Proof of funds for the student visa (subclass 500): how much and what evidence

The published financial thresholds

The department sets annual living-cost figures that student visa applicants must demonstrate. As of the most recent update, the figures are AUD 29,710 per year for the primary applicant, AUD 10,394 per year for a spouse or de facto partner accompanying the student, and AUD 4,449 per year for each dependent child (Department of Home Affairs).

These living-cost figures are separate from tuition fees. Your total financial requirement is the sum of your annual course fees (as stated on your Confirmation of Enrolment), the applicable living-cost amounts for yourself and any dependants, school fees for any dependent children of school age (approximately AUD 8,000–12,000 per year depending on the state), and the cost of return airfares to your home country.

If your course is shorter than 12 months, you only need to show funds for the duration of the course rather than a full year. If it is longer than 12 months, you must show funds for the first 12 months.

As a practical example, a single student enrolled in a Master's programme with annual tuition of AUD 40,000 would need to show approximately AUD 40,000 (tuition) + AUD 29,710 (living costs) + AUD 2,000 (estimated return airfare) = AUD 71,710 in accessible funds. A student with a partner and one child would need to add AUD 10,394 + AUD 4,449 + school fees to that total.

What counts as acceptable evidence

The department accepts several types of financial evidence, and most applicants use a combination.

Bank statements are the most common form of evidence. The department expects statements from a recognised financial institution covering the most recent three months. The statements must show the account holder's name, the account balance, and transaction history. A single statement showing only the current balance is not sufficient — the department wants to see that funds have been genuinely available over a period of time, not deposited shortly before the application.

Scholarship letters are accepted where the scholarship explicitly covers tuition and/or living costs. A full scholarship from the applicant's home government or from the Australian institution that covers tuition and provides a living stipend can satisfy the entire financial requirement. Partial scholarships covering only tuition still require the applicant to show separate evidence for living costs.

Loan approval letters from financial institutions are accepted as evidence of financial capacity. The letter should confirm the loan amount, that it has been approved (not merely applied for), and that the funds are available for the purpose of studying in Australia. Education loans from government-backed schemes (such as Vidya Lakshmi in India) and private bank education loans are both accepted.

Financial declarations from sponsors — typically parents — are used when the student's own funds are insufficient. This requires a statutory declaration from the sponsor confirming they will provide financial support, accompanied by evidence of the sponsor's own financial capacity (their bank statements, employment evidence, tax returns, or property valuations).

Funds in the applicant's name versus a sponsor's name

The department has stated that funds held in the applicant's own name carry greater weight than funds held by a third party. This does not mean parental funding is rejected — it is routinely accepted — but it does mean additional documentation is needed to establish the connection between the sponsor's funds and their commitment to support the student.

When relying on a parent or other sponsor, the strongest approach is to provide bank statements in the sponsor's name (three months minimum), a statutory declaration signed by the sponsor confirming the amount they will provide and their relationship to the applicant, evidence of the sponsor's income (payslips, tax returns, business financials), and if possible, evidence of prior financial support (previous tuition payments, transfer receipts).

If the sponsor's bank statements are in a language other than English, certified translations by a NAATI-accredited translator (or equivalent in your country) are required. Informal translations will not be accepted.

How the genuine student requirement interacts with financial evidence

Since 2024, the Department of Home Affairs replaced the former Genuine Temporary Entrant (GTE) requirement with the Genuine Student (GS) requirement (Department of Home Affairs). Under this framework, case officers assess whether the applicant is a genuine student who intends to study in Australia temporarily.

Financial evidence plays a role in this assessment. If your declared financial capacity does not align with your personal circumstances — for example, if you claim access to AUD 70,000 but your family's annual income is AUD 10,000 — the case officer may question whether the funds are genuinely available or have been temporarily assembled to meet the visa requirement. Consistency between your financial evidence and your overall profile is important.

This is why transaction history matters. An account showing a steady balance built up over months or years is more convincing than one showing a sudden large deposit. If there was a legitimate reason for a recent large deposit — proceeds from a property sale, a loan disbursement, an inheritance — providing documentation of that source helps explain the spike.

Handling funds in foreign currencies

Most student visa applicants hold their funds in a currency other than Australian dollars. The department converts foreign currency amounts to AUD at the prevailing exchange rate when assessing the application. This creates a practical risk: if the exchange rate moves against you between the time you prepare your evidence and the time a case officer reviews it, your funds may fall below the threshold in AUD terms.

