Converting 408 Temporary Activity Visas to Student Visa 500 gives great opportunities to international students who want to build a bright future in Australia. To transition from a 408 visa to a 500 visa, you must meet the eligibility requirements. The most important requirements you should meet are health and financial requirements, candidates should meet to become eligible for 500 visas.
If you do not meet these requirements, then it leads to your visa refusal. In this blog, we tell you about the health insurance and financial requirements for a Temporary Activity visa (subclass 408) transition to a 500 visa.
Why Do Financial Requirements Matter for a 500 Visa after a 408 Visa?
The Australian government has applied the financial requirements on candidates who want to get a student visa (subclass 500 visa). Meeting these requirements are important because of the following reasons.
- Avoid financial hardship
Fulfilling the financial requirements for a student visa is important to show that you have enough funds to cover your expenses and tuition fees in Australia. It shows that you are financially stable and stay away from financial hardships in the country.
- Compliance with Visa conditions
These financial eligibility requirements ensure that students adhere to visa conditions that reduce the number of working hours while studying.
- Reduce dependence on Public Resources
These requirements also ensure that students do not depend on welfare systems or public services of Australia to study there.
Financial and Health Insurance Requirements for Australian 500 Visa
To get Student visa 500 approvals in a short time, you should meet the health insurance and financial requirements given below.
- Tuition fees
Tuition fees are the cost of your course fees for study duration. It is an important expense that you can handle while studying in Australia. The cost of tuition fees varies on the basis of course, institute and level of study. Here are breakdown of tuition fees, as per course level
- UG courses
The costs of UG courses in Australia range from AUD 20,000 to AUD 45,000 per year on the basis of your study field.
- PG courses
The PG course costs range from AUD 22,000 to AUD 50,000 per year, and specialized courses are more expensive.
You must show your financial funds to cover tuition fees and get successful approvals of a student visa.
Living Expenses
Living expenses are funds to cover daily living costs, including food, accommodation, utilities, and transport. You should show that you have enough funds to cover living expenses, during study duration in Australia. The Department of Home Affairs set the following minimum amount you should show to cover your living costs. The current living expenses requirements are
- Primary Applicant: AUD 24,505 per year.
- Partner/Spouse: An additional AUD 7,152 per year.
- Child: AUD 3,097 per year for each dependent child.
Travel Costs
Travel costs are the costs of return airfare to your home country. You should show that you have enough funds to cover return airfare costs to return to your home country. This requirement proves that you are financially stable and afford to return to your home after study completion. The factors that affect travel costs are given below.
- Distance from Australia: The airfare costs vary on the basis of your country of origin
- Booking timings: The travel costs are also based on when you book tickets because earlier bookings give you cheaper tickets
- Airline choice: The travel costs vary between airlines, so it is suggested to choose airlines carefully to get the best deal
Health insurance Requirements
Meeting health insurance requirements is also important to transition from a Temporary Activity visa (subclass 408)to a 500 visa, and get fast approvals. Under these requirements, you must have OSHC for your stay duration in Australia. Overseas Student Health Cover is important for all students who want to get a student visa. It gives you access to healthcare services and ensures that costs are covered during emergencies. Here are the following OSHC requirements.
- Coverage duration: You should have OSHC for the duration of your stay in Australia as a student
- Approved providers: You must buy OSHC from a trusted and approved provider
- OSHC costs: The OSHC costs vary on the basis of the provider you choose and coverage duration.
How Pathway Visa Service Helps You to Apply for Australian 500 visa
Pathway Visa Service provides you with end-to-end migration support and ensures that you choose the best course to study in Australia. They provide you with career guidance and help you to choose a world-class university. Here how they help you
- Shortlist courses and university for students
- Assistance in writing the GTE statement
- Review your financial documents
- Visa application follow-ups
Contact Pathway Visa Service and request your eligibility test before converting the 408 visa to Student Visa 500. Talk to their expert visa advisors to avail of personalized guidance. Their trusted professionals help you to apply for a student visa in Australia and make your hassle-free journey.
Conclusion
Meeting the health insurance and financial requirements is important to make your student visa journey after a 408 visa. You must stay transparent, fill your visa application timely and get your visa approved.
Start your study journey by carrying all documents, applying for a visa timely, and meeting all requirements. The candidates are also suggested to adhere to Department of Home Affairs guidelines.
FAQs
1) Do I need health insurance to apply for a 500 visa?
Yes, you must have health insurance cover to transition from Temporary activity visa (subclass 408) to 500 visa. Carrying the Overseas Student Health Cover (OSHC) is important to get student visa approval.
2) What are the financial requirements for students to get 500 visa approval?
The students must have financial proof and receipts to show that they have enough funds to cover your expenses, including tuition fees, living expenses, and travel costs.
3) How much financial balance should I show for a student visa in Australia?
To transition from a 408 visa to a 500 visa, you should show your financial capacity. You must show AUD29,710 for living expenses, return airfare, and 1 year of tuition expenses to get a 500 visa in Australia.
4) What if my OSHC does not match the course duration?
If your OSHC policy does not cover the tuition fees and course duration, then your student visa application will be delayed or refused. To prevent this condition, you must ensure that OSHC starts before you start the course and continues till the course ends.
5) Can I change OSHC providers after I get 500 visas?
Yes, you are able to change OSHC providers after getting your student visa. Ensure that there is no gap in coverage, and inform your new provider about your visa status, so they adhere to visa conditions and ensure visa approvals are timely.
Read Also: GTE Statement Tips for 408 Visa Holders Applying for a Student Visa
