The features and benefits of swimming pool loans
Competitive rates from 5.35% p.a.
You can secure a low rate and save on your personal loan, with offers from our lending panel starting at comparison rates of just 6.14% p.a.
Repay your loan over up to seven years
A personal loan gives you the freedom to pay at your own pace, with terms available as short as one year all the way up to a maximum of seven to shape your repayments.
Get approved for up to $75,000
Whether you’re buying a smaller above-ground pool or a fancier below-ground installation, you can borrow ample funds to help you pay for it.
Choose your own repayment schedule
Borrowers also get to decide whether to make their repayments on a monthly, fortnightly or weekly basis, in line with what suits their income.
Fixed or variable interest rates
There are plenty of factors to decide on with a personal loan, one of which is whether to fix your rate at the beginning of your loan or leave it variable across your term
Fast approval and money transfer
Another key benefit of a personal loan to fund your pool purchase is that you can receive an outcome within 60 seconds and funds within 24 hours of applying.
Why so many Australians choose Savvy to compare personal loans
Panel of partnered lenders
We’re don’t just partner with any lenders: our panel is made up of some of the most reputable personal loan financiers in Australia.
Apply from your smartphone
You can conduct the entire comparison, application and settlement process online and on the go, giving busy borrowers more options.
Maximise your savings
By comparing a greater cross-section of the market, you can help save yourself on interest and fees by choosing the most affordable deal.
A checklist for before you apply for pool finance in Australia
Ensure you’re eligible
First and foremost, before you apply, you should always review your lender’s criteria to determine whether you qualify for pool financing. The main points you’ll need to meet as part of this process include:
- You must be at least 18 years of age
- You must be earning at least $20,000 p.a. from stable income source/s
- You must be working full-time, permanent part-time or have held the same casual job with consistent hours for six months or more
- If self-employed, you’ll likely need to have been trading for two or more years
- You mustn’t have a history of defaults or bankruptcy
Work out what you can afford
Once you’ve determined your eligibility, it’s important to gain an idea of the amount you can afford to borrow. One way to do this is by using your disposable income (income left over after paying for your expenses) as a measure of your borrowing power, as lenders tend to allow a maximum of 25% to 30% of your monthly disposable funds for loan payments. You can run the numbers on different loan amounts and rates by using our online personal loan calculator, which gives you an idea of what you might pay each month and overall.
Review your credit report
If you haven’t already, you should always find out about your credit file before submitting your application. This tells you and, more importantly, your lender how well you’ve done in the past at servicing debt, such as making prompt and full loan payments and paying off other debts and bills. The better your credit rating, the lower your interest rate will be and the more you’ll be eligible to borrow. Knowing this in advance gives you the chance to improve it, which you can do by lowering your credit card limits and paying off outstanding debts.
Assess your loan’s fees
One of the most important factors in the personal loan comparison process is determining the fees you stand to pay in addition to your interest. This is partially indicated by your comparison rate, but this doesn’t include all fees. The fees you can pay are likely to include:
- Application fee: $0 to $595
- Ongoing service fee: $0 to $10 per month
- Early repayment fee: dependant on length of loan left, but often not charged
- Late payment fees: $15 to $35
Prepare your documents for submission
Finally, the process can be expedited by ensuring you have all of the required documentation on hand prior to submitting your initial application. While lenders may differ on the specific documents they need, you’ll likely be required to submit the following:
- Your last two payslips (proof of employment may also be required)
- 90 days of bank statements may be required
- If self-employed, at least the most recent year’s tax return
- Online banking account details
- Information on current assets and liabilities
Common swimming pool loan queries
The cost of having a pool doesn’t lie solely in the installation, but the upkeep also. Before you buy your pool, you should first consider whether the following factors are within your budget:
- Pool water pump: installation can cost from $500 to $1,500 or more, with the pump costing over $100 each month to run in summer
- Pool heating: solar heating costs between $100 and $200 annually, while alternatives can set you back up to $1,500
- Pool fencing: anywhere from $200 to $600 per linear metre
- Pool evaporation: for an 8m x 4m pool, more than 160 litres of water can evaporate per day
No – personal loans are available without the need for security, which means you don’t need to put an asset as collateral against the loan. This opens up the possibility for more borrowers to take out loans who either can’t or prefer not to utilise security. Secured personal loans are offered by some lenders, however, and can be a great way to increase your borrowing power beyond $50,000 and lower your interest rate.
Yes – just because it’s a swimming pool loan doesn’t mean that the funds are exclusively used for the installation and maintenance of the pool. You can use your personal loan funds how you wish, whether you want to use part of your loan to pay for educational or medical expenses, consolidate outstanding debts or even to fund your honeymoon.
Yes – personal loan financiers can accept Centrelink income as part of your overall annual earnings, provided that they’re supplementary in nature and are a more stable income source. Payments such as JobSeeker, Youth Allowance and Austudy are contingent on the recipient being a certain age or holding a particular employment or study status, so they can’t be accepted.
Below-ground pools can increase the value of a home by up to 7% on average, but that is highly dependent upon a number of external factors. The rest of your house, the amount of remaining garden space and the location of the property must all be appealing for homeowners to see any increase in value after installing their pool.
It can be – submitting a joint application can substantially increase your borrowing power, as the reliance to repay the loan shifts from one income stream to two. This is also likely to result in a lower interest rate on your loan, which can help your family save money that can be dedicated elsewhere. If you’ve recently bought a new place, paying for the pool as a couple can add to the shared financial responsibility that paying a mortgage brings and strengthen your shared sense of achievement.