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Building your backyard pool
Written by
Shaun McGowanAh, the perfect pool in a scorching Aussie summer. What price could you put on it?
Well, the reality is anywhere between $10,000 and $100,000, but depending on who you ask, that money can be put into a golden opportunity or just poured down the financial sink.
If you’re looking to get finance to build a pool at home, here are all the costs you’ll need to consider (and how you can save money!).
How much to borrow to build a pool
If you’re building a pool, then you’ll be looking at getting a personal loan. But, before you start comparing lenders and loan offers, you’ll need to decide how much you actually need to borrow.
Don’t skip this step! Deciding on how much you’ll actually need to borrow before you make any major decisions will ensure you’re not only planning ahead but budgeting to make sure you don’t end up with an ongoing loan and a half-finished 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, the ground conditions of your property, any angles or slopes and how they impact the size or shape of your pool, and how you plan to install water ventilation or other features.
- Ongoing costs Ongoing costs can be a major factor down the line, and you’ll need to start thinking about many of these from day one of installing your pool. This means things like water filters, servicing and replacements, any pool sanitisation with chemicals and filters systems, pool covers or cleaners to prevent any damage to the systems, and heat pumps or other features.
Comparing Pool Loans
The personal loan you choose will have a big impact on the way you repay the loan and its total cost.
Features that you should look closely at when comparing include:
- Interest rates
- Fees
- Loan term
- Features
- Flexibility
The cost of a pool loan will depend entirely on the amount of the loan, the interest and fees you’re charged and how quickly you pay the loan off. Here are a few things to consider:
For more detail information on how to compare personal loans read this guide
COMPARING POOL LOANS
Fixed or variable interest
Fixed interest rates stay the same for the entire loan term or for a set period. However, some fixed-rate loans are less flexible and don’t allow for fee-free early repayments.
Variable interest rates, on the other hand, go up and down with the market. Most variable-rate loans allow for fee-free early repayments and are more flexible.
Loan Term
A longer loan term will mean lower repayments but generally, you’ll pay more interest and fees. A shorter loan term will mean higher repayments but generally, you’ll pay lower interest and lower fees.
Loan flexibility
Your loan should be flexible to suit your life so look for features that accommodate change:
- Early/extra repayment without fees can be a great way to save on interest.
- Repayment holidays or interest-only periods to lower your repayments
- Flexible repayment periods that allow you to choose whether to make loan repayments weekly, fortnightly or monthly.
- Redraw facility: a redraw facility allows you to make extra repayments to your loan balance, then withdraw any payments above the minimum as needed.
- Loan bundling: some lenders bundle several financial products together and offer a discount on the lot. If you need insurance and a home loan too this could be an option to consider.
- Customer service: throughout your loan term there’s a good chance you’ll need to get in touch with your lender. Look at online reviews and find out as much about them as you can to ensure they have good customer service.
Applying for a pool loan
The easiest way to find a competitive personal loan from lenders is to simply use our Money Matchmaker™ engine.
We’ll compare the best pool loans we can find from our available pool of lenders, so you can see exactly how much you’ll pay with each. If you’re ready to find the loan you need to build your perfect pool for the summer, get started with our Money Matchmaker™ today.
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About the Author
Shaun
McGowan
Shaun McGowan
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
*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.