With our beautiful summers, many Australians desire to have a swimming pool to relax in during the warmer months. Swimming pools themselves are often a feature of a property and can add value to our most valuable asset – our home.
Just as everyone has a different idea about what swimming pool is best for their property and lifestyle, so too is the decision on how to finance it! There are two main methods of financing your new swimming pool that may be available to you:
Utilise equity in your home
You may have enough equity in your home currently to enable us to increase your home loan to pay for the pool and associated costs, such as fencing and landscaping. We may also be able to have your property valued on the basis that your swimming pool has already been installed, thus increasing the equity available to you! This is the perfect opportunity to assess your current home loan – in some cases you may be able to finance the pool without any increase in your current home loan repayments!
Secured or unsecured personal loan
This can often be a viable alternative especially if you don’t currently have sufficient equity in your home at the moment. The loan term will almost always be lower in these instances meaning that your pool will be paid for more quickly.
Which alternative is more suitable for you depends on your own personal circumstances and objectives. We can analyse the alternatives on your behalf to find what option suits you best. We will work together with yourself and your pool supplier to ensure a smooth process from beginning to end.