Get to Know About Financial Proof for Studying in Australia in 2025
Providing financial proof is a crucial step when preparing your application for studying in Australia. It ensures that students have sufficient funds to cover their expenses throughout their stay, based on the country’s cost of living. Having a clear understanding of the requirements and preparing all necessary documents will help you successfully achieve your study abroad plans.
PURPOSE OF FINANCIAL PROOF
Financial proof for studying abroad involves convincing the consulate of your ability to cover living and study expenses during your time in Australia. This demonstrates your commitment and readiness to fund your education and living costs. It also shows your family’s financial stability and seriousness in supporting your educational journey in Australia.
METHODS OF FINANCIAL PROOF
There are various ways to demonstrate financial capacity, including savings accounts, assets, or sources of income from you or your sponsor. Here are the main methods:
Proof via Savings Account
To increase your visa approval chances, it’s recommended to open a savings account as early as possible before applying. Ensure the account remains active with sufficient balance to cover one year of study and living costs in Australia. Long-term savings accounts are particularly advantageous.
Proof via Income Sources
Below are the types of income accepted by the Australian Consulate for financial proof:
- Employment Income
If your financial sponsor is employed and receives monthly wages, you’ll need to provide documents such as:- Employment contract
- Salary statements or bank transfers
- Appointment letters or promotion documents (if applicable)
- Income from Business Operations
To verify income from business activities, you need to provide:- Income explanation letters
- Business license
- Tax documents
- Income from Business Ownership or Investment
For those who own businesses or hold investments, you must submit:- Business activity reports
- Financial statements
- Tax reports
- Documents proving investment shares or profit distribution
- Rental or Other Income Sources
If the above methods are not applicable, you will need to explain your income in detail. Make sure all evidence is accurate and convincing to increase your chances of visa approval.
REQUIREMENTS
As of May 10, 2024, the consulate has increased the required financial amount for student visa applicants and guardians. This aims to reduce financial risks and prevent visa misuse for unauthorized work or residency.
| Category | Cost |
| Primary applicant | $29,710 AUD |
| Spouse or partner of the primary applicant | $10,394 AUD |
| Dependent child | $10,394 AUD |
| Annual education cost | $13,502 AUD |
| Personal annual income (no dependents) | $87,856 AUD |
| Personal annual income (with dependents) | $102,500 AUD |
OTHER NECESSARY DOCUMENTS FOR VISA APPLICATION
Financial proof is a critical step, but a successful visa application requires a complete and well-prepared set of documents. Along with financial documents, let’s explore the other required materials with SET to maximize your chances of approval:
Documents for Admission Applications
- Personal documents: Passport, birth certificate, and signed application forms
- Academic documents: Full academic transcripts, degrees, English proficiency certificates (IELTS, TOEFL), awards, and employment contracts or certificates
Documents for Visa Applications
- Personal documents: Birth certificate, national ID card, household registration, and study plan
- Guardianship documents: Consent letter from parents for guardianship
- Financial documents: Identity card, financial sponsorship commitment, and income proof
For more information about financial proof and other requirements for studying in Australia, please contact SET Education or call our hotline at 0909 809 115. Our consultants will provide detailed support and help you plan your study abroad journey effectively.
