Short answer: there's no universal minimum. Some lenders set their own minimum income for certain products, but the real test is affordability: after your living costs and existing debts, is there enough left to comfortably make the repayments?
Why affordability matters more than a number
Someone earning $50,000 living at home with no debts may be able to borrow more than someone earning $90,000 with high rent, dependants and credit cards. Lenders look at your whole budget. See how borrowing power is worked out.
What counts as income
- PAYG salary or wages: counted in full
- Overtime, allowances, commissions: often counted if regular, sometimes discounted
- Casual income: usually averaged over several months
- Self-employed income: based on tax returns or low-doc evidence
- Some Centrelink payments: e.g. Age Pension, DSP, Carer Payment. See Centrelink car loans
- Child support: sometimes, if regular and documented
- Rental income: usually counted in part
On a lower income?
- Choose a sensibly priced, reliable car
- Save a deposit
- Reduce credit card limits and small debts
- Consider a joint application if your partner earns too
Not sure if you earn enough? Tell us about your income and costs in about 60 seconds and a licensed broker will call you. No credit check to enquire.
General information only. This isn't financial advice. Finance the Ride is a referral service and doesn't hold an Australian Credit Licence. Last reviewed September 2026.
