Funds required for Student Visa

I received many queries from our community on how to calculate funds required on student visa. Application will most likely be refused if funds submitted are less and no proper documentations are attached in support of the application as the case officer must be satisfied that the applicant is a genuine student before the grant of visa. I framed some frequently asked questions to guide our intending student applicant in the Philippines or the sponsor in Australia on how to show evidence of funds for a successful student visa application.

How much money is required by the Australian Embassy if I enrol in Advanced Diploma in Business Marketing for 2 years?

It is required that the applicant submits to the Australian Embassy evidence  of funds to pay for the course fees – this is the tuition fee payable to the school; living costs – computed at $18,000.00 per year for the main applicant; $6,300.00 per year for the partner of the student; $3,600.00 per year for the first child and $2,700.00 per year from each other child; travel costs which covers return air fare of the applicant, the partner and child if applicable.

The approximate funds required would be:

Say total tuition: $15,000.00

Living expenses for student applicant per year: $18,000.00 

Add:  living expenses for partner per year: $  6,300.00

Add:  living expenses for the first child per year: $3,600.00

Add: living expenses for each other child per year: $2,700.00

Add:  return air fare for the student applicant: $ 1,500.00

Add:  return air fare for partner and child each: :$1,500.00

The computation for the living expenses must be least 18 months duration.

Will the Australian Embassy accept land titles as evidence of funds in lieu of cash?

No. Only cash from acceptable source is accepted for the purpose of show money or evidence of funds. This is actual cash money deposited with a financial institution in the name of the student applicant or the individual providing the financial support and that money must be in the bank at least 3 months immediately before filing the application. For example, if the funds required is 1.8 million pesos, that amount must be in the bank account of the student applicant or the sponsor at least 3 months before the application is filed. If the money was deposited less than 3 months, the application will be refused.

For running account like business accounts, the Australian Embassy will take the lowest amount of the 3 months for the purpose of computing the amount submitted.

Assets which are not cash like land titles is accepted if you apply for a loan against those properties to the amount required. Proceeds of loan does not have to wait for 3 months before you can file the application. It advisable however, that you attach in your application loan documents to show that the money which was deposited less than 3 months came from the loan with certification from the bank that the loan was secured for the student’s studies.

Are shares of stock accepted as evidence of funds?

No. It can only be considered if you sell and convert those shares into cash and deposit the proceeds to a bank account.

How about home loan with redraw facility?

If the sponsor providing support is in Australia who has a home loan and has accumulated extra money on their home loan and that excess is in their redraw facility, that extra funds can be shown as evidence of funds. What you need is attach in the application the actual home loan papers showing a redraw facility and current loan statement showing extra money in the redraw facility. The borrower will then provide a statement or an affidavit that he undertakes to use the money in the redraw facility for the studies of the applicant.

Is money deposited in the Rural Bank or Cooperative Bank in the Philippines accepted?

The Australian Embassy in Makati will not accept evidence of funds deposited in a Rural Bank or a Cooperative Bank in the Philippines. The Embassy has published lists of financial institutions where deposits are accepted. There are about 38 financial institutions or commercial banks where deposits in these banks are accepted. I suggest that the applicant will check the Australian Embassy the names of the banks.

What documents are required as proof of the deposit?

You need to attach to your application certified by a lawyer copy of bank passbook or time deposit slips or bank statements. If the funds are provided by your parents or relative, the sponsor must execute an Affidavit that the student applicant will have full access to these funds at any time when required to pay for the course fees, education expenses, travel and other associated school expenses.

The person providing the funds must also provide an Affidavit that the funds deposited was acquired from legitimate source. For example, if the source of money is from business, the sponsor or the student applicant will attach business registration certificate, income tax paid to the Philippine government as proof that the funds were acquired from acceptable source. In one case where the sponsor was a contractor, I had to attach signed contracts as proof that the money was acquired from legitimate source. In another case, I attach the retirement papers of the parents as proof that they accumulated the funds from their retirement to support the studies of their son in Sydney.

In the affidavit of financial support, I suggest that you include a statement that you waive your rights to bank secrecy as funds coming from the Philippines will surely be checked by the Australian Embassy before they issue a pre-visa assessment letter.

Student applicant must note that while funds are important in the application, the actual application form 157A, the visa application charge, medical and police checks and letter of offer from the school, certified copy of passport, birth certificate must accompany the application for lodgement at the Australian Embassy in Makati.

