One of the most important things to consider when studying in Australia is how much money that you need to have in order to be comfortable. There are a lot of things that come into this process. We’re going to take a look at a few of the important costs in this article. Then, you will be better able to make an informed decision about studying in Australia and determine how much you need to budget in order to live comfortably while there.
All of these numbers are presented with and based on the Australian dollar (AUD). If you would like to see the current exchange rate for your country’s currency to AUD, check out XE.com’s currency converter for the most recent currency conversion rates.
In order to be able to stay in Australia, you have to show that you have enough money to cover, except your tuitions also the living expenses. Your financial capacity to handle these expenses is also a criterion you need to meet when applying for a visa.
Australian authorities will ask you to testimony your finances when you initiate your visa application. Usually, the government and the specific immigration regulator set a minimum value of money an international student must possess. Be aware that this limit may change year to year, so always be sure that your money is leveled up with those requirements. You can provide this evidence in some ways.
You can show a 12-month funding
Prove an annual income
Secondary Exchange Students – Provide a form of Acceptance Advice of Secondary Exchange Students (AASES) only secondary exchange students
Foreign Affairs or Defence Students – A letter of support from the Department of Foreign Affairs and Trade or Department of Defence.
If you’re showing up with the 12 months funding option a calculation of the money you have is necessary. This money can be your savings or can be a loan by an official financial organization, government loan, a scholarship or so.
Second, you can prove your financial capacity by showing your annual income. Currently, you must have a minimum of AUD60,000 personal incomes. If your parents will accompany you then you must have an annual income of AUD70,000. Don’t forget to submit your document of financial capacities otherwise, your visa application can be refused. Pay attention that this money has only to be of your spouse (who is not coming with you) and your parents. And this takes us to the other point you need to know in this process: your access to these funds. The fact that the annual incomes are strictly limited only in annual earnings of your spouse and parents, guarantees the authorities in Australia that you have full access to those funds and you can pay your living expenses.
Access to funds
After you have shown to have the funds to cover your living expenses authorities want to make sure you have full access to them. Depending on what sort of fund you’re leaning on, you may be required a particular document. Here are just some examples of this:
If a financial institution is giving money to you, you may need to show an identification document of that company. Another possibility may be by showing any other case in the past the company provided financial aid to you.
If you’re leaning on large deposits you need to show their primary source if it’s a wage or what.
If you’re relying on a loan a disbursement between the bank, the provider of that loan and you must occur.
If you’re receiving funds in another way you may be required to show conditions and terms at which your agreement with the provider is done.
The cost of living accommodations in Australia varies depending on which region you are living in. The more rural areas of Australia, like those you will find in the western and northern Australian states, will have much lower accommodation costs. In more urbanized areas, like those in the ACT and around Sydney will have higher rates, especially if you are downtown.
The cost of your living accommodations will also vary on how many rooms your rental has. On average, a one bedroom apartment will cost anywhere from $1000 (in rural areas) to $1750 (city center). Living on campus typically costs much less (approximately $750/month). If you are renting a 3 bedroom apartment, you could see costs as high as $2,500 a month in the city, but that is because of the assumption that you will be splitting the cost with roommates (which, in the end, would make it less expensive than a one bedroom apartment).
Accommodation is the first thing you must take care of when you land a foreign country. Yet, in Australia, as we already mentioned, is an issue easily to tackle. You only need to have a simple picture of how much it may cost to you, and where it costs exactly what you’re sure you can afford. Use this prices below as a reference
Hostels and Guesthouses – $90-$150 per week
Shared rental – $85 – $215 per week
On campus – $90-$280 per week
Homestay – $235 – $325 per week
Rental – $165 – $440 per week
Boarding schools – $11,000 – $22,000 per year
The cost of your amenities will vary depending on location and what you have. It will also depend on what is included in your rent. Here are some averages:
- Gas and electric: $50-$100/month
- Phone and internet (usually bundled together): $150-$200 a month
- Water/Sewer/Trash: $50/month
- Groceries average approximately $200/month, depending on what you’re eating.
Note: If you are located within city limits, the numbers that you will see will likely be more than the estimates listed here.
You may also have to pay particular local and/or housing taxes, depending on what your landlord covers and what you have to cover. Which amenities and taxes you are responsible for should be outlined in your lease. Many times, you can discuss the average costs for your apartment with your landlord or real estate agent; they should have a vague idea of what the monthly costs for your rental should come out to.