Considering a journey to Australia? Securing proof of sufficient funds to support your stay in Australia is an important requirement for the majority of visa applications.
Getting a visa is a must in your travels, whether you are traveling for work, study, or play.
How can you make sure you fulfill this requirement, and what does this mean exactly? Let’s get specific.
What is proof of sufficient funds for visa Australia?
The Australian government looks at proof of sufficient funds differently depending on the kind of visa.
Below is a summary of two typical categories,
1. Student Visa
- Financial Requirements
You will need to provide proof that you can pay for your living expenses for at least a year (including any dependents), travel expenses to and from Australia, and tuition fees for the full course (or pro-rata for shorter durations).
The minimum amount may change depending on your situation.
- Acceptable Evidence
A key tool for showing proof of sufficient funds is bank statements, which should span the last 3 to 6 months.
You may also include official education loans or scholarship letters attesting to your financial support for your studies.
2. Tourist Visa
- Focus on Planned Stay
There is no fixed amount for tourist visas, as opposed to student visas.
The trick is to convince the Department of Home Affairs that you have sufficient money for the duration of your wanted stay in Australia.
This should pay for things like lodging, food, travel, and entertainment.
- Building Your Case
Present bank statements proving you have proof of sufficient funds for the duration of your planned stay.
Paystubs or tax returns can provide evidence of your income-generating capacity. You might also think about getting a credit card with a high enough limit.
A letter from the person who you will be staying within Australia confirming they will be your primary source of financial support during your visit can help your application.
Read: What Jobs Are in Demand in Australia for PR?
General Tips
1. Show Available Funds
- The Department of Home Affairs is aware that you will be able to sustain yourself financially while visiting Australia.
- Make sure your supporting documentation shows that you have enough cash on hand to meet your projected expenses.
2. Bank Statements are Key
- In general, bank statements are the most recommended type of documentation.
- They should include transactions from a specific time frame, usually from 3 to 6 months.
3. Consider Additional Documentation
- Bank statements are important, but you can also support your application with paystubs that show your income, tax returns that indicate your potential for income, or letters from scholarships attesting to financial support for your education.
How do I calculate the living costs for my stay?
- Calculate how much rent or lodging will cost. Depending on the city and kind of housing (private, shared, on-campus, off-campus), this can vary greatly.
- Determine your weekly or monthly food budget. Think about grocery shopping, dining out, and occasional treats.
- Take public transportation, gas, and other commuting expenses into account.
- Examine the costs and available options for health insurance.
- Add the bills for phone, internet, water, and electricity.
- Set aside money for socializing, trips, and recreational activities.
- Make sure to budget for emergencies, personal belongings, and unforeseen costs.
- Books, pens, and additional school supplies hairstyles, skincare items, etc.
- The spending limit for buying clothes and using a laundry facility
- Unexpected expenses, such as laptop repairs or the replacement of a lost phone
Bottom Line
One of the most important steps in the Australia visa application process is providing proof of sufficient funds.
For peace of mind that the application process goes smoothly, make sure you gather the required paperwork, give accurate information, and ask for help when needed.
You will be one step closer to your Australian adventure with the right preparation.
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