New Student visa framework and financial capacity requirements

Key changes

Key changes under the SSVF are:

  • a reduction in the number of student visa subclasses from eight to two; and
  • the introduction of a simplified single immigration risk framework for all international students.

Financial capacity under SSVF

Under the SSVF, all student visa applicants must have sufficient funds available for the duration of their stay in Australia.

Students associated with higher immigration risk, based on their country and education provider immigration risk outcomes, will generally need to provide documentary evidence of financial capacity with their visa application.

Where our online client service tool indicates that documentary evidence of financial capacity is required, it is important for applicants to attach these documents to their visa application prior to lodgement. Failure to do so might result visa refusal.

Where additional evidence of financial capacity is required, the student will be able to provide this as one of the following:

  • evidence of funds to cover travel to Australia and 12 months’ living, course fees and (for school-aged dependants) schooling costs for the student and accompanying family members
  • evidence of meeting the annual income requirement
  • an Acceptance Advice of Secondary Exchange Students (AASES)  form, for secondary exchange students only.

The annual income option requires students to provide evidence of personal annual income of at least AUD 60,000. For students accompanied by family members the amount is AUD 70,000 or more. The income demonstrated must be the personal income of the student’s spouse or parents only. In circumstances where both the student’s parents are working, their combined income can be considered for this requirement. In all cases, the evidence of annual income must be in the form of official government documentation, such as a tax assessment.

The 12-month living costs requirement is broadly similar to the requirement that applied to  Assessment Level 2 students prior to 1 July 2016. The type of evidence, where required, includes: money deposit or loan with a financial institution, government loan, scholarship or sponsorship.

Living cost amounts

From 1 July 2016, the 12 month living cost will be:

  • Student/guardian – AUD 19,830
  • Partner/spouse – AUD 6,940
  • Child – AUD 2,970

Consumer Price Index (CPI) indexation

Financial amounts including annual income, living costs and schooling costs will be regularly reviewed and adjusted in line with the CPI figures for the previous calendar year.

For more information please visit: https://www.border.gov.au/Trav/Stud/student-visas-1july2016

Contact AMEC for further information how you could benefit from the changes and to enrol in Australian Universities and Colleges. Registered migration agent at AMEC can assist you in preparing you for visa application.

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