IMPORTANT UPDATES – Increase to the Financial Capacity Requirement for Student and Student Guardian visas – From 10 May 2024
Effective from 10 May 2024, the financial capacity requirements for Student visa (subclass 500) and Student Guardian visas (subclass 590) will increase.
This means, if you are applying for a subclass 500 or subclass 590 visa for Australia on or after 10 May 2024 you will have to meet the new visa financial requirements.
Key figures to be aware of:
- The financial requirement for the primary applicant will increase from AUD 24,505 to AUD 29,710.
- For a spouse or de facto partner of the primary applicant, the requirement will rise from AUD 8,574 to AUD 10,394.
- The required funds for a dependent child will go from AUD 3,670 to AUD 4,449.
- Annual school costs are set to increase from AUD 9,661 to AUD 13,502.
- The personal annual income requirement will change from AUD 72,465 to AUD 87,856 for individuals without a family member, and from AUD 84,543 to AUD 102,500 for those with a family member
Applications for subclass 500 or subclass 590 visas submitted before May 10 will be assessed under the current financial requirements.
For more information regarding these changes and your eligibility for the Student and Student Guardian visas, please click here to book a free 10 minute consultation to speak with one of our experienced immigration lawyers.
Source: https://immi.homeaffairs.gov.au/news-media/archive/article?itemId=1196
