We wish to inform our clients and stakeholders of significant updates concerning financial requirements for those applying for Student (Sc 500) and Student Guardian (Sc 590) visas. These changes are effective from 10 May 2024.
Revised Financial Capacity Requirements
The financial capacity requirements for applicants of the Student (Sc 500) visa and the Student Guardian (Sc 590) visa have been increased by approximately 21%. This adjustment aligns with a new calculation methodology based on a proportion of the Australian National Minimum Wage.
Here are the changes in financial capacity requirements, comparing the values before and after 10 May 2024:
– Primary applicant: Before 10 May 2024 required $24,505; after 10 May 2024 requires $29,710.
– Spouse or de facto partner of Sc 500 primary applicant (does not apply to Sc 590): Before 10 May 2024 required $8,574; after 10 May 2024 requires $10,394.
– Dependent child: Before 10 May 2024 required $3,670; after 10 May 2024 requires $4,449.
– Annual school costs: Before 10 May 2024 required $9,661; after 10 May 2024 requires $13,502.
– Personal annual income if there is no member of the family unit: Before 10 May 2024 required $72,465; after 10 May 2024 requires $87,856.
– Personal annual income where there is a member of the family unit: Before 10 May 2024 required $84,543; after 10 May 2024 requires $102,500.
Navigating Visa Requirements
Navigating the complexities of student visa requirements can be challenging, particularly with the recent tightening of genuine student requirements. Understanding these changes and ensuring compliance with them is crucial for a successful application process.
At Heenan & Browne Visa Migration Services, we specialise in guiding students and their families through the visa application maze with expert advice and support. If you are planning to study in Australia and need assistance with your visa application, book an appointment with us today. Our registered migration agent in Canberra, Brisbane, Sydney, Melbourne, Cairns and across Australia, is dedicated to helping you meet all requirements and facilitating a smooth transition to your educational journey in Australia.
