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CHANGES IN FINANCIAL REQUIREMENTS FOR STUDENTS VISAS EFFECTIVE 15 MARCH 2009
For the purpose of meeting the financial requirements for a student visa, the Department of Immigration and Citizenship (DIAC) has developed a list of acceptable financial institutions in the Philippines based on the legislative definition of a “financial institution” under Australia’s Migration Regulations. Institutions included have been assessed as having good financial standing, credit rating, and integrity.
Effective 15 March 2009, only evidence of a money deposit or loan from an “acceptable Philippine-based financial institution” included in our list will be accepted. Documents from any other financial institution will not be accepted as evidence of source of funds.
Applications lodged with the Visa Office prior to 15 Mar 2009 will be assessed as per current arrangements.
Prospective applications that do not have the required documentation are advised to delay lodgement and seek alternate funds from an “acceptable financial institution”. If an application is lodged after 15 March 2009 without the required documentation, the Visa Office may provide an opportunity to seek alternate funds from an “acceptable financial institution” before a decision is made.