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Get ready for the summer with a pool, paid off by a swimming pool loan. Compare loan rates, fees, features, and more, and help yourself cool down during the hotter months.

Georgia Brown

Personal Finance Editor

Content updated

12 Mar, 2024

Product data updated

26 Apr, 2024

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.

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.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

What is a swimming pool personal loan?

Search and compare swimming pools loan rates

Find and compare swimming pool personal loans

On this page

What is a swimming pool personal loan?

How much does a swimming pool cost in Australia?

How do I compare personal loans for swimming pools?

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

Share this page

Did you find this page helpful?

On this page

What is a swimming pool personal loan?

How much does a swimming pool cost in Australia?

How do I compare personal loans for swimming pools?

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

Share this page

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