Perhaps the question we get asked most by students who would like to come and study in Australia is about how much it would all cost and how much a person needs to have in his bank account or sponsor’s bank account to satisfy the “Evidence of Fiancial Capacity” requirement. In this article, we will try to be as comprehensive as possible and include any costs you may be expected to pay.
This article is, by no means, absolute and correct because there are many factors that influence prices, such as the type of accommodation, the state you choose to live and study in and many other factors such as the standard of living you would like for yourself. Therefore, we will be trying to stick to general averages as much as possible. It is worth noting that in Australia, unlike many other countries, rent is paid weekly, while wages can either be paid weekly, fortnightly or monthly.
The costs of your whole adventure will be divided into two main parts: before coming and while studying. On the other hand, we will also discuss what you can expect to earn during your stay in Australia so that you can make the best decision for yourself. Of course, the averages discussed here may vary widely, so it’s better to contact your educational consultant to help you make the best decision for you.
1- Expenses before coming to Australia
Before setting out to study in Australia, there will be many things that you will need to prepare. They are detailed in the following list (prices are in Australian Dollars):
- Preparing and translating your documents (around 300$)
- Doing the IELTS exam (around 350$ if needed)
- Enrolment fee (around 200$ if required)
- Visa application fee (575$)
- Overseas Student Health Cover (around 550$ per year)
- Plane ticket (around 1,000$ depending where you are coming from)
Therefore, the average total cost of what you would be expected to pay before coming to Australia is almost around 3,000$. Of course, if you’ve already done your IELTS or are coming from a country which is closer to Australia, the costs may be cheaper; however, if you are coming from a farther country or had to redo your IELTS to get the 5.5. it would cost you more.
2- Expenses in Australia
The Australian government estimates that the average living cost of an international student in Australia excluding education expenses is around 20,290$ per year. In this part of the article, we we go into the details of this in addition to some average educational expenses.
a- Living Expenses
To live fairly comfortably in Australia, you will need to make sure you can afford the following:
- Rent (around 140$ per week)
- Utility bills (electricity, gas, water, internet, mobile, etc…) (around 40$ per week)
- Food (around 130$ per week)
- Transport (around 40$ per week on public transport)
- Entertainment (around 40$ per week)
That puts us at around 390$ per week, whick amounts to approximately the 20,290$ per year that the government specifies. Of course, some students in shared accommodation may go much lower than this while others go higher depending on how they manage their expenses. Therefore, managing your expenses in Australia is paramount, especially for the first couple of months until you find yourself a job.
b- Educational Expenses
While educational costs vary widely from course to course and from provider to provider, your average annual educational expenses could be around the following:
- For English language studies, it’s usually weekly and costs an average of 200$ per week, which puts you around 10,400$ per year.
- For Vocational certificates, diplomas or advanced diplomas, you can expect to pay around 200 per week, which also puts you around 10,400$ per year.
- For a bachelor degree, the cost is around 25,000$ per year.
- For a masters degree, the cost is around 35,000$ per year.
- For a doctorate degree, the cost is around 30,000$ per year.
Of course, the costs here are only estimates with some courses going as low as 6,000$ per year while others going as high as 50,000 per year. Contact us so that we can help you find what’s best for you.
3- Average wages for international students
To comply with your student visa conditions, as soon as your course starts, you are allowed to work 40 hours per fortnight, so around 20 hours per week while your class is in session. However, during official holidays as set by your education provider, you are allowed to work unlimited hours. Moreover, the current minimum hourly rate for a person abover 21 years of age in Australia is around 18$ per hour. So, assuming you have secured a job for a regular 20 hours per week, you would be making around 360$ per week as a minimum before tax. There are many sectors where international students are working, and these include retail, hospitality, tourism, sales and many others.
Based on the figures mentioned above, in order to satisfy the “Evidence of Financial Capacity” requirement for your student visa, you (or your sponsor) will need to have around the equivalent of 30,000$ in a bank account. Of course, this estimate will rise or fall based on the variety of conditions discussed above. If you need more assistance in knowing how much you need to have in your bank account to satisfy this requirement, feel free to contact us for a free consultation.