AUD 29,710 is the amount the Department of Home Affairs currently expects a single applicant to show for living costs when applying for the Student visa (subclass 500), and this forms a key part of the student visa 500 financial requirements. If you’re an international student eyeing Perth as your study destination, or an agent helping clients through the process, getting the Australia student visa financial requirements wrong is one of the fastest ways to see a visa application refused. This guide breaks down exactly what you need, how to prove your financial capacity, and where most applicants slip up.
What Counts as the Student Visa 500 Financial Requirements
The subclass 500 visa is Australia’s main study visa, covering full time enrolment at any CRICOS registered provider, from vocational certificates through to doctoral programs. Before the Department of Home Affairs will grant it, you need to convince them you can cover three separate cost categories: living expenses, tuition fees, and travel.
The government requires proof of financial capacity for at least the first 12 months of study, and living costs currently sit at AUD 29,710 for a single applicant, on top of tuition fees and return airfare. This isn’t a number you get to negotiate down. It’s set annually and applied uniformly across applications, regardless of which city or provider you’re heading to.
How Much Money You Need for Student Visa 500
The 29,710 figure only covers you. If you’re bringing family, the numbers stack up quickly. A spouse or de facto partner adds AUD 10,394, each dependent child adds AUD 4,449, and if you’re bringing a school aged child, you should budget an additional AUD 13,502 per child per year purely for schooling costs. These amounts form part of the subclass 500 financial requirements when dependants accompany you to Australia.
Here’s what that looks like in practice for a family of three (applicant, partner, one school aged child):
- Applicant living costs: AUD 29,710
- Partner living costs: AUD 10,394
- Child living costs: AUD 4,449
- Child schooling costs: AUD 13,502
- Total before tuition and travel: AUD 58,055
On top of this, you’ll need tuition fees as listed on your Confirmation of Enrolment, plus a realistic travel budget. Most applicants should set aside somewhere between AUD 2,500 and 3,000 for travel and relocation costs, depending on where they’re flying from. These expenses should also be considered when planning your Australia student visa financial requirements.
One thing worth remembering: these figures move. The Department reviews and updates the living cost threshold periodically, so always confirm the current figure before you finalise your application rather than relying on last year’s number.
What Documents Actually Prove Financial Capacity
Showing a number isn’t enough. You need paperwork the Department will actually accept. The most commonly used evidence includes:
- Personal bank statements, typically covering at least the past three months, showing the funds are genuinely available
- Loan documents from a recognised financial institution or government source
- Scholarship letters where a scholarship covers some or all of your costs
- Sponsor income evidence, if a parent, partner, or relative is funding your study
These forms of evidence, whether bank statements, loan documents, or letters confirming scholarship or financial support, are all accepted ways to demonstrate you meet the requirement. What matters most is that the funds are verifiable, accessible, and genuinely under your (or your sponsor’s) control, not a one time deposit made right before you apply purely to pad the numbers.
That last point trips up a surprising number of applicants. A large lump sum that appears in an account just weeks before lodging a visa, with no history behind it, tends to raise more questions than it answers. Case officers are trained to look for a consistent financial pattern, not a single snapshot.
Costs Beyond the Basic Financial Requirement
The living cost figure is only one part of the budget picture. You also need to factor in:
Overseas Student Health Cover (OSHC). This is mandatory for the entire duration of your course, and you’ll need to maintain it continuously to keep your visa conditions intact.
English language testing. Depending on your course and provider, you’ll need results from an approved test such as IELTS, PTE Academic, or TOEFL iBT, taken in person rather than online.
Visa application charge. As of mid 2026, the standard charge for a primary applicant is AUD 2,500, with a reduced rate of AUD 2,050 for students enrolled purely in an English language (ELICOS) course.
None of these costs replace the AUD 29,710 living requirement. They sit alongside it, so your total budget for a successful application is significantly higher than the headline figure most students first hear about.
Financial Requirements When Bringing Dependents
If your partner or children are joining you in Australia, the financial bar rises with each family member, and so does the documentation. A child is generally treated as a dependant if they’re under 18, or if they’re over 18 but still financially reliant on you and meeting study requirements set by the Department. Each dependant’s eligibility, and the funds required to support them, needs to be documented separately from your own.
If your partner is joining on a relationship basis rather than as a spouse, expect to also provide relationship evidence such as joint leases, shared bills, or a history of communication, alongside the financial proof.
Common Mistakes That Lead to Refusal
Weak financial evidence is one of the most avoidable reasons applications get knocked back. The recurring issues include:
- Showing funds without a history. A large deposit made shortly before applying, with no prior financial pattern, often invites additional scrutiny rather than approval.
- Underestimating dependent costs. Applicants frequently calculate for themselves but forget to add the full amount required for a partner or school aged child.
- Inconsistent figures across documents. If your bank statement, sponsor letter, and CoE don’t tell a coherent financial story, expect a request for more evidence, which delays processing.
- Ignoring currency conversion accuracy. Funds need to convert cleanly to the required AUD threshold. A figure that looks sufficient in your home currency can fall short once converted.
- Ignoring the Genuine Student requirement. Financial capacity is assessed alongside the GS framework, so even strong financial evidence won’t offset a weak or generic study intent statement.
Why Getting Perth Specific Advice Matters
Financial requirements are set nationally, but how you present your case, and which documents will carry the most weight for your specific course, provider, and background, is where local expertise makes a real difference. A migration agent based in Perth who works with Home Affairs applications regularly can review your evidence before you submit, flag gaps early, and help you avoid the delays that come from a Request for Further Information.
If you’re planning your subclass 500 application and want your financial documentation checked before you lodge, working with a registered migration agent can save you months of back and forth with the Department.
Frequently Asked Questions
How much money do I need for an Australian student visa subclass 500? You currently need to show AUD 29,710 for living costs, plus your full tuition fees as shown on your Confirmation of Enrolment, plus a reasonable travel budget.
Does the financial requirement change every year? Yes. The Department of Home Affairs reviews the living cost threshold periodically, so the figure you see this year may not apply next year. Always check the current amount before applying.
Can I use my parent’s bank account to meet the financial requirement? Yes, sponsor funds are accepted, but you’ll typically need to show the relationship to the sponsor along with evidence the funds are genuinely available to you, not just a statement of someone else’s balance.
Do I need extra funds if I’m bringing my spouse or children? Yes. Each dependant adds a separate amount on top of your own living cost requirement, and school aged children require an additional schooling allowance.
What happens if my financial evidence doesn’t meet the threshold? Your application is likely to be refused, or you’ll receive a request for further information that delays processing while you gather stronger evidence.
Meeting the financial requirement for a subclass 500 visa is rarely just about having the right number in a bank account. It’s about presenting a consistent, well documented financial story that a case officer can verify quickly. Get the paperwork right the first time, and you remove one of the biggest risk factors in your entire application.
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