How To Show Funds For Australia Student Visa ?

In order to Increase the Study Visa Success rate in Australia one of the most important factor is to sound financially Strong. The students who are looking to go Australia for their further Studies, need to show sufficient funds to government.

Here we are discussing all the important information related to Funds which one must know before filing their documents in Australian Embassy for Student Visa.

 

How To Show Funds For Australia Student Visa ?

Funds generally includes; (1 Year Tution Fees + 1 Year Living Expense + OSHC Insurance Cost + Travel Expenses)

Approximately, Living Expense of One year in Australia is 24,505 AUD and OSHC (Overseas student health cover) Cost may around $2000-$2500 AUD. 

Funds for Australia Student Visa are mainly showed in two ways either Self or Education Loan. Here we are discussing both of them deeply.

1. SELF:- If you wants to show funds by yourself so it should be either three months old or new (but you have to show the Source of funds) 
2. Education Loan:- If you are not capable to show enough funds so you can go with Education Loan but it will sponsor your Study Expenses only & you have to show a little amount of Money/funds in your respective Bank Account.

Detailed Information about Self as well as Education Loan is given below. So read it carefully, you may find it helpful.

How Much Funds do Single, Married and Couples with Baby need to show ?

Australia wants that if you are coming for studies here so you must belong to Financially Stable Family to manage your expenses easily.

Funds For Single Person

• 1 Year Study Expense:- $25,000 -$30,000
• 1 Year Living Expense:- $24,505
• OSHC:- $2000
• Travel Expense (Going + Return):- $4000
• Total:- $55,505 – $60,505 (AUD) 

Funds For Couples

• 1 Year Study Expense:- $25,000 -$30,000
• 1 Year Living Expense:- $24,505
• OSHC:- $2000
• Travel Expense (Going + Return):- $4000
• Dependent’s Living Cost:- $7362
• Dependant’s Airfare:- $4000
• Total:- $66,867- $71,867 (AUD) 

Funds For Couples With Baby

• 1 Year Study Expense:- $25,000 -$30,000
• 1 Year Living Expense:- $24,505
• OSHC:- $2000
• Travel Expense (Going + Return):- $4000
• Dependent’s Living Cost:- $7362
• Dependant’s Airfare:- $4000

Baby (5 or 5+ Years Old)

• School Cost ($8296) + Living Cost ($3152) + Travel Expense ($4000)
• Total:- $82,315 – $87,315 (AUD)

Baby ( Less than 5 Years Old)

• Living Cost ($8296) + Airfare ($4000)
• Total:- $79,163 – $84,163  (AUD) 

Read: What is Proof of Sufficient Funds for Visa Australia?

What is the Criteria and Requirements to Show Funds for Australia Study Visa ?

If you are planning to show funds by Yourself so it should be three months old In your saving account, but if the funds are new, then you have to the source of fund or proof of funds.

Let’s discuss who can Sponsor Your funds in your family and relatives.

• 70% of your total funds must be sponsored by your immediate family Or In your blood relation which includes your parents, grandparents, Spouse, Real brother or sister, maternal grandparents. 
• 30% of your total funds can be sponsored by some of your relatives, close friends and Cousins. 

Let’s have a glance Requirements you need to show the funds.

• You can show 3 months old static Money in your saving account as funds. Now, it depends on University to University that they ask for proof of funds or not, generally they don’t ask.
• If there is regular flow of huge money in your account (may or may not Your sponsors are into a business And having a good amount of transaction every month) Then you no need Show the proof of funds because these are really Accessible Australian Government point of view.
• If you deposit a hectic amount of money suddenly in your bank account or which is not 3 months old, example Property sell, Money Borrowing, Gold loan, Insurance, Govt funds, Retirement fund, Mutual Fund etc. Then you need to show the proof/ source of funds With their valid documents.

Let’s discuss some popular source of funds Where a person borrow Money and what documents are required to prove them.

Sources of Funds with their Valid Documents 

These are some popular sources of funds from where a person lent money in INDIA.

To make your profile strong one must include these basic documents which are mandatory:-

• PAN Card 
• ITR (Income Tax Return) – Minimum 3 Years 
• CA Report (Chartered Accountant makes a report after evaluating all your salaries, income, assets and your net worth).

ITR’s must be filled each year (min 3) to avoid government penalties if you fill them at once. 

Government Employees Documents 

• Form 16
• Annual Salary Slip
• Bank Statement
• Departmental Id
• ITR (min 3 Years)

Private Employees Documents

• Employment Letter
• Work Experience Certificate
• Annual Salary Slip
• Bank Statement
• Bank Balance Certificate
• ITR (min 3 Years)

Agriculturist/ Farmers Documents

• Tehsildar Income Certificate (optional)
• Fard
• Jamabandi Forms
• J-Form / Annual Bank Statement
• ITR (min 3 Years)
• CA Report (source of Income as report)

Business/ Self Employed Documents 

• Business Registration Document
• GST (if you have one)
• Current Account Statement
• Bills
• Visiting Cards
• ITR (min 3 Years)

Pensioner/ Retirement Person Documents 

• Pension Account Statement
• Retire Document
• Bank Statement
• Bank Balance Certificate
• ITR (min 3 years)

Property Sell Documents

• Sale Deed
• Amount of Registration in bank account
• Bank Statement
• Bank Balance Certificate
• CA Report (Chartered Accountant makes a report of assets valuation)

Insurance/ Mutual Funds/ Shares Documents 

• Documents of Sold out/ surrendered insurance or mutual funds or Shares
• Bank Statement
• Bank Balance Certificate

Gold Loan Documents 

• Gold Documents
• Receipts
• CA Report (assets Report)

Types Of Funds Which are not acceptable in Australia

• EPA/ GPA/ PPA Funds
• FD’s (Fixed Deposits) in Post Offices
• Cooperative Funds
• Funds in Society
• Non Nationalised Banks

But don’t worry if you have funds in this type so just you need to WITHDRAW them into your Saving Bank Account & provide Bank Account Statement, Bank Balance Certificate, Supporting Documents (min 3 months old).

 

How to Show funds through Education Loan

There are numerous nationalised banks in India which may provide Education loan to study further in Australia including

1. Axis Bank
2. ICICI Bank
3. HDFC Bank
4. IDFC First Bank
5. Avanse

They just sponsor your studies Expense in spite of this you need to show little amount of money as the funds.

Read: Why is Visa Rejection High in Australia?