For those who require questions on all aspects of immigration, this writer provides free initial telephone consultation and he can be contacted on 0412 269 439.

[Mr. Jessie Icao is a practising solicitor in the State of New South Wales and registered migration agent since 1993 MARN 9367993. He is also admitted as lawyer in the Philippines. The information provided is of general nature and cannot be relied in its entirety. I suggest that you consult an immigration solicitor or a registered migration agent for complete legal advice].

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32 Comments on this Post

  1. Is it possible that we can use a time deposit account for the show money?or there are some other options?

    • Funds required for student visa applicant (subclass 500)

      $60,0000 AUD for individual

      $70,000.00 AUD for family

      The funds must be the personal income of the applicant, spouse or parents.

      The money must be deposited with a financial institution, loan with a financial institution, government loan and scholarship or financial support.

      Source: IMMI16/018

      Thank you
      Jessie Icao


    Hi, I would just like to ask. since the very purpose of the show money is to determine if you have funds to live and study in australia, will I be allowed to utilize this fund for the purpose of paying my living expenses in australia? thank you for your answer

  3. Maria Ball

    Good day,
    We are sponsoring our daughter on a student visa. We are both australian citizens. You mentioned to execute an affidavit of support. Is this in a form of statutory declaration or real Affadavit that will require a lawyer? or have a Justice of Peace to witness?

  4. hi,
    i am hemant from india
    i want to know if it is necessary to provide income tax return for last two years? can we provide two return filed in a current year?
    can we take Over draft against 1 month old fixed deposit (money realise from sale of property), will it be counted?

  5. Hi! I just wanted to inquire regarding the funding when applying for a student visa. I have a bank account which is sufficient to fund my education. It was funded by my mom all through out the years, who is in the USA. Can I use this account under my name as my show money even though my mom funded it for me? Thanks!

  6. Michelle

    Hi! I am about to lodge my student visa application this week. I will be taking Bachelor of Business in Sydney Australia this July. My sponsor is my Uncle (Mother’s First Cousin). He executed an Affidavit of Support and Proof of Relationship notarized by a public attorney. He has a fund of approximately 4.7M. What are my chances of getting approved?

    Need immediate reply. Thank you so much!


    • Dear Michelle,

      I am not allowed to advice you on your case as I have not seen the documents you will file.

      You can make an appointment with our office, only then I can tell you the prospect of success.

      Thank you.

      Jessie Icao
      Registered Migration Agent 9367993

  7. Hi I just have a quick question. What if I loan in a rural bank, do I need to transfer the money to a commercial bank or the bank account that I have in the rural bank would be enough? Thank you.

    • Dear Reader,

      This question is not answered by the Migration Regulation. My view to transfer the money to a commercial bank and it should be there for 3 months before you can apply for the student visa.

      Jessie Icao
      Registered Migration Agent 9367993

      • Hi sir, If I will use loan as show money, what are the documents needed? Do they need the term document such as break down of loan and months to pay? Thanks a lot.

        • Dear Reader,

          Your questions are very specific now and you need to consult a solicitor who practice in the area especially that you will provide a loan in support of the student visa applicant.

          Jessie Icao
          Registered Migration Agent 9367993

      • Hi I’am from the Philippines and I want to study in Autralia, so my aunt from the US will sponsor my studies. Do we need to have a joint account if that’s possible coz im here in the phil.? or how can I prove to the embassy that I have an access on my aunt’s account? do she need to specify that on the affidavut?

  8. hi I’m level assessment 3 and my course if for 2 years. Level 3 requires show money for first 18 months of my stay in Australia. How will my calculations go about? only for 18 months or for 2 years still?

  9. Hi,
    Got a nephew in the philippines who wants to study in Australia.
    He require show money from me. I live here in Australia and Iam an Australian citizen.
    About show money can I get a loan for him or it needs to be 3 months before filing an application.

  10. is 5A511 of Migration regulations 1994 tantamount to saying that funds deposited by the AL2 applicant is not necessary to be held in a bank for 3 months immediately before application date?

  11. Is my counsellor (at a recognised student placement agency in Australia and Philippines) CORRECT by saying that 3 months long deposit is not necessary as long as I have the 1.8M or 2M in the bank and my course is not VOCATIONAL? kindly advise me on this.thanks

  12. I already paid enrollment fees and received my CoE for my Graduate Diploma course to commence on March 2014, considered as Assessment Level 2… I’ll be submitting my visa application this coming October. Estimated required funds is 1.8M pesos….I have maintained BDO account for about 4 years but I just initially deposited 1M two months ago for that purpose but I transferred 500K last month to my new HSBC account which I recently opened last july. Additional 1M will be deposited next month totalling to 2M. Both Bank accounts are for show money purposes. My question is, should I apply next month or wait for another 3 months after my account had summed up to 2M?

