University participation has increased in many countries in recent years in response to the requirement for a strong knowledge economy. While this has provided additional access opportunities, not all students enter university with the same transferrable social capital. To counter this, educational institutions could play a strategic role in the development of networks and connections that provide students with valuable information, support and a sense of belonging. This research project explored the development of social capital, and its impact upon university life satisfaction and wellbeing, within an Australian university course undertaken by all first-year students regardless of programme or discipline. A survey of students was conducted three times over one semester. The results suggested that peer-level social capital indicators of trust, social support and relatedness changed over the semester, while other social capital indicators begin high and remain stable. Bridging social capital and peer social support predicted university life satisfaction. The relationship between social capital and wellbeing was found to be more complex. In a competitive, global tertiary environment, institutions could maximise the satisfaction and success of increasingly diverse student cohorts through strategies that facilitate social capital development.