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Seigfred Dequito

Updated Student Visa Financial Requirements

Updated: Aug 5


Embarking on an educational journey in Australia is an exciting opportunity, but it comes with its set of financial obligations. Here at Legacy Migration, we aim to provide you with clear, thorough guidance to help you prepare adequately for your move. Below, we outline the key financial requirements you'll need to meet when applying for a student visa in Australia. Please note that these figures are rough estimates, and for precise advice tailored to your situation, we encourage you to contact our Registered Migration Agent.


Financial Capacity for your Visa Application

To ensure that students can comfortably afford their education and stay in Australia, the government requires proof of sufficient financial resources. You'll need to demonstrate that you have enough funds to cover:


  • Travel Costs to Australia: Typically, around AUD$1,000-$3,000, depending on your location.

  • Course Fees for 12 Months: Or pro-rata fees if your course duration is less than a year.

  • Living Expenses for 12 Months: The minimum required is AUD$29,710 for a single applicant.


If you plan to bring family members along, additional costs will include AUD$10,394 for a partner and AUD$4,449 per child.


Estimating Total Costs for your Australian Student Visa

To effectively prepare for the financial aspects of studying in Australia, it's crucial to understand and anticipate the combination of various costs associated with your education. These include course fees, travel expenses, and living costs.


Below, we provide example breakdowns for different types of educational programs, offering you a rough estimate of the total funds required. Remember, these are rough estimates and exchange rates can fluctuate, so always check for the most current rates and consult with our team for detailed, up-to-date information.


Example of Cost Calculation:


  • Travel Costs to Australia: We'll assume an average cost of AUD$2,000.

  • Living Expenses for 12 Months: As per the latest guidelines, AUD$29,710 is required for a single applicant.

  • Course Fees for 12 Months: Depending on the type of course, the fees can vary significantly:

  • Vocational courses: AUD$12,000

  • Bachelor courses: AUD$30,000

  • Postgraduate courses: AUD$40,000


Budgeting for your Education


Vocational Course Cost Calculation:

  • Travel Costs to Australia: We'll use an average of AUD$2,000.

  • Living Expenses for 12 Months: The minimum required for a single applicant is AUD$29,710.

  • Course Fees for 12 Months for a Vocational Course: AUD$12,000.


Here’s the total estimated cost for a vocational course:

  • Total for Vocational Course:

  • Travel: AUD$2,000

  • Living expenses: AUD$29,710

  • Course fees: AUD$12,000

  • Total: AUD$43,710


Conversion to Philippine Pesos (As of May 2024):

Assuming the exchange rate is 1 AUD = 38 PHP, the conversion for a vocational course would be:

  • Total in PHP: AUD$43,710 x 38 = PHP 1,660,980


Bachelor Course Cost Calculation:

For this example, let’s calculate the total cost for a bachelor's degree:


Travel Costs to Australia: We'll use an average of AUD$2,000.

  • Living Expenses for 12 Months: The minimum required for a single applicant is AUD$29,710.

  • Course Fees for 12 Months for a Bachelor Course: AUD$30,000.00

  • Total for Bachelor Course:

  • Travel: AUD$2,000

  • Living expenses: AUD$29,710

  • Course fees: AUD$30,000

  • Total: AUD$61,710


Conversion to Philippine Pesos (As of May 2024):

To convert this amount to Philippine Pesos, assuming an exchange rate of 1 AUD = 38 PHP, the total in PHP would be:

  • Total in PHP: AUD$61,710 x 38 = PHP 2,344,980


By understanding these costs upfront, you can better plan and budget for your educational journey in Australia. For more personalized advice and detailed financial planning, please contact us.


We're here to help you navigate every step of your visa application process.


Demonstrating your Financial Capacity


You can prove your financial capacity through various means such as bank deposits, educational loans, scholarships, or by showing evidence that your parents or partner had a personal annual income of at least AUD$87,856 for a single applicant.


If you plan to bring family members, your parents’ or partner’s income must be at least AUD$102,500. It’s crucial that these funds are genuinely accessible to you, and you may be required to provide evidence of your relationship to any sponsors.


Evidence of Funds:

  • Bank statements authenticated by the issuing bank

  • Documentation of loans, scholarships, or government financial support

  • Official tax assessments or other documents showing personal/family income


There is no standard financial support statement form, but any sponsor’s declaration should clearly specify the amount and duration of support promised. This demonstrates not only transparency, which is a core value at Legacy Migration, but also your preparedness and thoroughness in planning for your educational journey.


Legacy Migration: Your Partner in Planning


At Legacy Migration, we are committed to providing a service that goes beyond just processing applications. We understand that applying for a student visa involves significant financial decisions. That's why we are devoted to offering tailored advice that aligns with your personal circumstances and educational aspirations. We are with you every step of the way, ensuring that every little detail is accounted for, from major expenses to the finer aspects of your application.


Dream Big and Prepare Well

Remember, daring to dream big is the first step towards achieving a remarkable future in Australia. Let us inspire and motivate you throughout your journey, ensuring that you are well-prepared financially and academically before you board the plane. Legacy Migration is here to champion your aspirations through dedicated guidance and expert advice.


Ready to Start Your Journey?

Are you ready to take the next step towards your education in Australia? Don't hesitate to reach out. Our experts are here to guide you through every aspect of your visa application process. Contact us today to schedule a meeting with our Registered Migration Agent. We are here to help you create a legacy of educational success and personal growth in Australia.





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