Sponsor Amount/Financial Capacity
Sponsor Amount/Funds required to Study in Australia
This is a very common question of every international student, that how much do they need to show in their bank as proof of financial capacity which also called “Sponsor Amount”?
At the end of this reading, you will be able to calculate the amount on your own. Let’s find out in details –
Why we need to show the amount:
To ensure the student has sufficient fund available to support his/her 1-year study as well as accommodation along with initial travel arrangement to Australia.
Total Sponsor Amount that needs to be shown is the sum of:
- Living cost amount defined this legislative instrument for the first 12 months or pro-rata amount
- Tuition fees for the first 12 months (Deduct the amount already paid as per the offer letter)
- Travel costs for the applicant (flights)
1. Living Cost Requirement for 12 months –
Student: AUD 21,041
Spouse: AUD 7,362
Child: AUD 3,152 (In case of school-going child extra AUD 8,296 required)
2. Tuition Fees Requirement for 12 months (or full course if course duration less than 12 months) –
For Example: If your course fee is AUD 60,000 for three years, determine the fee for one year (12 months) by dividing the total amount by the number of years. The amount will be AUD20,000. Deduct any pre-paid amounts paid for COE.
3. Travel Cost (Plane Fare) –
Approximate AUD 2,000 for a two-way flight.
Let’s do a simple calculation as an example:
You are planning to travel Australia for study purpose on your own and got admission to a renowned university where the total tuition fees AUD 80,000 and the course duration is 3 years. You have paid AUD 10,000 already to receive your COE (Confirmation of enrolment). In this circumstance, what would be the amount of financial capacity you need to show during your visa application?
Living cost for first 12 months = AUD 21,041
Tuition fees for first 12 months = AUD (80,000/3) = 26,666 – (10,000 which is already been paid to the university for COE) = AUD 16,666
Travel cost = AUD 2,000
Therefore, the total financial capacity or Sponsor Amount you need to have at least – AUD (21,041 + 16,666 + 2000) = AUD 39,707
Author: Zahid Al Hasan