There's nothing quite like taking a dip in your own private swimming pool to beat the heat on an Aussie summer day. So it's certainly no surprise that many homeowners without a pool spend their summers daydreaming of the possibility of having one installed.

If you're a homeowner with plans to make this dream a reality, you might be starting to consider what finance options might help get the ball rolling.

Find and compare swimming pool personal loans

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Advertised Rate

6.95%

Fixed up to 17.95%

Comparison Rate*

8.57%

Company
Pepper
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.56

/ 5
Go to site
More details
Advertised Rate

12.69%

Fixed

Comparison Rate*

13.56%

Company
NAB
Monthly repayment

$1006

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

2.99

/ 5
Go to site
More details
Advertised Rate

12.69%

Variable

Comparison Rate*

13.56%

Company
NAB
Monthly repayment

$1006

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

3.08

/ 5
Go to site
More details

Learn more about personal loans

What is a swimming pool personal loan?

A swimming pool personal loan is a personal finance option through which a lender provides a borrower with the money they need to install a swimming pool if their savings won't quite cover the total cost. The borrower is then required to repay the loan amount, plus interest and any fees, in regular repayments over a predetermined period of time.

A swimming pool is often a highly desirable feature for homebuyers looking for a family home, and thus can add value to a property if enough research is done to ensure the most suitable model is installed. For this reason, many homeowners looking to install a pool see the benefit of using a financial product, like a swimming pool loan, to fund the project.

Keep in mind that using a personal loan to finance your new swimming pool will mean paying interest over the life of the loan, as well as other fees, so it's important to do your due diligence to find the best loan for your personal circumstances.

How much does a swimming pool cost in Australia?

According to Australian online trade directory hipages, a new swimming pool can cost anywhere from $5,000 to in excess of $100,000. The cost to install an inground pool typically starts at $35,000, with above ground pools often starting at $8,000.

Of course, the price will ultimately depend on the type of pool you choose, the materials used, and the installation professionals you hire, among other factors. Getting a number of quotes from a variety of professionals can help you choose a pool that fits both your budget and your requirements.

How do I compare personal loans for swimming pools?

Once you've received a quote from your preferred pool installation professionals, you will have a pretty good idea of your required loan amount. The next step in the process is to start comparing loans. Here are some of the most important features to consider when shopping for pool financing options:

  • Interest rate - It's understandable that most borrowers begin by looking for loans with the lowest interest rate, but it's important to also factor in fees when determining the true cost of the loan. A loan with a higher interest rate and lower fees could potentially be more affordable than a loan with a lower interest rate and higher fees.
  • Comparison rate - The comparison rate can give you a better idea of the overall costs associated with a loan product, as it factors in both the interest rate and the major fees and charges.
  • Fees - Not all fees are included in the comparison rate, so it's worth having an understanding of all of the kinds of fees that may be charged such as application fees, establishment fees, early repayment fees, monthly fees and other ongoing fees.
  • Secured vs unsecured - Secured loans often come with more competitive interest rates than unsecured loans. That's because secured loans are secured by an asset, such as a home, that is used as collateral for the money borrowed. Secured personal loans are less of a risk to lenders than unsecured personal loans, so borrowers are typically rewarded with lower interest rates.
  • Credit score - Your credit history will often have an impact on the loans that are available to you, with the most competitive loans typically reserved for borrowers with excellent credit. Consider checking your credit score before applying for any financial product to reduce your risk of having your loan application rejected.

How long would it take me to pay off a swimming pool loan?

The length of time it might take you to pay off a swimming pool personal loan will depend largely on the amount you borrow, the interest rate you are charged on your loan product, and how much you can comfortably afford to pay in regular loan repayments. Most personal loans offer loan terms of between one and five years, while some may offer longer terms of up to 10 years.

To get an idea of how long it might take you to repay a swimming pool loan, you can utilise RateCity's personal loan calculator. The calculator can provide an estimate of your weekly, fortnightly or monthly repayments, based on your preferred loan amount, loan term, interest rate and credit score.

Consider entering different durations in the loan term field to see how a shorter or longer loan term can affect your monthly payments and total interest payable.

Before you hit the 'apply now' button, it's often a good idea to speak to a financial advisor for information specific to your personal circumstances.

Frequently asked questions

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

What interest rates are charged for personal loans?

Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.

For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.

For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.

Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.

How long are $3000 loans?

Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.

Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension. 

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What are the pros and cons of debt consolidation?

In some instances, debt consolidation can help borrowers reduce their repayments or simplify them. For example, someone might take out a $7,000 personal loan at an interest rate of 8 per cent so they can repay an existing $4,000 personal loan at 10 per cent and a $3,000 credit card loan at 20 per cent.

However, debt consolidation can backfire if the borrower spends the extra money instead of using it to repay the new loan.

How can I improve my credit rating/score?

Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising loan applications, clearing up defaults and paying bills on time.

Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.

If you want to fix an error, the first thing you should do is speak with the credit reporting body, which may take care of the problem or contact credit providers on your behalf.

The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).

AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.

If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.

Can I get a personal loan if I receive Centrelink payments?

It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments.

Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan. You should check with any prospective lender about their criteria before making a personal loan application.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.