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