study in Australia without relying on public resources. It helps the government ensure that applicants can sustain themselves and any dependents while studying. Acceptable evidence includes bank statements, sponsor letters, affidavits, or education loan documents. Some universities may also require proof of funds as part of the admission process.
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Demonstrating adequate financial capacity is a critical step in obtaining a student visa for Australia. Ensuring proper documentation can speed up processing and prevent delays, making it an essential part of study planning.
Proof of funds shows that a student has enough money to live and study in Australia without relying on public resources. It helps the government ensure that applicants can sustain themselves and any dependents while studying. Acceptable evidence includes bank statements, sponsor letters, affidavits, or education loan documents. Some universities may also require proof of funds as part of the admission process.
Why Proof of Funds is required
The main purpose of proof of funds is to confirm that students and their accompanying family members can cover all living and educational expenses. This requirement ensures that applicants will not become a financial burden while in Australia.How much funds are required
As of 2025, applicants must show:(Join our ETNRI WhatsApp channel for all the latest updates)
- Living expenses for a single student: AUD 29,710 per year
- For a spouse or partner: AUD 10,394 per year
- For each dependent child: AUD 4,449 per year
Accepted and Non-Accepted Documents
Applicants can submit:- Bank statements showing sufficient savings
- Letters from sponsors
- Affidavits confirming financial support
- Education loan approvals
Demonstrating adequate financial capacity is a critical step in obtaining a student visa for Australia. Ensuring proper documentation can speed up processing and prevent delays, making it an essential part of study planning.
