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Brand Page (1)Proof of Funds

Proof of Funds is a critical requirement for International Students wanting to study in Australia.

That is why you can keep your Proof of funds with Mist - in Australian Dollars and in Australia - and be assured that we will provide a statement of financial assurance for the Australian Department of Home Affairs which you attach to your Visa application.

Proving that you have the required minimum funds to qualify for an Australian Student Visa can be challenging, but with Mist's Proof of Funds, the process becomes easier.

Simply :

      1. Download the Mist app and register.
      2. Verify your Identity and answer some compliance questions.
      3. Send your Funds to Mist and we'll transfer it to a government-registered fund in Australia.
      4. Receive your Proof of Funds Letter to support your Visa application.

Why should I use Mist: Proof of Funds?

PoFBenefits

      • Improve your Australian Student Visa application process.

      • View your Proof of Funds balance in your Mist account on the Mist app from wherever you are.

      • Have your your money safe and secure in Australia before your move.

      • Be sure that you'll have money to live on every month while you're in Australia.
      • If for any reason your visa is declined, Mist will refund your money to you.

How can I access the funds?

PoFDrawdown Rules

      • Your money is held safely and securely in a trust that only you can access via the Mist App.

      • The whole reason for the Proof of Funds product existing is to demonstrate to the Australian government that you have enough money to live on while in Australia.

      • Because of this, you can withdraw the money only once you are in Australia (or, it will be returned to you in your home country if your visa is not approved for any reason)

      • You can only withdraw the "living expenses" part of your money in 12 equal monthly instalments so that each month you have money to live on and pay for food, rent, etc.
      • If you send more than the "living expenses" minimum amount, you can withdraw this on arrival in Australia.
      • No withdrawals are allowed in the first 30 days after the money reaches the fund.
      • Example:
        • Let's say for your type of visa you need to show genuine access to at least $29,710 for living expenses 
        • You decide to send $39,710 to Mist: $29,710 for living expenses and $10,000 to buy a car when you arrive
        • On arrival in Australia you can withdraw $10,000 plus 1/12th of the living expenses, i.e. a total of $12,475 on day 1
        • You can then withdraw $2,475 each month for the next 11 months in Australia
        • Each month you have to hold a minimum of ($2,475 * x) in the trust, where x is the number of months remaining in your stay in Australia

What are the costs involved?

PoFCosts

      • To process your application, establish a trust account for you and provide you with a Proof of Funds letter, Mist charges a once-off Establishment fee of AUD490. 
      • This fee is currently discounted to $290 until 31 December 2025.
      • This establishment fee is not refundable if your visa is declined (but all of the money in the trust will be returned to you).
      • The money held in trust does not earn interest for you.

How do I know my money is safe?

The Mist International Student & Migration Trust Fund (ARSN 679 968 819) is an audited investment fund managed by an independent trustee, underpinned by a licenced Australian custodian bank, established by deed poll as an Australian trust, registered with ASIC (Australian Securities and Investments Commission) under Chapter 5C of the Corporations Act 2001, and full in compliance with AFSL (Australian Finance Services Licence) regulations in Australia. All funds contributed to the product will be held in low-risk assets (government bonds, cash or cash-equivalent assets).

The following accredited Australian institutions combine to provide the Mist Education account: Cache with Awards

Bank

  • Bendigo Bank AFSL 237879

Responsible Entity

  • Cache (RE Services) Limited AFSL 494886

Manager & Administrator

  • Cache Investment Management Ltd AFSL 514360

Custodian

  • Sandhurst Trustees Limited AFSL 237906
  • (owned by Bendigo Bank)

Auditor

  • Moore Stephens ABN 90 773 984 843 

Application Provider

  • Mist Financial Pty Ltd ABN 65 645 778 767 

 

Please feel free to  cross-check these companies with the Australian government's business registers: 

 

Check out our How To: Upload your Proof of Funds using Mist
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