Dive into your new pool with a low rate pool loan in Australia
A swimming pool loan in Australia is a type of personal loan that homeowners can use to fund the installation and design of a new swimming pool. If you don’t have enough money in your savings to pay for a new swimming pool, pool finance is available to help you offset the costs and get the pool you want right away.
A pool loan works just like any other loan. You’ll receive the money upon settlement and will have to pay it back over time, inclusive of fees and interest. You’ll have regular scheduled repayments for a predetermined amount of time, usually ranging between 1-7 years.
Swimming pools are highly desired by homeowners and home buyers, so they can add quite a bit of value to your property. It’s believed that a pool in the right context can add as much as 7% to the value of a home.
It’s important to understand that the cost of a swimming pool can add up quickly when you factor in excavation and everything leading up to the actual installation of the pool. Check your budget and make sure you have enough money to afford the additional payments each month before thinking about financing a pool.
How Much Does a Swimming Pool loan in Australia cost?
There are a number of factors that will impact the cost of your swimming pool. The largest one is the decision between an inground and above ground pool. Inground pools generally cost $35,000 or more, while above ground pools start at around $8,000.
The price will also depend on how big the pool is, the materials used, your location, how much excavation is needed, and the company you hire.
Getting a few quotes from various companies is a great way to get an idea of how much swimming pool finance you need to get the pool you want.
How do I Compare Personal Loans for Swimming Pools?
If you’ve received quotes on swimming pools already, it’s time to think about a pool loan. At Loans and Mortgages , we pride ourselves on offering favourable rates and terms that make our loans desirable for people installing pools.
Here are some of the factors you want to pay attention to when applying for a pool loan:
- Interest Rate -The interest rate you pay on the loan will impact your repayments. It will affect how much you pay in total over time. Getting a lower interest rate is ideal because it will make your pool loan more affordable. At Loans and Mortgages our job is to shop around our full panel of lenders to find the best interest rate and loan terms. This ensures your loan is affordable.
- Comparison Rate-The comparison rate will give you an idea of the total costs associated with a loan. It’ll factor in fees, additional charges, as well as interest rate.
- Secured vs Unsecured -A secured loan requires you to put something down as collateral or “security” to receive the loan. This could be an asset like a car. It will provide you with a lower interest rate because of the security that’s at stake. If you default on the loan, the lender can seize your asset to pay the remaining balance. An unsecured loan does not require collateral, which makes it less risky for you but more risky for the lender. As a result, lenders usually charge higher interest on these loans.
- Your Credit History -While your credit history will not impact your ability to get a swimming pool loan in Australia, it will change the interest and terms of your loan. A low credit score may result in you having a higher interest rate because the lenders will see you as a high risk. Either way, we’ll treat you like any other application and review all the options to make sure we design a loan package that works for you. It’s important that you check your credit score and make sure there are no red flags before applying.