@ozdreamer0323 ...and to others as well who are interested to know info regarding FUNDS in applying for student visa, I am sharing with you these points from Australia Embassy The Philippines:
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The regulations require international students to show evidence of funds to cover tuition, travel, living costs and school costs for school aged dependents (if applicable). The Assessment Level (AL) of the student determines the amount of funds that need to be shown, who can provide these funds and for how long these funds must be held.
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The applicant must evidence that the income of any individual providing funds is sufficient to have accumulated these funds.
In all cases the decision maker should also be satisfied that, for the period that the applicant is to hold the visa, the applicant will have access to the funds demonstrated or declared in application.
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- Acceptable sources of funds:
Acceptable sources
The most common sources of funds which may be acceptable for the purpose of assessing funds for student visa applications are:
• loans from financial institutions
• money deposits held with financial institutions
• Bank Loans from financial institutions
• Loans must be issued from a Financial Institute (FI)
•A loan "in principle" is not acceptable.
•A loan must generally be at least partially disbursed before a visa can be granted. If the bank does not disburse the loan before visa grant then it is open to you to use another bank (FI) that can meet your needs.
• Visa applicants are required to provide evidence of family's income available to repay the loan. This income must be held by an acceptable individual.
• Visa applicant must provide evidence of the collateral used to secure the loan. This collateral must be genuinely held by an acceptable individual.
• If collateral is made using funds other than regular income then the applicant must provide the trail of funds. For example, a sale deed can be provided as evidence if funds are obtained by sale of property. Please note that sale agreements are not acceptable. Only the registered sale deed is acceptable for visa purposes.
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Source: http://www.philippines.embassy.gov.au/mnla/Student_Visa_Requirements.html
Hope they can help. Another factor for this funds issue is whether your institution is under SVP or not...pero kahit na SVP it is still a prerogative of the institution if it will ask for proof of funds.....good luck bros and sis....praying for you to have a positive outcome of all your visa application. God bless