Finances: Tuition, Living Costs and Evidence of Funds

Planning study in Australia starts with a clear-eyed look at money. Tuition, day-to-day living, health cover and the funds you must show for a student visa are separate costs, and the visa minimums are not the same as a realistic living budget. This guide sets out what is confirmed by official sources, so you and your family can build a realistic budget and know what still needs checking on the official pages before you act.

Tuition fees

Tuition fees vary by provider, level of study and location, and there may be extra course costs such as materials or specific clothing like safety boots or lab coats [S1]. Because fees differ so widely between universities and courses, treat any general estimate as a starting point only and confirm the actual fee with the provider you are considering. If you later need a refund, note that the Tuition Protection Service (TPS) covers tuition itself but excludes books and equipment, OSHC, admin fees, accommodation and visa charges, so those costs are not recoverable through that scheme [S6].

Living costs

Actual living costs vary across Australia and can be much higher than the visa financial-capacity minimum, so families should not treat the visa figure as a livable budget [S2]. The Study Australia Cost of Living Calculator offers an approximate guide, though its figures were last updated in November 2023, so they should be used only as a rough starting point rather than a current price [S1]. Because costs differ by city, it is worth researching your specific destination rather than relying on a single national number.

Some state-backed study bodies highlight relative affordability: Study Adelaide, for example, states that Adelaide has lower rent than Sydney, Melbourne and Perth, citing CoreLogic data from January 2025, along with heavily discounted public transport for full-time students [S8]. Perth and Queensland's study bodies describe the range of institutions available (universities, colleges, English language, VET, schools and pathway providers) but do not publish specific cost figures in the material reviewed [S9] [S10]. Study NSW describes Sydney as Australia's most popular study destination and says New South Wales is home to students from more than 190 countries, though neither page gives a specific cost breakdown [S11] [S12].

Accommodation

Accommodation options include short-term stays (hotels, hostels), rental or share housing, managed or purpose-built student accommodation (often with bills included), university-managed housing, residential colleges (many fully catered) and homestay. For a rental or share house, the bond is usually equivalent to four weeks' rent, with a further roughly four weeks' rent paid in advance; the bond itself is held by the relevant state government department, not the landlord. If you are under 18 and not living with a parent or custodian, your provider must approve your accommodation and welfare arrangements, typically documented through a Confirmation of Appropriate Accommodation and Welfare (CAAW) letter [S3].

Once you have moved in, Study NSW's housing checklist recommends telling your education provider, bank, employer and OSHC provider of your address within seven days of moving [S7].

Evidence of funds for the student visa

The subclass 500 student visa requires evidence of financial capacity. Minimum funds must cover travel, the first 12 months of course fees, 12 months of living costs, and school fees for any school-age children travelling with you. This evidence can take the form of deposits, loans from a government or financial institution, or scholarships. Alternatively, financial capacity can be shown through a parent's or partner's personal annual income, supported by official documents such as tax assessments [S2].

It is worth stressing what the Department of Home Affairs itself states: the visa's financial-capacity figures are minimums, not a living budget, and actual living costs may be considerably higher. You should not plan to rely on part-time work to make up the difference. The subclass 500 visa does permit work of up to 48 hours a fortnight while your course is in session, but this is a work-rights allowance, not a substitute for demonstrated financial capacity [S2].

Document requirements can depend on your passport country and the provider you choose. The Department of Home Affairs updates its Document Checklist Tool twice a year, on 31 March and 30 September, so the requirements that applied when you first checked may have changed by the time you apply [S2]. Always confirm current requirements on the official Home Affairs page before submitting your application.

Overseas Student Health Cover (OSHC)

Students, and any family members joining them, must hold and maintain adequate health insurance for the whole stay in Australia, through OSHC from an approved provider, unless a specific exception applies (these cover the Norwegian National Insurance Scheme, Swedish Kammarkollegiet, or the Belgian Reciprocal Health Care Agreement) [S2]. Basic OSHC usually covers GP visits, some hospital treatment, ambulance services and limited pharmaceuticals, but it does not cover dental, optical or physiotherapy; Extras OSHC can be purchased separately for those [S4]. Approved OSHC insurers include ahm OSHC, Allianz Care Australia (Peoplecare), BUPA Australia, CBHS International Health, Medibank Private and NIB OSHC [S5].

Students from the UK, Sweden, the Netherlands, Belgium, Slovenia, Italy or New Zealand may also be able to access Medicare under Reciprocal Health Care Agreements, but this is in addition to OSHC, not instead of it. If your cover lapses into arrears, the policy can generally continue, but you may not be able to claim for services received during the gap, so maintaining continuous cover matters [S5].

Practical checklist

• Confirm the tuition fee and any extra course costs directly with your chosen provider, rather than relying on general estimates.
• Treat the visa's financial-capacity figures as a legal minimum, not a livable budget, and build a realistic city-specific living budget separately.
• Gather evidence of funds early: deposits, loan documents, scholarship letters, or a parent's/partner's income documents such as tax assessments.
• Arrange OSHC from an approved provider so cover starts on time and runs continuously for your whole stay.
• Budget separately for a rental bond (about four weeks' rent) plus roughly four weeks' rent in advance if you plan to rent privately.
• Check the Home Affairs Document Checklist Tool close to your application date, since it updates on 31 March and 30 September each year.
• If bringing school-age children, budget for their schooling costs and check the visa's minimum schooling-fee requirement.

Because fees, visa charges and cost-of-living figures change and some remain unpublished on official pages, always verify current amounts on the official Home Affairs, Study Australia and provider pages before you commit funds.