Australia Sets Financial Requirement for Work Visa Applicants

Australia has published the minimum financial requirement for foreigners applying for its Work and Holiday visa (subclass 462), establishing a benchmark of AUD5,000 (approximately ₦4,733,475) for an initial stay, plus the cost of a return fare. The Department of Home Affairs mandates that applicants demonstrate sufficient funds to support themselves during their stay and cover their departure costs.

The AUD5,000 figure serves as a general guide rather than a fixed threshold. Holders of the subclass 462 visa can work in any job but cannot work for the same employer for more than six months.

The visa is intended for short-term work that funds travel, not for formal employment. It is valid for 12 months from the date of first entry and must be activated within 12 months of the grant date.

Visa holders may leave and re-enter Australia multiple times during their stay. Additionally, holders can qualify for a second Work and Holiday visa by completing three months of specified work during their first visa period.