Swimming pool loans in Australia – Get your own water resort
A swimming pool can offer the perfect Aussie summer heat escape plus fun, backyard pool parties with family and friends. Besides the personal enjoyment, it can also buoy your property’s value. But with these great rewards comes a high financial cost. If this is an issue, learn more about swimming pool loans to avoid stepping off the financial deep end.
What’s a swimming pool loan?
If your pockets are shallow, a swimming pool loan provides the financial springboard you need to dive into a swimming pool, hot tub, or spa installation.
Borrowed funds can be obtained from various Australian lenders, including banks, credit unions, peer to peer companies, and online creditors. From this wide finance pool, you can find a range of personal loan options with amounts and terms of up to $100,000 and 7 years, respectively.
Generally, swimming pool loans can be parted into
secured personal loans and unsecured personal loans. With the secured variety, you’ll need a high-value asset to guarantee the debt. However, unsecured loans require no collateral meaning the lender won’t move to claim your asset if you default though this protection comes with a higher rate.
Either arrangement can be lucrative to homeowners since they can upgrade their home and social life while paying only a fraction of the cost at a time. This payment plan also covers interest and fees that apply over the life of the loan.
What’s the cost of installation?
As mentioned earlier, having a private summer swim a few steps outside your door typically comes with deep costs. With some installations pegged as high as $100,000, it’s essential to make sure your pocketbook can handle the strain before immersing yourself in a swimming pool project. You can expect a professional quote to contain the following general costs:
Tiling and lining
Fencing and lighting
Of course, exact costs tend to be all over the place depending on whether it’s an inground or above ground pool. Vinyl pools, fibreglass pools, and concrete pools also come with different price tags. Additionally, fancy accoutrements like waterfalls, jets, or fountains will most likely jack up the total costs.
Not to mention ongoing cleaning and maintenance costs that are essential in keeping your pool in tip-top shape. So while there are once-off costs involved, it’s best to prep your budget for other long-term costs.
Can I use a home equity loan to finance my swimming pool?
Aussie homeowners can also take out a home equity loan tied to the value they own on their home. This is an even more attractive deal since it offers lower interest rates and potential tax benefits. But home loans are secured, a downside that hangs the threat of foreclosure over your head should you default.
Other than that, the finance arrangement models itself on personal loans. You repay the funds over a fixed timeline with interest and fees on top.
How do I get the best swimming pool loan deal?
Comparing personal loans for swimming pools is a project in and of itself, albeit a small one. Looking at several finance options is what helps you secure the best deal. Here are some features to keep tabs on when doing so:
Interest rate. A low rate, be it fixed or variable, helps keep your finances afloat since interest represents a great portion of borrowing costs.
Comparison rate. A low-rate personal loan doesn’t always deliver savings, mainly if steep fees are involved. The comparison rate sweeps the interest rate and standard costs together. Therefore, this percentage gives you a better read on the actual cost of the loan.
Fees and charges. Some borrowing costs exist outside the comparison rate. To better understand what you’ll end up paying, you’ll need to unearth these from the fine print. Check for establishment fees, monthly fees, redraw fees, plus late and early repayment fees.
Monthly repayments. Fiddle around with our swimming pool loan calculator to find an affordable monthly payment estimate based on your loan amount and term.
Extra repayments. Check if you’ll be able to pay off your loan quickly by making additional fee-free repayments.
Additional features. Make sure your swimming pool loans comparison is as extensive as possible. For instance, what are the limits on amounts and terms for each lender? What are the requirements for credit score? Does the lender offer weekly, fortnightly, and monthly payment options? Checking for all this ensures maximum flexibility that meets your budget, needs, and situation. How to apply for a swimming pool loan online
To apply, click “Go to Site” for the preferred option in the comparison table above. Once on the finance provider’s application page, you’ll generally need to meet the following lending criteria:
Have a good credit score and a clean credit history
Be at least 18 years old
Have a steady income
Be an Australian citizen or permanent resident
Additionally, you’ll need to provide a few documents to verify your income and identity before the loan is approved. These include payslips, bank statements, and a driver’s licence.
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