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.

Best Pool Finance Rates Comparison (Australia)

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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:

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.

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.

Compare a selection of personal loan interest rates in Australia

	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.
	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.
	Bank of Melbourne
Personal loan interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.91% p.a. to 21.33% p.a.
	BankSA
Personal loan interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.91% p.a. to 21.33% p.a.
	St.George Bank
Personal loan interest rate	6.89% p.a. to 19.99% p.a.
Comparison rate*	7.91% p.a. to 21.33% 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.
	MoneyMe
Personal loan interest rate	6.74% p.a. to 24.49% p.a.
Comparison rate*	8.13% p.a. to 25.87% 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	8.99% p.a. to 18.95% p.a.
Comparison rate*	9.83% p.a. to 18.87% 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)
	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.
Great Southern Bank	7.49% p.a. to 19.99% p.a.	7.74 % p.a. to 20.27% p.a.
Bank of Melbourne	6.89% p.a. to 19.99% p.a.	7.91% p.a. to 21.33% p.a.
BankSA	6.89% p.a. to 19.99% p.a.	7.91% p.a. to 21.33% p.a.
St.George Bank	6.89% p.a. to 19.99% p.a.	7.91% p.a. to 21.33% p.a.
NAB	6.99% p.a. to 20.49% p.a.	7.91% p.a. to 21.33% p.a.
MoneyMe	6.74% p.a. to 24.49% p.a.	8.13% p.a. to 25.87% 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	8.99% p.a. to 18.95% p.a.	9.83% p.a. to 18.87% 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)
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.

The table is sorted by lowest comparison rate. Personal loan interest rate comparison based on products analysed by Money advertising a high and low interest rate range. Rates are current as of 3 February 2024. Check with the provider for full current loan details, including rates, fees, eligibility and terms and conditions. While this is an extensive list of personal loans available in Australia, not all loans in the market are shown. This list is for reference only and does not reflect the selection of loans you may see if you get a personalised quote through Money. *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.

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.

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:

1

Compare pool finance providers

2

Before you apply, check your credit score to make sure you’re in a good position to get approved

3

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)

4

Provide any supporting document requested (e.g. payslips, bank statements)

5

Wait for your finance application to be assessed (this can also happen very quickly)

6

If approved, sign a loan contract

7

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.

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.

	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.

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.