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Intro fixed rate
6.90%
p.a. for 3 years on your initial balance transfer, then reverts to a standard variable rate of 22.49% p.a.
Borrow from $5,000 - $75,000 with Citi Ready Credit
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Pool finance in 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:
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:
There are also home renovation loans available if your new pool is part of a wider home improvement.
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.
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.
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.
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 vs variable pool finance
Depending on the lender, your pool finance can either come with a fixed or variable interest rate. Here's the difference:
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.
Amount available | |
Personal loan | Up to $100,000 |
Home equity | Depends on home loan balance and home’s value |
Interest rates | |
Personal loan | Starting from 6-7% |
Home equity | Starting from 4-5% |
Loan term | |
Personal loan | Up to 7 years |
Home equity | Up to 30 years |
Property valuation required | |
Personal loan | No |
Home equity | Yes |
Security required | |
Personal loan | Optional |
Home equity | Yes |
| Personal loan | Home equity | |
|---|---|---|
Amount available | Up to $100,000 | Depends on 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?
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.
Ready to compare pool finance?
Get your best offers from multiple lenders. There's no obligation and checking your rates won't impact your credit score.
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.
Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
^Comparison rate warning
Unless otherwise stated, personal loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
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General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any personal loan product is suitable for you and seek independent financial advice if necessary.
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