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Written byShaun McGowan
Ah, 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!).
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!
Deciding on how much your pool will cost means taking in some basic (and not-so-basic!) considerations:
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:
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:
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.
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.
Your loan should be flexible to suit your life so look for features that accommodate change:
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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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.