Financial Foundations for International Students
Moving to Australia for your studies brings exciting opportunities. But the financial side? That's where things get tricky real quick.
We've been helping international students make sense of Australian financial systems since 2019. Banking protocols, tax obligations, budgeting strategies – it's all quite different from what you're used to back home.
Financial Requirements You Actually Need to Know
Student visa applications demand proof of funds. And no, your parents' bank statement won't cut it – unless it's prepared exactly how immigration wants to see it.
Living Costs Evidence
The Australian government requires proof of AUD 24,505 per year for living expenses. This figure gets updated annually, so double-check current requirements before your application.
Document Formatting
Bank statements need specific formatting and authentication. We help structure these correctly so immigration officers can review them quickly without requesting additional documentation.
Ongoing Compliance
Your visa comes with work hour limitations and other conditions. Breaking these accidentally happens more often than you'd think – usually because students don't understand how hours are calculated across pay periods.
Your First Year: A Realistic Timeline
Most students underestimate the time it takes to get financially settled. Here's what actually happens during those first twelve months.
Months 1-2: Banking Setup
Opening an Australian bank account before arrival saves headaches. You'll need this sorted within six weeks of landing to access special student account benefits. Bring your passport, visa documentation, and proof of address from your accommodation provider.
Months 3-4: Tax File Number
Apply for your TFN immediately after arrival. Without it, you'll pay the highest tax rate on any work income – and getting refunds later becomes complicated paperwork nobody enjoys.
Months 5-8: Budget Adjustments
This is when most students realize their initial budget wasn't quite right. Transport costs more than expected. Textbooks aren't cheap. Weekend socializing adds up. We help you recalibrate without panic.
Months 9-12: Tax Return Prep
Your first Australian tax return comes around July 2026. Start organizing payslips and receipts from September 2025 onwards. International students often miss deductions they're entitled to because they don't know what's claimable.
Saskia Veldkamp
International Student Advisor
Newcastle Office
What We Actually Do for Students
Saskia spent three years studying in Melbourne before joining our team in 2022. She remembers arriving with confidence and a detailed budget – then discovering Australian costs worked differently than she'd calculated.
Now she helps students avoid those same surprises. Not by promising everything will be easy, but by walking through the actual financial systems you'll encounter.
- Banking setup guidance before you leave home
- Budget reviews that account for actual Newcastle living costs
- Tax obligation explanations in plain language
- Part-time work income planning within visa limits
- Emergency fund strategies for unexpected situations
- Currency transfer options that minimize fees
Start Before You Arrive
Financial setup works best when you handle it before departure. Once you're dealing with jet lag, orientation week, and finding your classrooms, banking paperwork becomes one more overwhelming task.
We offer initial consultations for students still in their home countries. September 2025 intake students should reach out by June. February 2026 arrivals should contact us around November 2025.
eluntraxilo Financial Services
27-29 Watt St, Newcastle NSW 2330
Phone: +61 452 321 446
Email: help@eluntraxilo.com