If you are planning to study in Australia, it is crucial to meet the financial requirements set by the Department of Home Affairs. These requirements ensure that international students and their dependents can afford living costs, tuition, and travel expenses without financial hardship.

As of May 2024, the Australian government has updated the financial capacity thresholds. Below are the comprehensive details you need to prepare your application accurately.

1. Required Funds for a Single Applicant (No Dependents)

• Living Expenses: AUD 29,710 (for 12 months)

• Tuition Fees: Varies by course, but you must show evidence for the first 12 months (average AUD 15,000 – AUD 35,000 depending on your program)

• Travel Costs: AUD 2,000 (return airfare)

Total Estimate: AUD 46,710 – AUD 66,710+

2. Required Funds with Dependents

If you are applying with a spouse and/or children, you must show additional funds:

• Spouse/Partner (Living Expenses): AUD 10,394

• Each Child (Living Expenses): AUD 4,449 per child

• Partner (Travel Cost): AUD 2,000

• Child (Travel Cost): AUD 1,000 per child

Example (Main applicant + spouse + 1 child):

• Living expenses: 29,710 + 10,394 + 4,449 = AUD 44,553

• Travel: 2,000 (main) + 2,000 (spouse) + 1,000 (child) = AUD 5,000

• Tuition (example): AUD 25,000

Total Estimate: AUD 74,553

3. Evidence of Financial Capacity

You can demonstrate your financial capacity in one of two ways:

A. Money Deposit Method

• Personal bank statements

• Sponsor’s bank statements (with affidavit of support)

• Scholarship letters (if applicable)

B. Annual Income Method

• If using a sponsor, their annual income must be:

  • AUD 62,222 (if applying alone)

  • AUD 72,592 (if applying with family)

• Provide proof such as tax assessment notices or income statements

4. Tips for a Successful Application

• Ensure bank statements are recent, with consistent balances over time

• Clearly show the relationship to your sponsor

• Avoid lump-sum deposits without explanation

• Translate all non-English documents with a certified translator

• Have your documents certified where required

• Write a clear, personal GTE (Genuine Temporary Entrant) statement explaining your goals

For students applying from Africa (especially Nigeria, Ghana, Kenya), ensure all local financial documents follow international banking standards.

Need Help?

Navigating financial requirements can be overwhelming. At Afrovo, we guide students through every step-from preparing proof of funds to crafting strong GTE statements.

Contact us today for tailored support.