Showing personal loans for
$
over
for a credit score of
Advertised Rate

6.39

% p.a

Variable up to 7.49%

Comparison Rate*

6.39%*

% p.a

Variable up to 9.16%

Company
Monthly repayment

$918

36 months

Loan term

1 year to 3 years

Total repayments
Real Time Rating™

4.28

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 6.39%* would be $33,047*. Terms from 1-3 years

More details
Advertised Rate

6.25

% p.a

Fixed up to 19.95%

Comparison Rate*

7.64

% p.a

Fixed up to 21.36%

Company
Monthly repayment

$916

36 months

Loan term

1 year to 5 years

Total repayments
Real Time Rating™

3.96

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.64% would be $32,978*. Terms from 1-5 years

More details
Advertised Rate

8.99

% p.a

Fixed

Comparison Rate*

9.13

% p.a

Fixed

Company
Monthly repayment

$954

36 months

Loan term

2 years to 5 years

Total repayments
Real Time Rating™

3.64

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 9.13% would be $34,339*. Terms from 2-5 years

More details
Advertised Rate

6.99

% p.a

Variable up to 18.99%

Comparison Rate*

7.91

% p.a

Variable up to 19.83%

Company
Monthly repayment

$926

36 months

Loan term

1 year to 7 years

Total repayments
Real Time Rating™

4.13

/ 5
Go to site
Total Repayments icon

Total repayments for a 3-year, $30,000 loan at 7.91% would be $33,342*. Terms from 1-7 years

More details

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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

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 is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

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.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed 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.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What do credit scores have to do with personal loan interest rates?

There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.

If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.

If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.

Can I include my spouse’s income on a personal loan?

If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.

Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity. 

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

What can I use a bad credit personal loan for?

Generally, bad credit personal loans can be used for the following purposes:

  • Debt consolidation
  • Paying bills
  • Buying vehicles
  • Moving expenses
  • Holidays
  • Weddings
  • Education

Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

Will comprehensive credit reporting change my credit score?

Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.

Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.

Can students with no credit history get loans?

It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.

Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.