Initial and ongoing costs
When you arrive in Australia, your initial expenses will typically include meals, short-term accommodation, public transport, textbooks and stationery, basic furniture and appliances, groceries, toiletries, and a SIM card.
In addition to these initial expenses, the Department of Home Affairs suggests that student visa holders should budget at least A$29,710 per year of study for living expenses.
If you are bringing your family with you, you will also need a minimum of A$10,394 per year for your partner and A$4,449 per year for each child (excluding school costs).
What about long-term accommodation?
When you sign a lease for long-term accommodation, you will normally need to pay the first month's rent in advance and a security bond equal to one month's rent. This means you will need to pay two months' rent upfront.
You will receive the security bond back at the end of the lease if you have maintained the accommodation in good condition. If you leave before the end of the lease, you may still be liable for the entire lease.
Want to estimate your cost of living?
Try the cost of living calculator from Study Australia which takes into account your preferred accommodation, transport modes, shopping habits and other activities.
Banking in Australia
Setting up an Australian bank account is convenient, especially if you plan to work while studying or have money transferred from overseas. If you intend to take up paid work, you will also need a Tax File Number (TFN).
Australia has four major banks (ANZ, Commonwealth Bank, NAB and Westpac) and many smaller banks. Before choosing a bank, compare your options to determine which best suits your needs.
To open a bank account, generally you will need to bring:
- Confirmation of Enrolment (eCoE) and Letter of Offer from Swinburne
- personal identification (e.g. passport, student visa and birth certificate)
- proof of your current address and contact details
- some money to deposit.
Automated teller machines
Withdrawing money is usually free using an ATM associated with your bank, but you may be charged a fee if you use another bank's ATM. Most ATMs also accept international cards, so you can withdraw money using a card from your home country. There may be additional fees, so check with your bank before arriving in Australia.
International money transfers
You can have money electronically transferred into your Australian bank account from overseas. You can also send money overseas from your Australian bank account. When you open your account, the bank can advise you on how to do so. Fees may apply for international transfers, so check with your bank for more information.
