Indian students planning to study in Australia may face enhanced financial requirements under a fresh set of visa reforms being considered by the Australian government. One of the major proposals could require international students to open an Australian bank account and deposit money towards their education and living expenses before submitting their visa applications.
The Australian Department of Home Affairs has launched a consultation on changes to the financial capacity rules and the Genuine Student requirement, which assesses whether or not an applicant intends to pursue education in the country.
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The proposals are not official visa requirements as yet and the government is seeking feedback before deciding to introduce the changes. The proposed framework includes four options for students to demonstrate that they have sufficient funds to support education in Australia.
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What are the proposed changes?
Australian bank account: Under three of the four options, students could be required to maintain funds in an eligible Australian bank account or approved financial product before applying for a visa.
50% funding requirement: One option would require students to deposit 50% of their total course tuition fees and prescribed living expenses at least one month before applying. Withdrawals would follow a regulated schedule.
Three-month deposit: Another proposal would require the same 50% amount to remain in an Australian account for at least three months, without mandatory withdrawal restrictions.
Full first-year expenses: A third option would require students to deposit 100% of their first-year tuition and living costs at least three months before applying.
Education loans: The fourth option would allow recognised education loans and other approved financial arrangements, with funds transferred to Australia where practical.
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Moreover, the government is examining stricter financial checks for applicants from countries classified as Evidence Level 3. Under the proposed interim rule, these applicants could be required to submit at least six months of bank transaction records and provide financial evidence regardless of the risk classification of their chosen educational institution.
The government is also considering tighter restrictions on acceptable funding sources. Unsecured personal loans and education loans that have not yet been disbursed could face restrictions, while secured loans and government-backed financing could get recognition.
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