Australia is a popular destination for Indian students seeking high-quality education and vibrant cultural experiences. However, one of the major aspects of studying abroad is to get a visa. The most important part of the visa application process is to show that you have sufficient financial support to study and live in Australia for the stated duration. Continue reading further to understand how much bank balance is required for Australia student visa.
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Bank Balance Required for Australia Student Visa
As of 2024, the minimum bank balance required for Australian student visa is around AUD 24,505 per year for living costs, the tuition fees for the first year of study, and AUD 2,000 for travel expenses. This amount must be available in a savings account or as an education loan from a recognised bank or financial institution.
The Australian Government requires international students to provide evidence of sufficient funds to cover their living expenses, tuition fees, and travel costs. This is to ensure that students can sustain themselves without financial difficulties while studying in Australia.
Also Read: Also Read: Check here all about SBI Zero Balance account for students
Breakdown of Minimum Bank Balance
There are different types of expenses in Australia for an international student that is required to be covered. Expenses like tuition fees, accommodation costs, day-to-day expenses, vehicle costs etc. Most of these expenses are covered by the bank if you are taking an education loan to study in Australia. Check how much amount is required for what kind of expenses below:
| Type of Expenses | Estimated Cost |
| Living Expenses | AUD 21,041 |
| Tuition Fees | AUD 30,000 |
| Travel Costs | AUD 2,000 |
Total Estimated Funds Required to Study in Australia
Apart from the miscellaneous while studying in Australia, you need to know the total funds required for the essential expenses i.e. course fees, accommodation, travelling etc. Check the total estimated cost of studying in Australia below:
- Living expenses: AUD 21,041
- Tuition fees: AUD 30,000 (average estimated amount)
- Travel costs: AUD 2,000
Total Estimated Amount: AUD 53,041
Documents Required for Visa Application
At the time of applying for an Australian visa, you need to submit certain documents. All the documents shall be self-attested and clearly visible. This will help in the faster approval of Australian visas for the students. Check the details of the documents required for an Australian visa below:
- The Australian Department of Home Affairs accepts various forms of financial documents to check the financial capacity
- Bank statements for the last 6 months must be there
- If you have taken an education loan, the sanction letter shall be submitted
- If you are getting a scholarship, then the offer letter for the same shall be submitted.
Also Read: Check here all the important details about the Karnataka Bank Education Loan to study abroad
This was all about how much bank balance is required for Australian student visa. Try to maintain the bank balance at least 8-9 months before applying for the visa as recent large deposits may lead to rejection. Check some FAQs below:
FAQs
As of 2024, the minimum bank balance required is around AUD 24,505 per year for living costs, tuition fees for the first year, and AUD 2,000 for travel expenses.
The required funds cover various types of expenses like living costs, tuition fees, and travel expenses.
When applying for an Australia student visa, you need to submit several key financial documents such as bank statements for the last six months, a sanction letter if you have taken an education loan, and a letter if you have received a scholarship.
The Australian Government requires evidence of sufficient funds to ensure that international students can cover their living expenses, tuition fees, and travel costs without financial difficulties.
The required bank balance must cover various expenses, including living costs, tuition fees, and travel expenses.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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