Make studying your master's in Australia possible with Prodigy Finance

Why study in Australia?

Australia combines globally ranked universities, some of the world's most popular student cities and a graduate work visa for after your degree. Nine Australian universities rank in the top 100 of the QS World University Rankings 2027, including the University of Sydney (28th), the Australian National University (29th) and Monash University (31st). In the QS Best Student Cities 2027, Melbourne ranks 4th in the world and Sydney joint 5th.

Getting the funding together is often the hardest part. With Prodigy Finance you can apply for an international student loan to cover tuition and living costs, with no co-signer or collateral required.

Higher visa fees from 1 July 2026

Australia raised its visa application charges on 1 July 2026. The Student visa (subclass 500) now costs AUD 2,500, up from AUD 2,000, and the Temporary Graduate visa (subclass 485) costs AUD 5,750. Eligible citizens of ASEAN countries, Pacific Island countries and Timor-Leste pay a lower student visa charge of AUD 2,050.

Budgets built before July 2026 need rechecking: the student visa is AUD 500 higher and the graduate visa AUD 1,150 higher.

Rules from 2024 that still apply

• The Temporary Graduate visa gives 2 years after a bachelor's or coursework master's and 3 years after a research master's or PhD. Hong Kong and BNO passport holders can stay for 5 years.

• The age limit for the Temporary Graduate visa is 35, or under 50 for research master's and PhD graduates and Hong Kong or BNO passport holders.

• The English requirement is an overall IELTS score of 6.5 (or equivalent), and test results are valid for 1 year.

• The Genuine Student requirement replaced the Genuine Temporary Entrant requirement for student visa applications lodged on or after 23 March 2024.

• The proof of funds for a single student is currently AUD 29,710 a year, unchanged since May 2024.

Sources: Home Affairs, Post-Higher Education Work stream; IDP, Australian visa fee increases from 1 July 2026; Study Australia, Temporary Graduate visa; Home Affairs, Genuine Student requirement.

Tuition is the biggest variable. RMIT's 2026 fee data puts master's degrees at AUD 35,000 to 60,000 a year, with its MBA at AUD 50,880. Living costs add roughly AUD 30,000 to 45,000 a year in Melbourne, and the student visa asks you to show at least AUD 29,710 of that.

Tuition: what you'll pay

These are examples from one university. Fees vary by university and programme, so check your own course.

Monthly and annual living costs

The visa minimum is a floor, and your real costs depend on your city and housing. Sydney and Melbourne run higher than smaller university towns. Study Australia's cost of living calculator estimates living costs for your state and lifestyle.

One-off costs to budget for

Sources: RMIT, cost of studying in Australia 2026; Study Australia, cost of living calculator; Home Affairs, Student visa (subclass 500).

For a Student visa (subclass 500), Home Affairs currently requires a single applicant to show AUD 29,710 for 12 months of living costs. Add AUD 10,394 a year for a partner and AUD 4,449 a year for each child. You also need to show your first year of tuition and your travel costs.

Home Affairs reviews these figures periodically, so check the current amount before you apply.

What counts as evidence

• Bank statements that show the funds are genuinely available to you

• A scholarship letter stating the amount and duration

• Education loan documentation, such as a Prodigy Finance loan letter, alongside your other evidence

• A letter of financial support from a parent or partner, with evidence of their income

Common mistakes

• A large deposit shortly before you apply. It can look as if it was arranged to pass the visa check.

• Counting part-time earnings you haven't earned yet. Assessors generally don't count future income.

• Treating AUD 29,710 as a budget. It's the visa minimum, and living costs are often higher.

Source: Home Affairs, Student visa (subclass 500).

Prodigy Finance lends to international master's students on your future earning potential, not your assets. No co-signer, no collateral, and no Australian credit history or guarantor needed. Our student loans cover tuition and living expenses, with interest rates from 10.90%^*. Since 2007, we've disbursed $2.6 billion across 47,000 loans.

Where your money goes

Tuition is paid directly to your school, and living costs are disbursed to you directly, so your funding is secured early and you can focus on your move and your studies.

From application to your first disbursement

1. Check your eligibility online. It takes a few minutes and doesn't affect your credit score.

2. Submit your application with your offer letter and supporting documents.

3. Our team reviews your application and confirms your loan amount.

4. You accept your loan offer and complete verification.

5. We issue your loan letter, which you can use as part of your visa application.

6. Once your student visa is approved and your programme starts, tuition is paid to your school.

7. Living cost instalments begin according to your programme's payment schedule.

What students say

“With Prodigy Finance’s help, I am finally pursuing my Master’s in Data Science in Australia. The future feels full of opportunities.”

William Babu B, Andhra Pradesh, India

Australia has several universities ranked among the world's best. In the QS World University Rankings 2027, the University of Sydney ranks 28th globally, followed by the Australian National University (29th), Monash University (31st), the University of Western Australia (77th) and the University of Technology Sydney (87th). Melbourne ranks 4th and Sydney joint 5th for students in the QS Best Student Cities 2027.

