I had asked because the respected argentian ambassador in my country has been encouraging local students towards applying for higher education in argentina.
I would take this as a very positive indication that your chances of getting a visa to study in Argentina are good, provided you can fulfill all of the requirements.
I was intending to self-finance myself through the educational process and was also hoping for legal assistance later on if it came to that step i.e. applying for residence.
Does the expression "self finance" mean you have savings that you will use to support yourself while you are a student or do you intend to work in Argentina? If I understand correctly, a student DNI will grant you the "right" to work in Argentina, but I don't know if migraciones would react favorably if you tell then in advance that's what you are planing to do. This isn't particularly a good time to seek any kind of employment in Argentina.
I do believe however that i read in one of your posts that a student visa stay does count towards permanent residence/citizenship and that encouraged me to move forward .
I may indeed have posted that temporary residency based a student visa
could be upgraded to permanent residency on the third renewal, but that most likely would have been based on another post I read. Even if it was correct at the time, that could have changed by now. I don't recall ever reading a post by a member of this forum that was granted permanent residency at the start of their fourth year of studies, so I hope we'll hear from someone who knows for sure.
As far as I Know, the two year "unterrupted physical presence" requirement for citizenship has nothing to do with your status with migraciones, though having a DNI as a student might make it
possible to
apply for citizenship without legal assistance and the related costs, but your chances of success may be greatly enhanced if you are represented by experienced legal counsel.
If you have permanent residency in Australia and it's not likely to be revoked, why would you seek either permanent residency or citizenship in Argentina?
If, based on your infatuation with Latin America, you simply want to obtain permanent residence in a Latin American country, I suggest you consider Paraguay. The "latest" information I have is that if you deposit about $5000 USD in a Paraguayan bank and stay in the country for six months you should be able to obtain permanent residency.
One note of caution: I've also read (in the past year) that the claims of an "easy" path to Paraguayan citizenship may be greatly exaggerated and that it is rarely (if ever) granted to foreigners.