Immigration has become a highly salient political issue in many of the world's affluent democracies. Yet, the electoral dynamics of anti-immigrant sentiment remain barely understood. We distinguish two dimensions of concern about immigrants: material threat and cultural threat, and hold that the influence of both on the right-wing populist party vote is critically mediated by policy preferences to restrict immigration and to isolate Australia from foreign influence. The result is a path model of voting that allows material and cultural threat to influence policy preferences about how to deal with the ‘immigrant problem’, and allows both threat and policy preferences to affect voting for the far-right One Nation party in Australia. Our results confirm that popular concern about immigrants is multi-dimensional and that its two dimensions have different sources. We also demonstrate that anti-immigrant sentiment works indirectly through policy orientations to influence vote choice. Feelings about immigrants, in other words, have an electoral effect only when there is a good fit between the policy stances of voters and the policies promoted by the parties on offer.