Prove of financial requirement for visa application

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Prove of financial requirement for visa application


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Old 08-15-2013, 09:58 PM
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Prove of financial requirement for visa application

I have secured admission to study masters in Australia for 2 years,my sponsor is a business man that have more daily transactions on his account but all his money usually goes to the business without having bulk of it in his account.But personally i have some amount of money in my account for at least for the first year financial requirement minus the second semester tuition fee and i am going with my wife.I will be applying under the streamline visa,i want to know if i met the financial requirement and if my sponsors account is to be added too even though there was no much money on it but he have enough inflow and outfow of cash.Thank you.


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Old 08-16-2013, 01:35 AM
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Can i have an answer pls, 40 viewers no suggestion


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Old 08-19-2013, 12:53 PM
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Please is my question not relevant


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Old 08-19-2013, 01:27 PM
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Hi Guddy -

Thanks for the question. Unfortunately there is not nearly enough information in your post to answer the question. Assuming you are studying in a streamlined program (makes a very big difference in requirements), here's the DIAC page that has the financial requirements:

Higher Education Sector: Temporary Visa (Subclass 573) - Streamlined Visa Processing

Notice while you are not required by DIAC to provide documents to evidence your financial resources, they have the right to request these if they are not satisfied. In streamlined student visa cases, the school you study at essentially takes on the responsibility of vouching for your financial ability - ie, if you satisfy whatever the school's requirements are for evidencing financial resources, DIAC is generally satisfied with that.

In terms of inflow and outflow, that's not what DIAC asks for - they want to see an available balance that represents money available to you to use for your tuition, travel, and expenses in Australia.

Hope this helps -

Best,

Mark Northam

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Old 08-19-2013, 03:52 PM
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Thank you Mark


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Old 08-19-2013, 05:45 PM
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Dear Mark,
if one is going for the streamlined 2 year masters program,must he have the whole amount of tuition,living expenses etc for the whole two years in his account before applying for visa.


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Old 08-19-2013, 10:15 PM
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Hi Guddy -

Streamlined applications are treated as Assessment Level 1 - the requirements for this level state that you need to "declare" that you have access to enough funds to pay for living, travel and school expenses for the duration of your stay.

Best,

Mark Northam

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Old 09-26-2013, 05:09 AM
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I am from AL 3 country and am too preparing in lodging 573 student visa under streamlined for pursuing two year master degree. I am stuck in financial documents. I got the idea of declaration of access to required fund to cover total costs, however, I am worried if I have to show the cash assets from three months back and for how long should that balance cover the total costs for two years program. How likely is that the case officer ask for the evidence of funds for my case. I am running out of time...any help???


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Old 09-29-2013, 04:46 AM
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Quote:
Originally Posted by MarkNortham View Post
Hi Guddy -

Thanks for the question. Unfortunately there is not nearly enough information in your post to answer the question. Assuming you are studying in a streamlined program (makes a very big difference in requirements), here's the DIAC page that has the financial requirements:

Higher Education Sector: Temporary Visa (Subclass 573) - Streamlined Visa Processing

Notice while you are not required by DIAC to provide documents to evidence your financial resources, they have the right to request these if they are not satisfied. In streamlined student visa cases, the school you study at essentially takes on the responsibility of vouching for your financial ability - ie, if you satisfy whatever the school's requirements are for evidencing financial resources, DIAC is generally satisfied with that.

In terms of inflow and outflow, that's not what DIAC asks for - they want to see an available balance that represents money available to you to use for your tuition, travel, and expenses in Australia.

Hope this helps -

Best,

Mark Northam
Dear Mark,

I want to explain my concerns in more detail. I am in difficult time for preparing the financial documents for student 573 visa under streamlined arrangement. I have question for both university satisfaction and DIAC satisfaction for financial documents.
First, to satisfy the university for sound financial ability of the student, does the receive of only COE meets the requirements? The university has mentioned in its terms and conditions that student should be able to show the evidence of access to funds when asked by the university. Does this mean that I should show the evidence of fund to university or only COE works to satisfy the university.
As you posted above, generally the satisfaction of uni meets the conditions for DIAC. Second, to satisfy the DIAC for financial requirements, does the only declaration statement of funds in visa application work? Unfortunately, let say for my case as I am from AL 3 country- since the CO has the right to ask for the evidence of funds, in the case the CO request me to show the evidence of funds, what should I submit? If I say, the fund covering the total costs (study, living, travel) for one year should be provided from the three months back if shown in cash assets or few weeks before if shown in education loan, need to be submitted then am I right? I am applying for two years master program.
I am waiting for your reply , please respond if my information is not clear.
Thank you.

Regards,
Wmanoch


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Old 09-29-2013, 01:49 PM
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Hi Wmanoch -

For streamlined, you only have to declare you have the funds as far as DIAC is concerned - what requirements your school has vary based on your school. The CO can request that you provide evidence of funds, but usually that is not required with streamlined applications as the responsibility is put on the school to be satisfied with your English and financial requirements.

I can't speak to what your school might require, however from DIAC's point of view there are separate rules for cash-based assets and educational loans which it sounds like you've already read and understood (ie, 3 months for cash-based assets, but no time req on educational loan). However, do make sure you very carefully study all of the language on the DIAC website regarding the financial requirement as the requirements are lengthy and complex - too many details to cover here.

Hope this helps -

Best,

Mark Northam

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