  13. hi sir, i just wanna ask if the funds from time deposit is acceptable for applying student visa in australia? thanks a lot

  14. hello there, im from the philippines, me and my wife will study a VET course in australia, in fact were enrolled already,..we have a dear friend who is a australian citizen lives in Victoria, and wants to sponsor us for the duration of our stay and study, he will support everything from accomodation, food and expenses…My question is what are the requirements or documentation needed for him and us to supply for our student visa be approved..

    pls enlighten us

    • hi, i just want to ask, because i was also planning in studying in australia, my only problem is that my councilor said that it needs to be inline with my previous degree here in the philippines. Is it true? Because my course was computer related, and now I want to take up business, she said that there is a possibility that my application will be denied. Can you provide me some of the details as to how you were able to obtain student visa. Thanks. Hope to hear from you soon.

  15. are funds coming from USA also verified?

  16. Hi , I just want to know for student visa , my uncle can show funds from India or only my parents can show?

  17. Good Day Sir!

    Just want to ask the following:

    1. My sister has a Swiss national partner because they are not married but they have a son. Is it okey that the Partner of my sister will be the one to sign the affidavit of support? All their money in the bank was on his name. Someone told me that foreigners are not allowed as sponsor for student visa in australia.

    2. Is it true by the latest immigration rule in australia that anyone can sponsor my study in australia as long as they sign an affidavit of support though they are not my relatives?

    3. Pls correct me if im wrong sir..

    tuition ———— 10,000
    living princpal——18,000
    living spouse——–6,300
    ticket principal——1,500
    ticket spouse——–1,500

    total ————–37,300AUD

    (37300aud x 40php) 1,492,000..

    Is the 1,492,000 pesos will be the required amount for the adfidavit of support i should provide?

    Hope to hear from you soon..


  18. I want to apply for student from catagory 2(Italy)country..i want to apply for student visa in much money my sponsor need to show??

  19. Gina Bautista

    Hello – How come they need a bank history for 3months? where they can also accept loans from the bank and so long the money will be available before the visa grant?

    • The evidence of funds for student visa could be:

      1. Cash deposits for the past 3 months before filing the application and
      they will take the lowest amount. For example the amount required is 1.5
      Million pesos. In February 2013 your deposit is only 800,000.00 but in April
      2013 your deposit is 1.5 Million. You will be short of funds as they will
      count only the 800,000.00.

      2. Loan money does not have to wait for 3 months.
      Unfortunately, that is the law.

      Jessie Icao
      Immigration lawyer
      MARN 9367993
      Suite 59, 48 George Street
      Parramatta NSW 2150

      • Thank you for you prompt reply 🙂
        One more question – My mother sold her property for 2.5M for my studies and got partial payment of 1.5M and she made a declaration that this is intended for my studies..Is this valid reason?

        • Dear Reader,

          Only the amount received will be counted. An Affidavit will be required by
          the mother to use the funds for your studies and attach the Deed of Sale.


          Mr. Jessie Icao
          MARN 9367993

      • Hello there,
        We are from Cebu City, weve applied for a Student Visa 572 and 3 months of waiting its a shame to say that we got REFUSED, and got the result just Jan.17, 2014
        My question is, our friend, who is the one sponsoring us a Australian citizen, wants us to go there as a TOURIST again, so is it possible that our tourist visa be denied since we have a record of 572 being refused?? is there a waiting time or something, that we need to re-apply for another visa type?

  20. hi. I just hav quick questions regarding proof of funding.. lets say if a already have paid for my 1st yr or atleast a first sem installment with the aus school ill be attending.. will that pay be deducted to my computation for the total tuition fee. one other thing, what if my program is good for only 1 /2 yrs.. will it still be computed as 2 yrs of stay as for the no. of yrs stay to compute for the cost of living. thanks.. need answer asap.

  21. Michelle

    Thank you. This is very informative. I have a current application for Student Visa in Australia and I’m wodering if they allow funds from time deposit.

    Thanks for enlightenment.

    Hope you’ll post more signaficant Visa information.

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