Managing your finances for studying in Australia
Understanding and planning your finances is crucial for a successful study experience in Australia.
| Category | Estimated Cost (AUD) | Frequency |
|---|---|---|
| Tuition Fees | $30,000 - $45,000 | Per year |
| Housing | $200 - $500 | Per week |
| Utilities | $50 - $100 | Per month |
| Food & Groceries | $80 - $150 | Per week |
| Transportation | $40 - $60 | Per week |
Follow these steps to set up your financial arrangements when you arrive in Australia:
We recommend opening an Australian bank account to manage your finances efficiently. Many banks allow international students to open accounts online up to 12 months before arrival in Australia. Upon arrival, you'll need to visit a branch in person to verify your identity and activate your account.
| Bank | Key Features | Student Benefits |
|---|---|---|
| Commonwealth Bank | Largest network of branches and ATMs | No monthly account fee, mobile banking app with international transfers |
| Westpac | Good online banking platform | Student discounts on hotels, restaurants, and flights |
| ANZ | Student Access Advantage accounts | Unlimited transactions, no minimum balance requirements |
| NAB | Fee-free student accounts | No international transaction fees on selected accounts |
When transferring money from overseas to Australia, consider these options:
Tip: Always compare exchange rates and fees before making international transfers. Even small differences in rates can significantly impact larger transfers like tuition payments.
If you plan to work while studying, you'll need a Tax File Number (TFN). Apply online through the Australian Taxation Office after arrival. A TFN is essential for working legally and ensures you're taxed at the correct rate.
Tax Information: The tax-free threshold in Australia is AUD 18,200 per financial year. Tax rates increase progressively for income above this threshold. The Australian financial year runs from July 1 to June 30.
As an international student, you may work up to 48 hours per fortnight while your course is in session. During scheduled course breaks, you may work unlimited hours.
Important: Working beyond your visa's allowed hours is a serious breach of visa conditions and could result in visa cancellation. Always ensure you stay within the permitted working hours.
The minimum wage in Australia is among the highest in the world. Most casual positions suitable for students pay between AUD $25-35 per hour, depending on the industry and your qualifications.
UNSW offers various scholarships for international students based on academic merit, leadership potential, and specific fields of study. Visit the UNSW Scholarships website for details and application procedures.
UNSW provides emergency financial assistance for students experiencing genuine financial hardship. Contact Student Support and Wellbeing for information about emergency loans and grants.
Tip: Apply for scholarships early, as many have deadlines several months before the academic year begins. Even partial scholarships can significantly reduce your financial burden.
A well-planned budget is essential for managing your finances effectively. Here are some tips to help you create and maintain a budget:
UNSW Services: The university offers free financial counseling services to help you manage your budget effectively. These services include personalized advice, budgeting assistance, and information about available financial support options.
We recommend bringing approximately AUD $2,000 in cash for immediate expenses upon arrival. This should cover temporary accommodation, food, transportation, and other essentials until you can access your Australian bank account. Additionally, ensure you have access to enough funds (through credit cards or online banking) to cover your first few months of expenses, including accommodation deposits and setting up your living arrangements.
Yes, most major Australian banks allow international students to open accounts up to 12 months before arrival. You can complete the initial application online, and your account will be set up with a temporary hold. Once you arrive in Australia, you'll need to visit a branch in person with your passport and visa to verify your identity and fully activate the account. This approach gives you an account number for transferring funds before you arrive.
There are several options for transferring money internationally:
Always compare the exchange rates and fees before deciding which method to use. For larger transfers like tuition payments, even small differences in exchange rates can significantly impact the amount received.
UNSW offers various scholarships for international students, including:
Visit the UNSW Scholarships website for comprehensive information about available scholarships, eligibility criteria, and application procedures. Application deadlines vary, so it's important to check early and prepare your applications well in advance.
In Australia, the national minimum wage is approximately AUD $21.38 per hour (as of July 2023), but many casual positions suitable for students pay between AUD $25-35 per hour, depending on the industry and your qualifications. Working the maximum allowed 48 hours per fortnight during term time, you could potentially earn between AUD $1,000-1,600 per fortnight before tax.
However, it's important to note that:
UNSW Careers and Employment services can help you find suitable part-time work and provide guidance on resume preparation and interview skills.
UNSW Student Support and Wellbeing provides financial counseling services to help you manage your finances effectively.