Money Matters for International Students

Moving to Australia for your studies brings excitement and opportunity. But let's be honest — managing finances in a new country can feel overwhelming at first. Currency conversion, Australian banking systems, different spending habits... it's a lot to figure out while adjusting to everything else.

We've worked with students from dozens of countries since 2019, and the patterns are clear. Those who get their budget sorted in the first few weeks have a much smoother experience overall. Less stress about rent, fewer surprises with bills, and more freedom to actually enjoy student life.

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What Actually Costs Money Here

Every January and July, we see the same pattern. New students arrive, estimate their costs based on info they found online, then realize things work a bit differently in practice. Rent includes some bills but not others. Transport costs vary wildly depending on where you live. Phone plans are structured differently than back home.

Accommodation Reality

Rent might include water and council rates, but electricity and internet usually sit on top of that. Shared houses split bills differently than purpose-built student apartments. Bond payments (typically four weeks' rent) need to come from somewhere before you move in.

Getting Around

Port Macquarie isn't Sydney, which changes the transport equation completely. Some students find a bike handles most needs. Others need a car for their particular situation. Public transport exists but runs differently than in major cities — worth understanding before you commit to accommodation far from campus.

Food & Daily Expenses

Eating out regularly will drain your account fast. Cooking saves significant money, but you need to account for the initial outlay — kitchen supplies, pantry basics, that sort of thing. Most students find a middle ground after the first month or two.

Banking Basics

Set up an Australian bank account within your first week. International transaction fees on your home country card add up quickly. Most major banks offer student accounts with reasonable terms — just read what you're signing.

Phone & Internet

Prepaid mobile plans start around $20-30 monthly and work fine for most students. Home internet (if not included in rent) typically runs $60-80 per month. Shop around before committing to long contracts.

Health Cover Requirements

OSHC (Overseas Student Health Cover) is mandatory, non-negotiable, and usually paid upfront for the full year. It covers basic medical needs but not everything — understanding the gaps matters if something goes wrong.

Starting Point: Most international students in regional NSW need between $1,200-1,800 monthly for basic comfortable living. That's rent, food, transport, phone, and some social activities. Your visa allows 48 hours of work per fortnight during semester (more during breaks), which can offset some costs — but building a budget that doesn't rely entirely on finding work immediately is smarter planning.

Who You'll Work With

Our student finance advisors have been through this themselves — either as international students or working closely with hundreds of them over the years. They get the specific challenges you're facing because they've seen them (or lived them) before.

First Month Priorities

Your first few weeks in Australia involve significant setup costs that many students underestimate. Bank account, phone SIM, bond payment, initial groceries, basic furniture or household items — it adds up faster than expected.

Plan to have at least $2,500-3,000 accessible during your first month beyond your first month's rent. That buffer makes everything less stressful and gives you time to find your footing without immediate financial pressure.

Common mistake: Assuming you'll start work immediately and relying on that income for setup costs. Job hunting takes time, and most positions require an Australian bank account and tax file number before your first shift.

Work Rights & Income

Your student visa allows 48 hours of work per fortnight during semester periods, with unlimited hours during official breaks. That's roughly 24 hours weekly, which at minimum wage ($23.23 as of 2025) gives you around $560-600 per week before tax.

Reality check — finding consistent part-time work isn't guaranteed, especially in regional areas. Jobs exist, but competition for student-friendly hours can be intense. Build your budget assuming you might not find work for the first month or two.

Handling Money from Home

International transfers involve fees and exchange rate margins that eat into your funds. Traditional bank transfers often cost $25-40 and take several days. Services like Wise or OFX typically offer better rates and faster transfers — worth setting up before you leave home.

Currency fluctuations matter more than you'd think. A 5% shift in exchange rates can significantly impact your budget if you're converting money regularly. Some students find it helpful to transfer larger amounts less frequently to reduce both fees and exchange rate risk.

Tax consideration: Money transferred from family overseas for living expenses isn't taxable income in Australia. But if you're earning interest on savings or working part-time, you'll need to lodge a tax return. Keep records of everything.

Emergency Fund Reality

Medical expenses beyond OSHC coverage. Unexpected travel home for family situations. Computer breakdown right before assignments are due. Rental bond disputes. These things happen, and they happen when your budget is already stretched.

Aim to build an emergency buffer of $1,500-2,000 over your first six months. Even $50 per month adds up. Having that cushion means a crisis becomes an inconvenience rather than a disaster.