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Australia is a great country for pursuing your studies and making a career. You must have required to show the Bank Statement for Study in Australia. There are many individuals who go to Australia for their higher studies and then pursue their careers in big companies and create a name for themselves. Several well-known universities are providing you degrees that are held valuable all over the globe. But you need to acquire a student visa for studying there and the process is not an easy one. The biggest trouble most people encounter is the bank statement which is necessary.
You need to show a hefty amount in your bank statement to be eligible for the student visa. Many people look up to financial institutions as one can get help in various ways. However, you better be sure about different ways you can prove your eligibility and what options you have.
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Providing financial capacity evidence
The bank statement is to assure you that you have the financial capacity to pursue your studies in Australia. While the bank statement is the primary way of doing it, there are different options available to you.
First, you have to prove that you have enough money to meet the traveling as well as living and education requirements for one year. If your family members are accompanying you, you need to show the traveling and living expenses for them too.
Secondly, you can show that your annual income is equivalent to AUD 60,000. Your parents or spouse should be earning equal to the given amount per year and if any of your family members want to go along then you have to show earning equivalent to AUD 70,000.
Acceptance Advice of Secondary Exchange Students form or a letter of support from the Department of Foreign Affairs or a letter from the Department of Defense would also work great.
Why do you need to prove it?
Australia is a heart favorite when it comes to a preferred destination for international students. It is a great place to study and explore career options. Numerous courses and a multicultural society encourages individuals to come and study in the country. Thousands of individuals from all over the globe are enrolled in Australian institutions. Therefore, the process of a student visa is a tough one and you have to satisfy different requirements, including the bank statement, to be eligible for the visa.
A bank statement is not the only requirement. You will have to pay other expenses and tuition fees. There are different countries that will ask you for the bank statement such as Germany, Austria, and Norway, despite the fact that education is free in these countries.
The individual is required to show funds that can cover the return travel ticket for himself and his family member. Also, the tuition fee and living expenses of one year are there to be considered.
As for travel, you will be required to show 2000 AUD for yourself. If any of your family members are coming along, an additional 2000 AUD are to be stated in the bank statement as to their travel expense. Then there is a tuition fee for one year which has to be covered. It depends on the institution you are enrolling in and you are required to show money equivalent to the first year tuition fee. If the person accompanying you is a child between 5 and 18 years of age, you have to show children the course fee for the first year too.
And lastly, you have to include the living expenses. Your living expenses for one year will amount to AUD 20,290 whereas your partner will have to show AUD 7,100. If you are coming with children, AUD 3040 per child is required.
Add all the expenses given above and your bank statement should show enough financial capacity to cover it.
The method you complete required Bank Statement
You can consider numerous options when it comes to bank statements. Get a money deposit or loan from an approved financial institution or ask for a government loan. If you are not in favor of the loans, try applying for scholarships and sponsorships. The funds need not be in your account. Acceptable family members include you, your partner, your parents, brother, sister, grandparents, and aunt or uncle who is a citizen or permanent resident of Australia or eligible New Zealand citizen.