Taught or research master's?

Whether a programme is coursework (taught) or research-based matters at least as much as overall ranking.

• A taught master's involves lectures, seminars and set modules, and suits students working towards a specific career. It's assessed through exams, assignments and sometimes a mini-thesis.

• A research master's (often called an MRes) involves far more independent study. You work on a research project with a supervisor and submit a dissertation, which suits students aiming for a PhD or an academic career.

The choice also affects your post-study work rights: coursework master's graduates get 2 years, research master's graduates get 3.

Popular with Prodigy Finance students

Monash University, in Melbourne, is a member of the Group of Eight and ranks 31st in the world. It's known for its research excellence and global footprint, with postgraduate programmes across multiple campuses in Australia and internationally.

Queensland University of Technology (QUT), in Brisbane, has a strong focus on industry connections, with internships and collaborative projects with industry partners. It offers postgraduate programmes in business, engineering, health, law, science and the creative industries.

Sources: QS World University Rankings 2027; QS Best Student Cities 2027.

Most Australian universities run two main intakes for postgraduate study: Semester 1, starting in February or March, with the widest range of courses, and Semester 2, starting in July. A smaller Semester 3 intake, opening anywhere from September to November depending on the university, is available for a select number of courses.

What you will need

Requirements vary by school and programme, but most postgraduate applications ask for:

• A completed undergraduate degree (or equivalent) from a recognised institution, with transcripts

• A statement of purpose or letter of motivation, and letters of recommendation

• High-level English proficiency through IELTS, TOEFL or PTE Academic

• GRE or GMAT scores for many business programmes and some others

• Extras for some courses, such as work experience, a portfolio, an audition or an interview

• Your Confirmation of Enrolment (CoE) once you've accepted your offer, which you'll need for your visa application

• Meeting character and health requirements, and holding Overseas Student Health Cover (OSHC) for the length of your student visa

Your timeline

Sources: Study Australia, postgraduate qualifications; Study Australia, Overseas Student Health Cover; university admissions pages.

Most international students apply for the Student visa (subclass 500) once their university has issued a Confirmation of Enrolment (CoE). The application charge is AUD 2,500 from 1 July 2026.

The documents you will need

• A valid passport

• Your CoE for a registered course

• Your Genuine Student responses

• Evidence of financial capacity (see the proof of funds section above)

• Overseas Student Health Cover for the length of your visa

• English test results, where required

• Health examinations, police certificates and biometrics, if requested

The Genuine Student requirement

Home Affairs assesses whether you genuinely intend to study in Australia, based on your circumstances at home, your study plans, the value of the course to you and your immigration history. It replaced the Genuine Temporary Entrant requirement for applications lodged on or after 23 March 2024. Give specific answers and back them with evidence, because generic statements are a common reason for refusal.

Sources: Home Affairs, Student visa (subclass 500); Home Affairs, Genuine Student requirement.

Yes. On a Student visa (subclass 500) you can work up to 48 hours a fortnight while your course is in session, and unlimited hours during scheduled course breaks, without a separate work permit. Check the conditions on your own visa, since work rights can vary by circumstance.

International students get the same minimum wage as other workers: AUD 26.44 an hour from 1 July 2026, or AUD 33.05 an hour for casual employees.

Sources: Home Affairs, Student visa (subclass 500); Fair Work Ombudsman, minimum wages.

Yes. After your degree you can apply for the Temporary Graduate visa (subclass 485), Post-Higher Education Work stream, which lets you live and work in Australia. The application charge is AUD 5,750 from 1 July 2026.

Who can apply

• You must be 35 or under when you apply, or under 50 if you hold a research master's or PhD, or a Hong Kong or BNO passport

• You need an overall IELTS score of 6.5 (or equivalent), and the result is valid for 1 year

• You apply within six months of finishing your course

From there, many graduates explore skilled occupation lists, points-tested skilled visas, or state and territory nomination programmes, which can lead toward permanent residence. Post-study work rights give you time to explore these options. They don't guarantee a particular outcome.

Sources: Home Affairs, Post-Higher Education Work stream; Home Affairs, Second Post-Higher Education Work stream; Study Australia, Temporary Graduate visa.

Questions about studying in Australia

Questions about our loans

Visa and studying in Australia

Life in Australia

*Loan and promotion offers are subject to our eligibility, funding, and credit assessment criteria.

*Loan amounts are subject to the cost of attendance limits set by schools.

*The purpose of this guide is to provide prospective students with a general overview of the international student visa process and should not be regarded as legal or immigration advice, or as a substitute for official guidance from government authorities, embassies, or consular offices. While we’ve taken care to compile accurate and up-to-date information, Prodigy Finance Limited does not accept liability for any inaccuracies, omissions, or outdated details. We strongly encourage all prospective students and readers to consult the official government websites and immigration authorities relevant to their study destination for the most accurate and current information. Prodigy Finance Limited is not authorised to provide immigration services and cannot offer personalised visa advice or assistance.