How many of you know that when you apply to extend your student visa in Australia you cannot be late always but you can be once, and only once. Australia seems generous to international Students and so students are given a very specific refinement period to apply for their next student visa if you have forgotten to lodge your visa on time.
Even though your student visa can be lodged when it has expired, but no longer than 28 days. However this understanding is strictly a one time offer .This means technically you have been against the law for a short period but there is an understanding that students being in a foreign country may make an error in these matters. The law which governs these regulations is found in the law which determines if you have prepared a valid application.
Item 1222(4) and 1222 of Schedule 1 to the Migration Regulations 1994. Item 1222 requires applicants to hold a substantive temporary visa but if not, that the last visa held was a student visa and the current application must be made within 28 days of that visa expiring.
The vital point is that you must not earlier have been granted a visa based on an application made when you did not hold a substantive visa.
If you try a second time your application will be invalid and this means the bridging visa given to you for your application will also be invalid and you will become unlawful. If you leave Australia more than 28 days after becoming unlawful you will be banned for three years on applying for another temporary visa from outside Australia. Make sure you leave before that 28 days is up so you have a chance to apply for another student visa offshore to complete your course. If more than 28 days has passed then you can make an application to waive that ban and perhaps return to Australia to finish your course but that will be decided on a case-by-case basis.
Better earlier than later !!!
Ref. Sources; Australian Immigration Law Services