How much bank balance is required to apply for a Subclass 462 visa?

Foreign nationals who wish to apply for a Subclass 462 visa must have a minimum bank balance of  AUD 5,000 to stay and work in the country. It is better to have a minimum of 4.5 to 5.5 Lakhs as a proof of sufficient fund before applying for a Subclass 462 visa. Foreign nationals must have sufficient funds to support themselves financially. In addition to the minimum sufficient funds, the applicant must be able to pay the processing fees of Subclass 462 visa.

 

Subclass 462 visa (Work and Holiday visa) allows a young foreign national from an eligible country to stay in the country for work or study (up to 4 months) for a temporary time period. The Subclass 462 visa helps foreign nationals to gain work experience that can later be beneficial if they apply for any Australia work visa. Foreign nationals can apply for up to three Work and Holiday visas, allowing them to stay for upto three years.

 

*Want to apply for Subclass 462 visa? Talk to Y-Axis for complete guidance.         

 

Eligibility Criteria to apply for Subclass 462 visa

An applicant must fulfill the eligibility criteria to apply for a Subclass 462 visa:

 

• Be an Indian citizen.
• Age requirement: Between 18-30 years
• Sufficient funds of at least 5000 AUD or 4.5-5.5 lakh
• Education Qualification includes degrees, diplomas, and other certificate with a minimum of 2 years of study (above post-secondary level)

Note: Family members cannot be included in a Subclass 462 Visa application. 

 

Requirements to apply for Subclass 462 visa

Below are the mandatory requirements to apply for a Subclass 462 visa:

 

• The English language is not compulsory if-

1. Completed a relevant approved English language test or assessment with a band score of 4.5
2. Taken relevant English education at least in primary years or completed 3 years of education in English

• Health insurance
• Police verification
• If any debts, pay them to the Australian government
• Previously not having a visa canceled or application refusal

 

 Processing Fee of Subclass 462 visa

The processing fee for a Subclass 462 visa is AUD 650. It is divided into two parts:

 

• Ballot cost: AUD 25
• Visa application cost: AUD635

 

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