Planning to immigrate to Australia through the Subclass 491 visa? If yes, then one of the most critical components of your visa application is demonstrating financial stability or in other words, how much bank balance you must show to support your stay.
If you are an aspiring skilled worker or a student exploring regional opportunities, understanding the financial requirements can be a game-changer. In this blog, we will break down the bank balance requirements for the Subclass 491 visa, and how Cross Border Education can help.
What is a Subclass 491 Visa?
The Subclass 491 is a Skilled Work Regional (Provisional) visa, allowing skilled workers and their families to live, work, and study in designated regional areas of Australia for up to 5 years. It can also be a pathway to Australia PR if you meet the residency and income requirements over time.
Why is Showing Proof of Funds Important?
While the Department of Home Affairs does not explicitly list a fixed amount of bank balance to apply for the 491 visa, each state or territory may set its own financial requirement for nomination. This ensures that applicants can support themselves and their family members after they immigrate to Australia, without immediately relying on government assistance. Showing adequate bank balance also builds confidence in your application, proving that you are financially capable of settling into your new life in Australia.
How Much Bank Balance Should You Show?
Although the required amount varies depending on the state or territory and the size of your family, here is a general guideline for the minimum bank balance required for Subclass 491 visa applicants:
- For Single Applicants: AUD 20,000 to AUD 25,000
- For Couples: AUD 30,000 to AUD 35,000
- For Families (with children): AUD 40,000 to AUD 50,000+
Keep in mind that each state has its own set of financial criteria. For instance: South Australia typically asks for around AUD 20,000 to AUD 25,000 for a single applicant. Tasmania may request evidence of access to at least AUD 25,000 to support initial settlement.New South Wales (Regional) often requires more funds depending on the number of family members. It is advisable to check the latest updates from the relevant state or territory website before applying.
What Documents Can Be Used to Show Proof of Funds?
You can provide a mix of financial documents to meet the bank balance requirements, such as:
- Bank statements for the last 3-6 months
- Fixed deposits
- Loan disbursement letters (if applicable)
- Employment income statements
- Evidence of assets (property, investments, etc.)
Make sure the documents are recent, clearly show your name, and are issued by recognized financial institutions.
Conclusion
- A Subclass 491 visa allows you to live and immigrate to Australia for up to 5 years.
- While the Department of Home Affairs does not enforce a specific financial requirement, states and territories do.
- Depending on your family size and destination, you may need to show between AUD 20,000 to AUD 50,000 in accessible funds.
- Providing the right financial documentation is critical to your visa success.
Get Expert Help from Cross Border Education
Understanding visa requirements, managing finances, and applying for a skilled migration visa can be overwhelming. That’s where Cross Border Education, the Best Australian PR Consultant in India comes in to provide expert guidance.
As one of the leading consultants helping individuals immigrate to Australia, we offer end-to-end support. Our experienced team stays updated with the latest immigration laws and requirements, ensuring that you never miss a crucial detail in your Subclass 491 visa journey.
