July 31, 2018BY Visafast ( 0 ) Comment

Finance requirement for student visa can be called as the most important one while discussing student visa applications by the Department Of Home Affairs.

The application has to have genuine access to the sufficient funds to cover all the expenses that they and any accompanying family members may incur at their intended stay in Australia.

Funds to demonstrate 

  • Deposits with a financial institution: Bank statements. Deposits such as term or fixed deposits can be used if the money will be released and can be accessed by the applicant.

  • Loan from financial institutes/ Support from government, education provider or international organization.

  • Documentation from the relevant organization confirming the support needs to be provided .

  • Funds for living costs, tuition and school costs. 

  • The total amount of funds that should be shown is usually.

  • Living costs for the first 12 months or pro rata based. The 12 months start after the applicants expected arrival to Australia. If in case of onshore applications, 12 months is calculated when the student visa is expected to be granted.

  • Tuition fees for the first 12 months. 

  • Travel costs and expenditures {Flights}

Annual income and the access to funds criteria 

  • Annual income can also be used to show financial stability in case the applicant does not have sufficient evidence of income, funds for travel costs and first 12 months of living costs, tuition and school costs. Income from parents, de facto partner/spouse can also be used in this case. 

  • The applicant must also show that they have access to the funds . If the spouse is accompanying you as a dependent to Australia, then the income cannot be accessed.

The are various factors involved to show genuine access to funds.

  • Employment history of the person providing the funds 

  • Income and Assets of the person providing the funds 

  • If the person providing the source of income has provided financial support for any other student visa applicant. For example in the case of siblings.

  • Information possessed by DOHA in relation to their financial status from the applicant having previously applied for or granted a visa.

  • Immigration activities in Australia of other applicants from the applicants home country may provoke further investigation into the genuine intentions of the applicant.

Subsequent entrant

  • Subsequent entrants also need to show financial capacity.

  • Evidence that the primary applicant’s spouse/de facto partner has specified annual income.

  • Evidence of funds to cover travel costs and the first 12 months living costs and tuition costs for themselves. The amount shown here is more or less the same as that of making a combined application.

In case of any further questions, feel free to contact us.

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