Ah, the Australian summer is approaching. The air is getting hotter and heavier with humidity, and soon you will be hearing the neighbourhood kids laughing as they splash in the pool next door. You so wish you could join them, but you do not have your own pool.
Thankfully, it does not need to remain a pipe dream. With the right swimming pool finance in Brisbane, you can make it happen.
Here are five pool financing options in Brisbane you might want to consider:
1. Secured Personal Loans Through iCREDIT
A secured personal loan is one of the strongest pool finance plans in Brisbane. Through this option, you can use an asset you already own, like your car, caravan, boat, or even your house, as security for the loan.
Because this approach reduces risk for the lender, you may qualify for a larger loan amount at a sharper rate. iCREDIT can connect you with a wide network of lenders so you can secure terms that suit your situation.
2. Unsecured Personal Loans Through iCREDIT
If you do not have an asset to secure the loan, an unsecured loan can work just as well, although it can be a little tougher to get approved.
These loans are flexible, with terms running from one to seven years and amounts ranging from $5,000 to $60,000. However, the interest rate on unsecured loans is usually higher due to the higher perceived risk for the lender.
Through iCREDIT, you can gain access to lenders offering competitive unsecured loan options. This path keeps your existing assets free from encumbrance while still giving you access to the funds you need to build your pool.
3. Using a Home Loan Extension
Some people choose to extend their existing mortgage to cover pool installation costs. This usually spreads repayments over a longer period, which can lower monthly installments.
The downside is that you will be paying more interest in the long run, so it is best suited if you are planning to stay in your property for many years.
Also, you will have to do this through the bank that funded your home, which can make the process slow and laborious.
4. Redrawing From Your Mortgage
If your home loan has a redraw facility, you may already have funds available. Using that money for a pool can be cost-effective, as the interest rate might be lower than that of standard personal loans.
It does, however, mean dipping into money you might have been saving for other purposes, though.
5. Savings and Staggered Payments
If you have already saved part of the cost, you can negotiate a staged payment plan with your pool builder. This approach would see you pay deposits upfront, then settle the balance as milestones are completed.
This method can reduce the size of the loan you need, easing your repayments and interest. But it assumes that you have a sizeable amount of cash on hand, which is not always the case.
Apply for swimming pool finance in Brisbane through iCREDIT today. Contact us now so we can help you compare lenders and secure fair pool finance plans tailored to your budget.