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Saturday, October 25, 2008

Financial requirements for Student Visas

If you are applying for a student visa; the following people can be in the list provides sources of funds and people who are acceptable as financial guarantors.

Acceptable sources of income

The money to support you and your family members must come from one or more acceptable sources, which may include:

  • a money deposit with a financial institution that has been held for at least six consecutive months immediately before the date of your visa application by
    • you
    • your spouse
    • your brother or sister
    • your parents
    • your grandparents
    • your aunt or uncle (only if they usually live in Australia and are either a citizen/permanent resident of Australia or an eligible New Zealand citizen)
  • a loan from a financial institution made to (and in the name of)
    • you
    • your spouse
    • your brother or sister
    • your parents
    • your grandparents
    • your aunt or uncle (only if they usually live in Australia and are either a citizen/permanent resident of Australia or an eligible New Zealand citizen)
  • a loan from the government of your home country
  • your proposed education provider
  • the Australian Government or an Australian State or Territory government
  • the government of a foreign country
  • a provincial or state government of a foreign country that has the written support of the national government of the foreign country
  • an organisation gazetted by the Minister
  • an acceptable non-profit organisation
  • a multilateral agency.
    Examples: United Nations, World Bank or Asian Development Bank

Note: Non-cash assets such as property and shares are not acceptable sources of income. However, non-cash assets may be liquidated or used as collateral on a loan, if they are provided by an acceptable source.

Providing evidence of money deposits or loans

You need to show evidence of how the money to fund your studies was accumulated.

If your source of income is a money deposit held in a bank account, you must provide the following evidence:

  • pay slips
  • bank loan documents
  • interest from investments.

If your source of income is a loan, you must provide the following evidence:

  • a bank statement showing the amount of available credit
  • a statement from the holder of the loan that its purpose is to support your studies.

Note: If your source of income is a home loan with a redraw facility from an Australian financial institution, the funds from the redraw facility may be considered a loan. A home loan with a redraw facility from a non-Australian financial institution may be acceptable, but must be considered on a case-by-case basis.

Financial support from a non-profit organisation

A non-profit organisation providing you with financial support must be lawfully established and operating in Australia or overseas.

You must show evidence of the organisation's non-profit status, including:

  • statement from the Australian Taxation Office showing organisation's status
  • documents of incorporation as a non-profit organisation.

You must also show evidence that the organisation has sufficient funds or income to support you financially. Evidence may include:

  • bank statements
  • financial statements.

Supporting family members when studying for less than 12 months

If you are applying to study in Australia for less than 12 months, your family members are not eligible to come with you to Australia. However, you must show that you have enough funds to support your family members in your home country, taking into consideration the standard cost of living in that country.


Junaid

Migration Agent Registration Number: 0964018

18 comments:

Anonymous said...

hi, could you tell me how many pay slips I should provide as a source of income? should they be for 3 months time which are as same as savings'? thank you.

Junaid Noor said...

If you have mentioned that you have worked for 2 years, then it is better to show pay slips for two years and the tax returns.

If you do not have two years of pay slips then show as many as you can PLUS the tax returns.

Also show any liquid assets which can be quickly converted into cash like bonds, securities, deposits.

You must show the tax returns.

Max said...

Hi..

I am applying for student visa from india in diploma course. Duration of course is one year. and institute is in PERTH WA.
fees of full course is 15750/-AUD$
ok now....
Last two year I was in dubai and working there. There is no rule of income tax.
Could u tell me what happen if I earned my salary from Dubai.

And how much funds i hav to show for student visa of one year.

Junaid Noor said...

@Max

Last two year I was in dubai and working there. There is no rule of income tax.
Could u tell me what happen if I earned my salary from Dubai.



You need to send the following documents.

1. Pay Slips

2. Job agreement/contract showing your salary

3. Your bank statement showing your salary being debited into your account.

4. Reference letter from employers

5. Job description and position titles.

By the way what is the co-relation of your work in Dubai and studying in Australia?

What profession did you work in?

Kind Regards

Junaid

Max said...

Hi Junaid.

Thank you very much for your reply.

I was working there as a Network Analyst. I have all this things

1. Pay Slips

2. Job agreement/contract showing your salary

3. Reference letter from employers

4. Job description and position titles.

but I dont have bank statement showing my salary being debited into my account because I got salary only in cash.
So what can i do?

and co-relation of my work in Dubai and studying in Australia is I was working there as a network analyst and my course in PIBT is Diploma of Computing and I.T. ..
Fees for total one year is 15550AUD$. So, how much funds I hav to show?

Junaid Noor said...

@Max

Ok if you dont have a bank statement then thats OK.

At least have the payslips and payment receipts.

You must know that if you want to apply for migration to Australia as an international student who has studied in Australia for two yrs, your work experience in Dubai will become invalid.

