Planning to Study in Australia? How to Satisfy the Proof of Funds Requirement for a Student Visa (Subclass 500) in Australia

If you’re an international student aiming to study in Australia, one of the most important parts of your student visa application is showing that you have enough money to support yourself during your stay.

The Department of Home Affairs requires proof of funds to make sure students can cover all their living, study, and travel expenses without financial hardship.

Many students are surprised at how carefully the Department checks financial evidence. It’s not enough to simply say you have money—you need to prove that your funds are genuine, stable, and accessible throughout your studies.

What Does “Proof of Funds” Mean?

When applying for a Student Visa (Subclass 500), you must show that you or your sponsor (such as your parents or guardians) can cover:

>  Tuition fees for your course

>  Living expenses in Australia (food, rent, utilities, transport, health insurance, etc.)

>  Travel costs, like your return airfare

>  Schooling costs if you are bringing school-aged children

These are mandatory requirements, and the Department sets a minimum amount every applicant must meet.

How Does the Department Calculate the Funds?

The Department updates the figures regularly, so it’s important to check before you apply. As of the current guidelines, students must show:

>  Living costs for students: AUD $29,710 per year

>  Living costs for a spouse/partner: AUD $10,394 per year

>  Living costs for each child: AUD $4,449 per year

>  Schooling costs per child: AUD $13,502 per year

>  Travel costs: usually around AUD $2,000 for a return flight

>  Tuition fees: the actual cost of your course (varies by university and program)

Where Can These Funds Come From?

The Department is very strict about the source of funds. Acceptable sources include:

>  Your personal savings

>  Savings from parents or guardians (with proof of relationship)

>  Scholarships (from the Australian government, your home government, or your education provider)

>  Loans from approved financial institutions

>  Sponsorships from recognised organisations

⚠️ Be careful: sudden large deposits in your account before applying may raise concerns. The Department prefers to see consistent financial history and clear evidence that funds will remain available during your studies.

Practical Examples

Example 1: Single Student

You’re applying for a 2-year Master’s degree in Australia. Tuition is AUD $40,000 in total ($20,000 per year). For your visa, you must show funds for the first 12 months:

>  Living costs: $29,710

>  Tuition (first year): $20,000

>  Travel: $2,000

✅ Total = $51,710

Example 2: Student with Family

Now imagine you’re bringing your spouse and one school-aged child:

>  Your living costs: $29,710

>  Partner’s living costs: $10,394

>  Child’s living + schooling costs: $17,951 ($4,449 + $13,502)

>  Tuition (first year): $20,000

>  Travel for family: $5,000

✅ Total = around $83,055

As you can see, the total increases significantly if dependents are included.

Tips for Preparing Proof of Funds

Plan ahead: Gather financial documents months before your application.

Show genuine savings: A consistent account history is stronger than sudden deposits.

Use acceptable sponsors: If parents are supporting you, provide proof of relationship.

Prepare official documents: Bank statements, loan approvals, and scholarship letters must be recent and legitimate.

Stay updated: Figures may change, so always check the Department’s website.

💡 The Bottom Line: Proof of funds is one of the biggest hurdles in applying for an Australian student visa. The Department doesn’t just want to see money—they want to be certain your funds are genuine, reliable, and available throughout your stay.

By planning early and presenting clear, well-documented financial evidence, you can strengthen your application and improve your chances of success.

📌 For more practical advice on applying for your student visa and choosing the right study pathway, visit our website: www.siainternational.com.au