Australia Student Visa: How Much Money Do You Need?

For an Australian student visa, you need to show AUD 29,710 for 12 months of living costs, your first year of tuition, and AUD 2,000 for travel. For most Indian students heading to a university, that adds up to roughly AUD 70,000 to 95,000, or about ₹46 to 63 lakhs. You can show this through savings, an education loan, or a parent’s annual income of at least AUD 87,856.

How much money is “enough” for an Australian student visa?

This is where most students get confused. One blog says ₹12 lakhs. Another says ₹47 lakhs. A friend says nobody even checked his bank statement.

So who’s right?

The rules come from Australia’s Department of Home Affairs, and they’re clearer than you’d think. Let’s break them down line by line, in rupees, so you know exactly what to arrange before you apply.

All rupee figures use roughly ₹66 to the Australian dollar, the rate in late October 2026.

What Are the Financial Requirements for an Australian Student Visa?

Short answer: You must prove you can pay for living costs, tuition and travel for your first 12 months in Australia.

Here’s what Home Affairs asks a single student to show:

Your OSHC (health cover) is paid separately and must cover your whole stay. It usually costs about AUD 674 to 719 a year for a single student.

How Much Money Do You Need in Total?

Let’s take a real example. Say you’re joining a Master’s with a first-year fee of AUD 50,000.

• Living costs: AUD 29,710
• Tuition: AUD 50,000
• Travel: AUD 2,000

Total to show: AUD 81,710, about ₹54 lakhs.

If your tuition is AUD 40,000, you’ll need around ₹47.5 lakhs. If it’s AUD 60,000, you’ll need around ₹60.5 lakhs.

What if you’ve already paid part of your fees? Good news. Anything you’ve already paid to your university counts, so you show only the balance.

Do You Have to Show Money in the Bank?

Not always. Home Affairs gives you two options.

Option 1: Show funds

You prove you have the full amount through:

1. Bank savings held by you, your parents or your spouse
2. Fixed deposits, ideally held for some time, with proof of where the money came from
3. An education loan from a recognised bank or financial institution. Loans from friends or relatives usually aren’t accepted.
4. Scholarships that cover tuition or living costs

Option 2: Show annual income

Instead of savings, your parents or spouse can show a personal annual income of at least:

• AUD 87,856 (about ₹58 lakhs) if you’re applying alone
• AUD 102,500 (about ₹67.7 lakhs) if family members are included

This income must be from the 12 months before you apply. You prove it with official documents like income tax returns. Salary slips or bank statements alone usually won’t do.

How Long Should the Money Be in Your Account?

Short answer: There’s no fixed official period, but most universities and visa experts suggest funds that have been held for at least 3 to 6 months.

Why does this matter? Because a sudden, large deposit just before you apply is a red flag. Officers want to see that the money is genuinely yours to use, and that you can explain where it came from.

If a big amount did come in recently, keep the paper trail. Property sale deeds, FD maturity letters or a loan sanction letter all help.

Other Costs You’ll Pay Before You Fly

The visa funds aren’t your only expense. Budget for these too:

1. Visa application fee: AUD 2,500 (about ₹1.65 lakhs), up from AUD 2,000 since 1 July 2026
2. OSHC: roughly AUD 674 to 719 a year for a single student
3. Medical exam and biometrics: a few thousand rupees
4. English test: IELTS, PTE or TOEFL fees

Can You Bring Your Family?

For most students, no longer.

From 2 October 2026, most new student visa applicants can’t include a partner or children. PhD students, government-sponsored students and a few other groups are exempt. If you do qualify to bring family, you’ll need to show extra funds:

1. Partner: AUD 10,394 a year
2. Each child: AUD 4,449 a year
3. Each school-age child: an extra AUD 13,502 a year for school costs

Why Do Australian Student Visas Get Refused Over Money?

Most refusals aren’t about having too little money. They’re about weak proof. The common mistakes are:

1. Unexplained deposits right before applying
2. Missing source of funds, like a large FD with no record of where it came from
3. Mismatched details, such as different names or account numbers across documents
4. Forgetting travel or tuition in the total
5. Informal loans from friends or relatives that can’t be verified

Your money also affects the Genuine Student (GS) assessment. If your finances look shaky, the officer may doubt that you’re a genuine student at all.

Will You Be Asked for Financial Proof at All?

Possibly not upfront. It depends on your university and your country. Home Affairs has a Document Checklist Tool on its website that tells you what evidence to attach.

Even if you’re not asked to submit proof upfront, the officer can still ask for it at any stage. So keep your documents ready. Every time.

How to Prepare Your Financial Documents

1. Work out your exact total using your CoE tuition figure
2. Pick one main source, savings, loan or income, and keep it clean
3. Get bank letters on official letterhead, signed and stamped
4. Show the source of any large deposit
5. Prove the relationship if your parents are sponsoring you, with a birth certificate or similar
6. Translate any document that isn’t in English

Not Sure If Your Funds Are Visa-Ready?

Getting the amount right is only half the job. Showing it the right way is what gets your visa approved.

Dynamic Education Consultants can calculate your exact requirements, check your documents, and help with your education loan before you apply.

Book a free counselling session today.

Frequently Asked Questions

01. How much bank balance is required for an Australia student visa?

You need to show AUD 29,710 for living costs, your first year of tuition and AUD 2,000 for travel. For most Indian university students, that’s roughly ₹46 to 63 lakhs in total.

02. Can I use an education loan as proof of funds?

Yes. A loan from a recognised bank or financial institution is accepted. A sanction letter that clearly shows the amount is usually needed.

03. How many months of bank statements do I need?

There’s no fixed official rule, but 3 to 6 months of statements showing stable funds is the safe approach.

04. Can my parents sponsor my Australian student visa?

Yes. Parents can show savings, or a combined annual income of at least AUD 87,856 through official tax documents.

05. Do I need to show money if I’m not asked for it?

You may not have to attach it, but the visa officer can ask at any time. Keep everything ready.

06. Is the AUD 29,710 living cost figure going to change?

It has been in place since May 2024 and is reviewed from time to time. Always check the Home Affairs website before applying.