Moving to a new country opens a world of excitement and endless possibilities. However, it also comes with its fair share of hurdles and challenges. If you’ve recently moved to Melbourne, Victoria, on a 485 visa, one question may be lingering on your mind: Can I secure a car loan? The good news is, the answer is yes. But, there’s a bit more to it. Let’s unpack this in more detail.

Understanding the 485 Visa

The 485 visa, also known as the Temporary Graduate visa, allows international students who have recently graduated from an Australian institution to live, study, and work in Australia temporarily. There are two streams of this visa – the Graduate Work stream and the Post-Study Work stream. Regardless of the stream, the question remains: How does this visa status affect your ability to get a car loan?

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Getting a Car Loan on a 485 Visa

Australian financial institutions generally require proof of permanent residency or citizenship when you apply for a loan. However, this doesn’t mean it’s impossible for temporary visa holders to get a car loan. Some lenders are willing to consider applications from individuals on a 485 visa, provided they meet specific criteria.

Financial Stability

Lenders will look for evidence of financial stability. They want to see that you have a consistent income and can afford to make the loan repayments. This could be from employment, business activities, or any other legal source of income.

Credit History

A good credit history plays a critical role in your loan application. Australian lenders might find it difficult to check your credit history if you’ve recently moved to the country. If you’ve had an Australian bank account, or utilities in your name, these can help establish a credit history.

Valid Visa

Your 485 visa must be valid for the entire loan period. If your visa is due to expire before your loan term ends, you may need to provide evidence of a visa extension or renewal.

Options for Car Loans in Melbourne, Victoria

As a temporary resident, you have several options available when seeking a car loan in Melbourne, Victoria.

Specialised Lenders

Some lenders specialise in providing loans to non-residents and temporary visa holders. They understand the challenges you face and have tailored their services accordingly. However, these loans might come with higher interest rates due to the perceived risk.

Secured Car Loans

Secured car loans require you to use the car you’re buying as collateral for the loan. These loans tend to have lower interest rates as the lender has a form of security. If you default on the loan, the lender can sell the car to recoup their losses.

Unsecured Car Loans

Unsecured car loans don’t require any collateral. However, due to the increased risk to the lender, these loans tend to have higher interest rates. These loans might be harder to secure as a temporary resident, but they are not impossible.

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Key Considerations When Applying for a Car Loan

Before applying for a car loan, here are a few things you should consider.

Interest Rates

Interest rates can vary significantly between lenders. Make sure you shop around and compare rates before committing to a loan.

Loan Terms

Consider the loan term. A longer term means lower monthly payments, but you’ll pay more in interest over time.

Additional Costs

Don’t forget to factor in insurance, maintenance, and running costs when budgeting for a car. These costs can add up and should be considered alongside your loan repayments.


Yes, as a 485 visa holder, you can indeed get a car loan in Melbourne, Victoria. While it might be a bit more challenging than for a permanent resident, with a little persistence and the right information, you can secure a loan that fits your needs.

Remember to do your research and understand the terms of your loan before signing any agreement. With the right planning and financial management, you’ll be driving your dream car around the beautiful streets of Melbourne in no time.

Whether you’re cruising along the Great Ocean Road or navigating the hustle and bustle of Melbourne’s vibrant CBD, owning a car can give you the freedom to explore this magnificent part of Australia at your leisure. So, buckle up and enjoy the ride!


If you are in Berwick, Victoria 3806, and looking for Melbourne cash for cars or salvage value of a car, below is the best way to visit us.

Contact us at

Melbourne VIP Cash For Cars

Unit 3/2 Lace St

Eumemmerring VIC 3177

(03) 9067 7578