Financial insufficiency remains one of the leading causes of Australian student visa refusals — and in 2026, the Department of Home Affairs (DHA) has tightened scrutiny further, with bank statements now manually verified. Here's exactly what you need to show, and how to set up your finances once you arrive.
The 2026 Minimum Figures
For a single applicant, the Subclass 500 visa requires proof of funds covering living expenses, first-year tuition, and travel costs.
- Living expenses: AUD $29,710 for 12 months (the DHA's official 2026 benchmark).
- First-year tuition fees: varies by course, typically AUD $7,000–$50,000+.
- Travel costs: AUD $2,500 (this figure is specifically higher for applicants from India, Nepal, and Sri Lanka).
If you're bringing dependents, you must show additional funds for each family member. Importantly, you only need to demonstrate funds for the first 12 months of your course, not its entire duration — though if your course is shorter than a year, you show funds for just that shorter period.
It's Not Just About the Number
A common misconception is that simply showing a large bank balance is enough. In reality, DHA case officers assess the complete financial picture.
- Where the money came from — unexplained large deposits are a red flag.
- How stable the financial history is — funds should show a consistent pattern over at least 3 months, with the most recent transaction within two weeks of assessment.
- Whether the profile makes sense for your specific situation and course.
Property valuations and asset declarations alone are not accepted — the DHA requires liquid or near-liquid financial evidence specifically.
What Counts as Acceptable Proof
- Bank statements — showing your name, active account number, and at least 3 months of transaction history, with a bank stamp confirming the issuing institution.
- Fixed deposits or term investments with clear proof of ownership.
- Approved education loans from recognized financial institutions — considered highly reliable evidence.
- Scholarship letters from universities or government programs.
- Sponsor income proof — salary slips, tax documents, or business records, plus proof of your relationship with the sponsor.
- Joint bank accounts — usable, but you'll need to show evidence of your access to the funds and potentially a consent letter from the other account holder.
The Genuine Student (GS) Requirement
Financial capacity is now assessed as part of Australia's Genuine Student (GS) requirement, which replaced the previous Genuine Temporary Entrant (GTE) test. Case officers evaluate whether your financial intent is credible and consistent with your stated study plans — meaning a clear, honest financial story matters more than simply hitting a magic number.
Overseas Student Health Cover (OSHC): A Mandatory Add-On
Beyond tuition and living costs, OSHC is mandatory for all international student visa holders, and proof of OSHC coverage is required as part of your visa application — budget for this separately from your general living expense calculation.
Timing: Two Separate Financial Proof Submissions
- To your institution — at the time of accepting your offer, to secure your Confirmation of Enrolment (CoE).
- To the DHA — again when you lodge your actual Subclass 500 visa application.
Opening an Australian Bank Account as a Student
Once you arrive, opening a bank account is straightforward for most international students:
Bring your passport and visa
These are the primary documents required at any major Australian bank.
Apply for your Tax File Number (TFN)
Apply as soon as possible — a TFN is needed for both banking and any part-time work.
Compare student account options
Australia's major banks (Commonwealth Bank, ANZ, Westpac, NAB) all offer no-fee student accounts, and some let you set up an account online before you even arrive, activating it once you land.
Confirm the account is government-guaranteed
Check that your bank is covered under the Financial Claims Scheme (FCS), protecting deposits up to AUD $250,000 — see our dedicated guide on Australia's deposit guarantee for more detail.
Application Checklist
- Calculate your total required funds: $29,710 (living) + first-year tuition + $2,500 (travel) + any dependent amounts.
- Ensure your funds show a stable 3-month history with no unexplained large deposits.
- Gather bank stamps, statements, and sponsor documentation well before applying.
- Purchase Overseas Student Health Cover (OSHC) and keep proof ready for your application.
- Apply for your Tax File Number immediately upon arrival.
- Compare no-fee student bank accounts before you land, so you can activate one quickly.
This article is for general informational purposes only and does not constitute immigration or financial advice. Australian student visa financial requirements are reviewed and updated periodically — always verify current figures with the Department of Home Affairs or a registered migration agent.
Frequently Asked Questions
Q.Can I use my parents' bank statements as proof of funds?
Yes, generally — provided you can demonstrate the relationship and that the funds are genuinely accessible to you, along with the standard supporting documentation.
Q.Do I need to show funds for my entire course, or just the first year?
Just the first 12 months (or the full course length if shorter than a year) — you don't need to prove funding for multi-year programs beyond that first-year window.
Q.What happens if I have a large, unexplained deposit in my account?
This is a common red flag for DHA case officers — be prepared to explain the source with supporting documents like contracts or receipts, or it could weaken your application.
Written & fact-checked by
LifeWestWay Editorial
Migration, Careers & Lifestyle Desk
Our team of researchers, ex-immigration lawyers and long-time expats verifies every visa rule, salary figure and tax threshold against official sources before publishing — and revisits each guide as policies change.