Getting an Australian student visa can be quite a complicated thing. Here's some information on what is required from the student's side. I'll update this as I get more information as I am still in the process of applying for one :).
1) Financial ability :- The Austrlian govt. wants to see proof that you will be able to fund your entire study, air-fare and living expenditure. In case of a dependent you would need to show funds for her/his/their expenses too. The most important thing is..whatever money (cash or FD or PF etc.) you are planning to show as your personal wealth OR your sponsor's wealth needs to be there since the last six months.
2) Confirmation of Enrollment :- This is a letter you get from your college once you pay the first installment of the fees and your health insurance. If you've taken out a loan, the first installment of fees needs to come out of this loan.
3) IELTS :- Unfortunate, Unfair but true. You need the IELTS regardless of your current English Skills to apply for an Austrlian VISA. The IELTS is presently held twice a month in a pen & paper mode, so you get your results about three weeks after you write your exam so plan accordingly.
Note : It's best to get professional help. I am going through IDP India. They help you through the details really well in such a complicated process and you can bank on their experience.
Disclaimer :- I just wanted to provide some basic information which you should know about six months BEFORE you apply to a B-School and subsequently a visa. For the ever changing specifics..please visit :-http://www.immi.gov.au/students/students/573-4/eligibility-student.htm
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