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Pool finance Australia
Ah, the perfect pool for a scorching Aussie summer. What price could you put on it?
Well, the reality is anywhere between $10,000 and $100,000.
In this guide I’ll explain your pool finance options. Plus, how to make sure you pay as little as possible for it.
How can I finance a pool?
If you’re looking for pool finance, there are two main options:
- A pool loan
- Funding it through your mortgage
I’ll start by explaining how pool loans work.
Then I’ll contrast it to the home loan equity option.
What is a pool loan?
A pool loan is a personal loan that you can use to finance the cost of installing a pool.
This is what you can typically get with this kind of pool finance:
- Loan amounts up to $100,000
- Fixed loan terms from 1 to 7 years
- Fixed or variable interest rates available
- Weekly, fortnightly or monthly repayments
- Unsecured personal loans are more common but there may be secured options
- Your interest rate will be tailored to you
There are also home renovation loans available if your new pool is part of a wider home improvement.
Cheapest pool loan interest rates
Pool loan interest rates in Australia start from 6.57% p.a. (comparison rate* 6.57%p.a.).
The interest rate you actually get may be different.
See, personal loan interest rates depend on your risk profile.
Lenders consider your credit score, income, other debts and expenses when calculating your rate.
It can have a big impact when it comes to calculating your regular loan repayments and the cost of your pool finance overall.
Best pool finance interest rate comparison
Compare a selection of personal loan interest rates in Australia, with ranges based on the borrower's credit score and other factors. As you can see, the difference between a lender’s lowest and highest rate can be massive. This is why it's important to get personalised quotes from multiple lenders. The table is sorted by lowest comparison rate.
Harmoney | |
|---|---|
| Personal loan interest rate | 5.76% p.a. to 24.03% p.a. |
| Comparison rate* | 6.55% p.a. to 24.98% p.a. |
Plenti | |
| Personal loan interest rate | 6.57% p.a. to 24.09% p.a. |
| Comparison rate* | 6.57% p.a. to 26.28% p.a. |
NOW Finance | |
| Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. |
Pepper Money | |
| Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
| Comparison rate* | 6.75% p.a. to 26.95% p.a. |
ING | |
| Personal loan interest rate | 6.89% p.a. to 18.99% p.a. |
| Comparison rate* | 7.10% p.a. to 19.23% p.a. |
Our Money Market | |
| Personal loan interest rate | 6.57% p.a. to 18.99% p.a. |
| Comparison rate* | 7.19% p.a. to 21.78% p.a. |
Moneyplace | |
| Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
| Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | |
| Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
| Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | |
| Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
| Comparison rate* | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | |
| Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
| Comparison rate* | 7.74 % p.a. to 20.27% p.a. |
NAB | |
| Personal loan interest rate | 6.99% p.a. to 20.49% p.a. |
| Comparison rate* | 7.91% p.a. to 21.33% p.a. |
ANZ | |
| Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
| Comparison rate* | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | |
| Personal loan interest rate | 7.99% p.a. to 16.99% p.a. |
| Comparison rate* | 8.20% p.a. to 17.22% p.a. |
Society One | |
| Personal loan interest rate | 8.20% p.a. to 24.89% p.a. |
| Comparison rate* | 8.27% p.a. to 25.64% p.a. |
Westpac | |
| Personal loan interest rate | 7.99% p.a. to 20.49% p.a. |
| Comparison rate* | 9.18% p.a. to 21.61% p.a. |
Wisr | |
| Personal loan interest rate | 9.04% p.a. to 23.79% p.a. |
| Comparison rate* | 9.88% p.a. to 24.56% p.a. |
Commbank | |
| Personal loan interest rate | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
| Comparison rate* | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | |
| Personal loan interest rate | 9.20% p.a. to 25.20% p.a. |
| Comparison rate* | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | |
| Personal loan interest rate | 9.49% p.a. to 29.99% p.a. |
| Comparison rate* | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | |
| Personal loan interest rate | 21.90% p.a. to 25.90% |
| Comparison rate* | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | |
| Personal loan interest rate | 17.95% p.a. to 24.95% p.a. |
| Comparison rate* | 32.40% p.a. to 39.63% p.a. |
| Personal loan interest rate | Comparison rate* | |
|---|---|---|
Harmoney | 5.76% p.a. to 24.03% p.a. | 6.55% p.a. to 24.98% p.a. |
Plenti | 6.57% p.a. to 24.09% p.a. | 6.57% p.a. to 26.28% p.a. |
NOW Finance | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
Pepper Money | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
ING | 6.89% p.a. to 18.99% p.a. | 7.10% p.a. to 19.23% p.a. |
Our Money Market | 6.57% p.a. to 18.99% p.a. | 7.19% p.a. to 21.78% p.a. |
Moneyplace | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
BankSA | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
St.George Bank | 6.89% p.a. to 19.99% p.a. | 7.59% p.a. to 20.59% p.a. (variable rate): 7.81% p.a. to 20.83% p.a. (fixed rate) |
Great Southern Bank | 7.49% p.a. to 19.99% p.a. | 7.74 % p.a. to 20.27% p.a. |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% p.a. |
ANZ | 7.49% p.a. to 19.99% p.a. | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | 7.99% p.a. to 16.99% p.a. | 8.20% p.a. to 17.22% p.a. |
Society One | 8.20% p.a. to 24.89% p.a. | 8.27% p.a. to 25.64% p.a. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Wisr | 9.04% p.a. to 23.79% p.a. | 9.88% p.a. to 24.56% p.a. |
Commbank | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | 9.49% p.a. to 29.99% p.a. | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | 21.90% p.a. to 25.90% | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | 17.95% p.a. to 24.95% p.a. | 32.40% p.a. to 39.63% p.a. |
Get your personalised pool finance rates
See what pool loan rates you actually qualify for by comparing multiple lenders at once.
