The very thought of university life in Australia brings about an array of emotions, from excitement to nervousness. And how else would it be? As a potential international student in Australia, you have much to look forward to as well as much to prepare for. 

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An immensely important aspect of your journey in Australia is understanding the financial requirements that may influence your decisions and lifestyle. As an international student, understanding financial requirements will help you plan out your journey and prioritize specific steps. It will also help you set financial goals throughout university and after graduation as well. 

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Cost of Student Visa (Subclass 500)

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Please note the cost of a student visa (or any Australian visa) is liable to changes and adjustments annually. 

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As of 2023, the base application fee for Student Visa (Subclass 500) for primary applicants is AUD $650. If a secondary applicant is included in the application, the base fees will differ depending on the secondary applicant’s age. If they are above 18 years of age, an additional fee of AUD $485. If they are below the age of 18, they will be charged AUD $160. This is only applicable to potential students who apply as combined applicants. Anybody who applies for an independent Student Visa (Subclass 500) will have to pay the base of AUD $650. 

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Extending Your Student Visa (Subclass 500) 

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If you are looking to extend your Student Visa (Subclass 500) in Australia, there is an option to do so. If this is the first time you are applying for an extension, you will have to pay the base fee of AUD $650. However, if this is not the first time you have applied for an extension, you will be required to pay an additional fee of AUD $700 along with the base fee. 

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Scholarships and Sponsorships 

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Now that we have covered the preliminary costs for your journey in Australia, let’s focus on how you can plan your finances for a smooth and transformative experience in Australia. 

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As an international student, you are eligible for an array of scholarships - from both your university and the Australian government. You could receive financial aid in the form of scholarships, grants and bursaries as well. Ensure to keep an eye out for the various scholarships available for international students. You can utilize the Australian government’s scholarships search tool to explore different kinds of scholarships you may be eligible for. A few major scholarships provided by the Australian government include:

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• Destination Australia
• Australia Awards
• Australian Government Research Training Program (RTP)

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Along with government-sponsored scholarships, a large number of Australian universities provide an array of scholarships for international students to make use of. This information is usually found on the university’s website. The scholarships may provide monthly stipends, tuition fee cuts, health insurance, travel allowances and other provisions as well. A few scholarships offered by premiere Australian universities are: 

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• Carnegie Mellon University Scholarships 2023 (Australia)
• Deakin University Vice-Chancellor’s International Scholarship
• The University of Melbourne Research Scholarships 
• Queensland University Law Scholarships
• Rotary Peace Fellowships 
• The University of Sydney International Scholarships 
• Swinburne International Excellence Scholarships 
• Monash Research Training Program 

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Part-Time Jobs in Australia

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As an international student in Australia, you are eligible to work for 20 hours per week or up to 40 hours per fortnight. During semester breaks, this limit is removed and you may work for an unlimited amount of hours. 

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Many international students coming to Australia make use of this opportunity and secure part-time jobs. Job search portals such as Indeed and Seek are popular search engines for many who wish to work in a certain industry. If you are looking for a part-time job, walk around your locality’s malls, restaurants and shops. There are often positions available. 

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Working part-time is an important experience for international students, as there is much to learn and understand. You can pick up many skills such as communication, working under pressure, prioritizing tasks and more while working - some of these skills may prove useful to you in the future as well. 

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Students can earn anywhere between minimum wage () to more as time passes. Ensure that you are registered with an Australian bank and have a TFN (Tax File Number), as this is integral in times when you get paid. 

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Managing Your Budget 

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Easier said than done, right? We understand. Managing your budget can encompass a multitude of things and steps - at times it seems nothing but daunting. 

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Which is why, start small. Prepare a monthly budget to keep track of your expenses, and once you seem to have adapted to a monthly budget, resolve to create a weekly budget. Creating a budget will help you prioritize your expenses and where you want to spend your money. It is alright if you do not always follow the budget, some cheat days are alright. However, consistently planning and staying within your budget will help you save money in various ways. 

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Other things you can do to manage your budget and expenses are: 

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• Make use of university resources! We mean free food. Universities usually organize food drives every once in a while for students, while student societies organize get-togethers where the food is affordable. Keep track of the events and show up for some affordable (maybe even free!) food and goodies. 
• Look out for discounts. Many cinemas, clubs and gaming arcades offer discounts if you are a student and carrying your Student ID with you. This may be applicable during certain days of the week or certain times of the month. Make the best use of those moments! 
• Set aside money for a rainy day. While planning your budget, ensure to set aside some money for emergencies, you may never know when that would prove useful to you or someone else. 
• Use public transportation while travelling. Australia’s public transportation system is an affordable and reliable way to travel around the city when you are on a budget. Each city will have a different metro card system that you will become acquainted with soon. 
• Grocery shopping might be an integral part of your student life if you are cooking your meals. Many grocery stores and chains have special aisles for discounted food products, always stop by them just in case! There are many ‘Value Foods’ that are available for discounted prices throughout the week as well. 

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Beginning your journey as a university student in Australia may have some challenges in the beginning. But as you experience things first-hand and find like-minded people during your journey, you will soon become an expert at many things - including managing your finances! 

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All the best!

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Disclaimer: Kindly note that the information provided here does not constitute legal advice. This must solely be regarded as content that provides general immigration information and is not a substitute for professional legal advice that occurs between an immigration lawyer and a client. 

Path Migration strongly recommends readers to contact certified immigration lawyers for a holistic overview of the Australia immigration system and a detailed analysis of each case.