So either you apply for migration on the basis of your work experience OR you apply for migration on the basis of studying two yrs in Australia.

For IT professionals the work experience requirement set by ACS is 4 yrs.

Please check the following for a comprehensive article on how much funds you should have

http://study-n-australia.blogspot.com/2008/09/assessment-level-changes-for-student.html

http://study-n-australia.blogspot.com/2008/10/financial-requirements-for-student.html

Kind Regards

Junaid

Max said...

Hi. Junaid..

I visited the link which u given me on reply. But I did not find the detais which I require.. I want to know that HOW MUCH FUNDS (AMOUNT) I HAV TO SHOW FOR ONE YEAR STUDENT VISA?

Thakns.,..

Junaid Noor said...

@Max

Which country are you from?

Depending upon the country you are from, you would be assigned an assessment level.

If you read the following document it will tell you which assessment level you are in and how much funds you need to show.

http://www.immi.gov.au/allforms/pdf/1219i.pdf

The following post explains every thing in more detail

http://study-n-australia.blogspot.com/2008/09/assessment-level-changes-for-student.html


Kind Regards

Junaid

Max said...

Hi..

I am from India so I think we are in assessment level 4 for the diploma course. Now how much?

Junaid Noor said...

@Max

Keeping in mind that you are from India and that you will apply for visa 573 which is for higher education, you show proof that you can meet these financial requirements for the first 36 months of your stay in Australia.

Per yr cost of living is $12,000 AUD.

So if you are going to stay for 24 months, you need to show $12,000 AUD and so on.

This doesnt include your tuition fees and air fare.

This is just living expenses.

Check the following link for more information.

http://www.immi.gov.au/students/students/573-4/financial.htm


Kind Regards

Junaid

NaqashCh said...

Dear Junaid,

It is submitted for your kind information that I'm applying for study visa Australia at University of Technology Sydney Master in Business line per semester fee AUD$ 11960.00 course duration 2 years. Can you please let me know how much I need to show as financial support in case I'm at assessment level 1.

Thanks

Ch Naqash Maqbool

Junaid Noor said...

@Naqash

You can find the information requested by visiting the link below

http://www.immi.gov.au/students/students/573-0/financial.htm

Kind Regards

Junaid

Youcef said...

Mr Junaid,
My assessment level in 4.
I have applied for a bachelor's degree course in an Australian university and I am entitled to apply for a full tuition scholarship.
If I receive such a scholarship, I will not have to provide evidence for tuition funds, right?
I do not have enough money to cover the living expenses in Australia for 12 month let alone 36. The amount I have would cover a maximum of 4 months. I intend to have a part time job to fully support my living expenses in Australia. Can I be granted a visa without fully fulfilling the funding requirement? Can I mention somewhere in the visa application form that I intend to work for living? If not, please advice me on the next step.
Many thanks.

Junaid Noor said...

@Youcef

If I receive such a scholarship, I will not have to provide evidence for tuition funds, right?

True. In that case you can show your source of funding as the scholarship. But the scholarship only covers tuition fees. Not living expenses. So you will still have to show cover for what ever the scholarship doesnt cover.


I do not have enough money to cover the living expenses in Australia for 12 month let alone 36. The amount I have would cover a maximum of 4 months. I intend to have a part time job to fully support my living expenses in Australia. Can I be granted a visa without fully fulfilling the funding requirement?

No. You have to show minimum funds required for your visa subclass. No Funds no visa. You can find details of how much funds you need to show by visiting the following link


http://www.immi.gov.au/students/student-visa-living-costs.htm



Can I mention somewhere in the visa application form that I intend to work for living? If not, please advice me on the next step.
Many thanks.


No. Do not mention such a thing. It is understood that you should be able to cover your expenses even if you do not get a job.

Kind Regards

Junaid

Nani said...

Mr Junaid,
I found out that I qualify for a streamlined visa processing. My country's current assessment level is 3. Now on the Australian government's website, it can be inferred that my visa application will have the same treatment as those of AL1...

My question is, do I need to show any proof of funds, or would legally declaring that I have sufficient funds suffice? Thanks in advance :)

Junaid Noor said...

@Nani

You will have to show what ever funds that are requested of for your assessment level is.

Please check your assessment level and the corresponding funding requested by the Australian government.

Kind Regards

Junaid

Nani said...

@ Junaid

So having my visa processed under the streamlined visa processing (SVP) does not change the funding requirement for getting a visa? I have read somewhere that when having a visa application under SVP, the applicant only needs to legally declare that they have sufficient funds without presenting any proofs, and that the host university is the one that will scrutinise the funding requirement. Is that correct?

Thanks,
Nani

Junaid Noor said...

@Nani

You can get a detailed over view of what you need to do by downloading the following PDF file.

http://www.immi.gov.au/allforms/pdf/assessment-levels.pdf

Kind Regards

Junaid