Short answer: Yes, often. A 189 (Skilled Independent) visa is a permanent visa, so most lenders assess you much like a citizen. A no-deposit car loan may be possible if you have stable income and some Australian credit history. Being new to the country is usually the bigger hurdle, not the visa.
Why a 189 visa helps
Lenders worry about temporary visa holders leaving before a loan is repaid, which is why they often cap the term at the visa's expiry. A 189 visa gives you permanent residency, so that concern mostly goes away. You can generally access standard loan terms of up to five or seven years, and a wider range of lenders, including banks.
Your visa is only one part of the picture, though. Many 189 holders have only just arrived, and that raises other questions for a lender.
When no deposit is realistic
A deposit isn't always required. Lenders are more likely to fund the full price when:
- You're employed in Australia, ideally full-time and past probation
- You've built some local credit history, such as a phone plan or credit card paid on time
- Your bank statements show regular income and reasonable spending
- The car is sensibly priced for your income, and not very old
- You have few other debts
If you've just landed, have no Australian job yet, or no local credit file, a deposit can make the difference. It reduces the lender's risk and your repayments.
The cost of borrowing the full amount
No deposit means borrowing more, paying more interest, and owing more than the car is worth for the first part of the loan. That matters if you need to sell early.
Example only: $30,000 over 5 years at 9% p.a. is about $623 a month, with around $7,370 in interest. With a $5,000 deposit, the $25,000 loan would be about $519 a month.
A balloon payment can lower monthly repayments further, but you pay interest on it throughout and must pay or refinance it at the end.
Documents to prepare
- Passport and visa grant notice (or VEVO printout)
- Australian driver licence, or an overseas licence valid in your state for now. Each state sets its own rules and time limits for converting
- Employment contract and recent payslips
- 90 days of Australian bank statements
- Proof of address, such as a lease
Tips for new arrivals
- Get a free copy of your Australian credit report so you know what lenders will see
- Avoid applying with several lenders at once, as enquiries stay on your file for five years
- Compare the comparison rate and total cost, not just the repayment
Visa details: Home Affairs. Loan comparisons and calculators: Moneysmart.
Related guides
On a 189 visa and looking for a car? Tell us about your situation 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.