The standard advice is to hold a buffer of at least 10–15% above the minimum requirement to account for exchange rate fluctuations. If the threshold is AUD 71,710 in total, showing AUD 80,000 or equivalent gives you a comfortable margin.

Some applicants in countries with capital controls (such as Nigeria, Bangladesh, or China) face additional complexity. If your country restricts outbound currency transfers, include documentation showing that the funds can legally be transferred — such as a letter from your bank confirming the availability of foreign exchange for education purposes, or evidence that your country's central bank permits education-related outbound transfers.

OSHC as part of the financial package

Overseas Student Health Cover (OSHC) is mandatory for student visa holders. While OSHC is not technically part of the proof-of-funds calculation (it is a separate visa condition), you will need to purchase it before your visa can be granted, and many education providers require it at the time of enrolment.

Annual OSHC premiums range from approximately AUD 500–700 for singles and AUD 1,200–1,700 for families. Some education providers negotiate group rates with specific OSHC insurers, which may be cheaper than purchasing individually. For more detail on OSHC costs and payment methods from overseas, see the dedicated guide on OSHC costs and how to pay from overseas.

Common mistakes that delay student visa applications

Several recurring issues cause student visa financial evidence to fail or attract requests for further information.

Submitting bank statements that cover less than three months is a frequent problem. Even if your balance is well above the threshold, the department wants to see the history. If your bank only provides monthly statements, ensure you submit at least three consecutive months.

Failing to account for dependants is another common error. If your partner or children are included in the visa application, their living costs must be included in your financial evidence. Omitting them does not reduce the requirement — it creates a gap that the case officer will identify.

Providing documents without certified translations causes delays. Every document not in English must be accompanied by a translation from a NAATI-accredited translator (or an equivalent credentialed translator in your home country). Machine translations and informal translations are not accepted.

Not explaining the source of large deposits leads to additional scrutiny. If AUD 50,000 appeared in your account two weeks before you applied, the case officer will want to know where it came from. Include the loan disbursement receipt, the property sale contract, or the gift deed — whatever explains the deposit.

Relying solely on fixed deposits or term deposits without evidence that the funds can be accessed can also cause issues. If your money is locked in a fixed deposit that cannot be broken without penalty, the department may question whether you have genuine access to the funds when needed.

Step-by-step approach to preparing your evidence

Start by calculating your total financial requirement. Add your first-year tuition (from your CoE), the applicable living-cost amounts for yourself and any dependants, estimated school fees for school-age children, estimated return airfare, and OSHC. This gives you your target number.

Gather your primary financial evidence — bank statements in your name or your sponsor's name covering the most recent three months. If using a sponsor, prepare the statutory declaration and the sponsor's supporting financial documents.

Check that your total accessible funds exceed the target number by at least 10–15% to account for exchange rate movements. If you are short, consider whether additional evidence (a loan approval, a second sponsor, evidence of employment income in Australia through part-time work rights) can make up the gap.

Have all non-English documents translated by a certified translator. Organise your documents in the order they appear on the department's evidence checklist, and label each document clearly.

Submit through ImmiAccount, ensuring each file is within the upload size limits and is legible. Keep copies of everything you submit, along with any transfer receipts showing movement of funds — you may need to provide updated evidence if processing takes several months.

Can I show funds from multiple bank accounts?

Yes. The department accepts evidence from multiple accounts, and the total across all accounts is what matters. Provide statements from each account, and ensure each is clearly labelled with your name (or your sponsor's name with appropriate declarations).

Does the AUD 29,710 figure change every year?

The department updates the living-cost figure periodically, though not always annually. The figure has increased several times in recent years. Always check the current figure on the Department of Home Affairs website before preparing your evidence, as changes can occur between the time you start planning and the time you apply.

Can part-time work income count toward the financial requirement?

No. The financial requirement must be met at the time of application. Student visa holders are allowed to work up to 48 hours per fortnight during study periods, but this expected income cannot be used to satisfy the upfront financial evidence. The department requires that funds are available before the visa is granted.

What if my application is taking months and my bank balance has changed?

The department can request updated financial evidence at any point during processing. If your balance has dropped significantly — because you paid tuition or transferred living costs — be prepared to provide current statements showing you still meet the requirement. Maintaining the buffer above the minimum helps in this situation.

Is a fixed deposit acceptable as proof of funds?

Fixed deposits are accepted, but the department may want to see that you can access the funds when needed for living expenses. A fixed deposit that matures in three years when your course starts in three months raises questions. If the deposit can be broken early or used as collateral for a loan, providing documentation of that arrangement strengthens your case.