Aside from the prestigious academics, Australia also offers an immersive culture, golden beaches, bright sunshine, mouth-watering delicacies, and tons of opportunities to rediscover yourself. However, before applying for the visa, one of the most crucial factors to consider is preparing a detailed budget for the future years so that everything goes smoothly according to plan.
Another important thing while applying for a visa is to prove to the Australian government that you have sufficient funds related to tuition fees and accommodation costs to last them throughout the study period. Thus, it is important to have a clear idea about the costs you will have to bear. So, to help you out, here is a simplified breakdown of an approximate budget and list of expenses an international student might have to incur in one year:
| Type of Cost | Average Cost Per Annum (in AUD) |
|---|---|
| Tuition Fees (depending on course type, level of study, and university) | Anywhere between 4,000 to 40,000 (could be anywhere from 80,000 to 88,000 for Master of Business Administration) |
| Cost of Accommodation | Around 12,000-20,000 |
| Food and Entertainment | 1,920- 5700 |
| Travel | Depends on your place to stay (30 to 60 per week approximately for public transport) |
| Overseas Student Health Cover | Will be taken once during admission |
Please note that the list provided is a template for you to plan out an estimated budget. The actual costs may increase or decrease depending on miscellaneous expenses. Also, aside from the basic cost of accommodation, travel, healthcare, food, and entertainment, you must also state that you will have enough funds to buy return tickets to your home country. Moreover, if you wish to take any dependents along with you, keep in mind that all costs mentioned here are calculated on a single-person basis. Hence, you will need to have proof of sufficient funds for you and your dependents, including return airfare.
External charges may vary between institutions, courses, and students who live in dorms or in off-campus housing.
The tuition fees must be paid before you are officially enrolled in your program, usually once every term. There are also costs of materials and facilities provided by institutions, such as library costs, labs, lockers, and class trips that are not included in the tuition fees. Sometimes universities combine a few of these external charges and make students pay a “service fee” every term.
The tuition fees are calculated differently in Australia compared to other countries. Every unit of study is counted in a band, which is then added up throughout the duration of the entire academic year. Therefore, tuition fees for students within the same course may vary.
So, our counsellors at PFEC Global can guide you in preparing a smart management policy so that you can plan ahead, spend wisely, and turn Australia as the price-savvy option for you!
