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"So what are the requirements, for a student subclass 500 visa, come 1 July 2016?
Genuine Temporary Entrant Requirement
No changes here. The Genuine Temporary Entrant Requirement (GTE) is Australia saying that it wants to make sure you aren't taking on a student visa in attempt at a prolonged stay in Australia. You're assessed on 'genuine intent' through consideration of your immigration history and any other circumstances that might stand out in suggesting that you have other reasons for wanting to be in Australia. In other words the GTE will continue to be used as a screening tool to refuse student visas if the DIBP think you are a little suspect.
Enrolment in a Registered Course of Study
You'll need to produce a Confirmation of Enrolment (COE) in a registered course (CRICOS: Commonwealth Registered Courses for Overseas Students) for your application.
Course Transfers
There will be a new condition on the SSVF where, in the event of a change in course, visa holders are required to maintain enrolment at the same level or a higher Australian Qualification Framework (AQF) level for which they were granted a visa, unless moving from a doctoral to a master's degree, or must otherwise apply for a new visa to complete the change. Not adhering to this rule might result in your visa being cancelled. This seems to go against the idea of reducing red tape and we aren't sure of the rational here.
Financial capacity
Needless to say you / your family needs to be well capable of funding not just your course fees but your stay in Australia. Despite the elimination of assessment levels, the DIBP will still decide (based on your citizenship and education provider) if they want to request for evidence that your study and stay will be properly financed. This can be in the form of bank statements or a minimum annual income of $60K in Australian dollars and must show that the funds are actually available for use by the visa applicant (e.g. relationship to funds holder, previous visa history). Read more.
Come 1 July 2016, there will be a functional online tool available that will 'pre-assess' you to determine if you will need to provide any additional evidence, so that you can make a decision ready application. This tool to be accessible both prior and during your online application process.
English Language Proficiency
Whilst there are no more assessment levels, the DIBP retains discretion to request for documents that evidence your meeting a minimum competency in English dependending on the passport you hold and on your education provider. Read more.
Come 1 July 2016, there will be a functional online tool available that will 'pre-assess' you to determine if you will need to provide any additional evidence, so that you can make a decision ready application. This tool to be accessible both prior and during your online application process.
Health and Character
All international students have to be of good character and must hold Overseas Student Health Cover (OSHC) for a successful visa grant."