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Comparing pool loans
The personal loan you choose will have a big impact on the overall cost of the project.
Probably more so than the builder you choose, or whether you splash out on fancier pool fixtures.
And if you’re going to push the boat (or inflatable unicorn) out on one aspect of your pool build, you probably don’t want that to be loan interest and fees.
Below are the main aspects of pool finance that will determine your costs:
- Pool loan interest rates: Look for the lowest interest rate you’re eligible for.
- Fees: Aim to minimise the upfront and ongoing fees that some lenders charge, plus extra repayments fees. If you get your pool finance through a personal loan broker, they may also charge fees.
- Loan term: A longer loan term will mean lower regular repayments but you’ll pay more interest and fees. A shorter loan term will mean higher repayments but generally you’ll pay less in interest and ongoing fees. The average personal loan term is just under three years.
- Loan flexibility: Look for the flexibility to make repayments weekly, fortnightly or monthly. Plus the option to make extra repayments and repay the loan early without penalty. If you do repay extra, some pool loans offer redraw, which is the ability to withdraw your extra repayments if you want to.
How to get pool finance in Australia
Once you’ve worked out the budget for your project, getting pool finance can be a fairly simple process
Here’s what’s typically involved:
- Compare pool finance providers
- Before you apply, check your credit score to make sure you’re in a good position to get approved
- Submit a loan application to a pool finance provider (this is usually done online and can be done in around 10 minutes with some lenders)
- Provide any supporting document requested (e.g. payslips, bank statements)
- Wait for your finance application to be assessed (this can also happen very quickly)
- If approved, sign a loan contract
- The loan funds will be transferred to your nominated bank account
If it’s a straightforward application, the whole process can be completed in 1-2 business days.
For more complex situations like a bad credit personal loan or a low doc personal loan for self-employed borrowers the process will likely take a bit longer.
Fixed versus variable pool finance
Depending on the lender, your pool finance can either come with a fixed or variable interest rate. Here's the difference:
- With fixed pool finance, the interest rate and repayments stay the same for the entire loan term.
- This is handy for planning your budget as your costs won’t change.
- With a variable rate pool loan, the interest rate and repayments could go up or down with the market.
- The downside of fixed rate pool loans is they tend to be less flexible. Particularly being able to make extra repayments and repaying the loan early.
- But fixed loans offer more certainty overall.
Pool finance options compared
I mentioned earlier that the other main pool finance option is to use the equity in your home (refinancing).
There can be advantages to doing this. But it's usually a much longer loan term.
Borrowing over a longer period usually means higher costs.
Here’s a quick overview of the main differences between a pool loan and refinancing your mortgage as a source of pool finance.
Pool loan versus home loan refinance
| Personal loan | Home equity | |
|---|---|---|
Amount available | Up to $100,00 | Depends on hour home loan balance and home’s value |
Interest rates | Starting from 6-7% | Starting from 4-5% |
Loan term | Up to 7 years | Up to 30 years |
Property valuation required | No | Yes |
Security required | Optional | Yes |
How much to borrow to build a pool
A personal loan for a pool will allow you to borrow up to $100,000.
But lenders will assess your actual borrowing capacity based on your income, credit history, your regular expenses and other debts.
Borrowers who are seen to be a greater risk based on those factors may not be able to borrow as much.
Of course the amount you end up borrowing will also be determined by the cost of your pool.
What does a pool cost?
Deciding on how much your pool will cost means taking in some basic (and not-so-basic) considerations:
- Materials: The most common pool materials are concrete, vinyl-liner and fibreglass. Vinyl-liner pools (the ones above ground with frames) start around $10,000, while a common fibreglass pool can begin around $25,000. Concrete pools begin around the same price, but have a much higher scope for expansion, if you can afford it.
- Construction: If you’re opting for an in-ground pool, then you’ll also need to think about your property and where you’re building it. This means ease of access to install the pool, ground conditions, any angles or slopes and how they impact the size or shape of your pool. These factors could have a big impact on cost.
- Ongoing costs: Ongoing costs can be a major factor down the line. But you’ll need to start thinking about many of these from day one. This means things like water filters, servicing and replacements, any pool sanitisation, chemicals, filters systems, pool covers or cleaners, and heat pumps or other features.
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GET STARTEDGET STARTEDPool finance frequently asked questions
Get help from a real-life Money Matchmaker® from start to finish.
Can I get a pool finance if I have bad credit?
Yes, there are specialist lenders in Australia who offer personal loans to bad credit borrowers for a range of purposes, including financing a pool.
If you have an issue in your credit history expect to be charged a higher interest rate.
This will make it more expensive to finance your pool.
Can I get a secured personal loan for a pool?
It’s more common for pool finance to be unsecured.
This means the borrower doesn’t need to offer an asset they own as collateral to secure the loan.
But some lenders may offer secured pool finance.
In this case, your pool loan could be secured against an asset you own such as a vehicle, shares, cash savings or your home.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
Written by
Loans Expert
Shaun McGowan
Reviewed by
Editor
Sean Callery
AS FEATURED IN
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
