You've finished your degree, your 485 Temporary Graduate visa has come through, and now you're job hunting or starting your first full-time role. Very often the next problem is transport. The new job is across town, the shifts start before the trains run, or the role needs you to drive between sites.
When you were on a student visa, a car loan probably wasn't an option. The good news is that the 485 changes things. This guide explains why, what lenders look at for graduates, and how to put together an application that holds up.
Why the 485 is a turning point
Student visa (500) holders generally can't get car finance in Australia at the moment, whatever their income or savings. Lenders decline the subclass at policy level because of the limit on work hours and the study-first purpose of the visa.
The 485 is different. It has full work rights, and specialist lenders that work with visa holders can consider applications from the day the 485 is granted. You don't need to have spent months in a new job building up payslips first.
If you've lodged your 485 but it hasn't been granted yet, you'll usually move onto a Bridging visa A when your student visa ends. Once that bridging visa is in effect, an application may be considered, depending on your work rights, income and lender policy.
Visa time decides your loan term
This is the part graduates most often overlook. On any temporary visa, the loan is set up to finish before your visa expires, with at least a month's gap. Most lenders want more than 13 months left on the visa when you apply.
So the end date on your 485 sets the maximum loan term. A 485 with 20 months left, for example, can take a 19-month loan. Terms are matched to the visa, even odd lengths like that.
What that means in practice:
- Shorter terms mean higher repayments. The same amount over 19 months costs a lot more each month than over five years. Build your budget around that.
- Apply earlier rather than later. The more visa time you have left, the more flexible the term can be.
- If you have 13 months or less left, the usual advice is to wait until your next visa, a bridging visa or PR is granted.
- Upgrades open doors. Many graduates move from a 485 to a skilled visa such as a 189. When that happens, a lot of people refinance onto a longer term with lower repayments.
Check your grant notice or VEVO and work out exactly how many months you have before you do anything else.
Income: first job, contract or ABN
Lenders want to see that repayments are affordable from your income. For a recent graduate, that usually looks like:
- An employment contract or offer letter. For someone new to a role, this is one of the strongest documents you can provide.
- Payslips, ideally as original PDFs rather than screenshots.
- Regular pay going into an Australian bank account.
A permanent role helps, but it isn't the only route. The 485 is one of the visas that allows you to run a business, so ABN and self-employed income can be accepted. That includes gig work like rideshare or delivery on your own ABN. Low-doc options generally look for an ABN that has been registered for at least 6 to 12 months, and you'll want business bank statements and BAS where available.
No Australian credit history? That's expected
Many graduates have spent years in Australia without ever taking out credit, so their credit file is thin or empty. That's one reason big banks often say no.
Specialist lenders look more at your current income, how your Australian bank account has been run, and sometimes your overseas credit history. No Australian credit history is needed.
One habit to avoid: applying to lots of lenders at once. Each full application can leave an enquiry on your file. It's better to get a quote using a soft credit check, which doesn't affect your score, and only move to a full application once you've accepted a written quote.
Deposit and how much you can borrow
You don't necessarily need a deposit. $0 deposit options exist for eligible applicants with stable employment income, subject to assessment. A deposit or trade-in still helps your pricing and strengthens a lighter file.
Car loans for visa holders, including 485 holders, can go up to $150,000, subject to lender assessment. In reality, the amount comes down to your income, the car and how much visa time you have. A short visa term with a big loan means very high repayments, so many graduates choose a sensible first car rather than stretching.
Stamp duty, registration and transfer costs can usually be added to the loan.
If you have a partner
If your partner is an Australian citizen, a permanent resident or on an eligible visa, they may be able to apply in their own name, with the loan and car in their name. Partner visa holders (820, 801, 100 and 309) don't need to wait for the permanent stage. There's a separate guide on partner visa car loans if that's your situation.
Choosing the car
The car is the security for the loan, so lenders look at it too:
- New and used cars from dealers or private sellers are both possible.
- Used cars are generally expected to be no more than 15 years old by the end of the loan.
- Private sales involve extra checks, like an independent valuation and a cooperative seller.
Get pre-approved before you go shopping. Pre-approval typically lasts 30 to 60 days, so you can negotiate knowing your budget.
A 485 document checklist
- Passport and visa grant notice (or a current VEVO printout)
- Driver's licence (an overseas licence or International Driving Permit is generally accepted)
- Employment contract or offer letter
- Recent payslips as original PDFs
- About 3 months of Australian bank statements
- Proof of Australian address, like a lease, utility bill or bank statement
- If self-employed: ABN details, business bank statements and BAS
Clear phone photos and PDFs downloaded from your banking app are usually fine.
Putting it together
The strongest 485 application has plenty of visa time left, a job contract or steady income, a clean bank account and documents ready before you visit a dealer. Keep the loan sized to what you can comfortably repay over a term that ends before your visa does.
For more detail on terms, documents and common questions, see this guide to car finance on a 485 visa.
Visa Car Finance is a credit referral service, not a lender, and does not provide credit assistance. Enquiries are referred to licensed Australian credit representatives who specialise in visa holder finance. All loans subject to lender approval, credit assessment, and responsible lending obligations.
