Swimming Pool Loans

Ensure you’re eligible

First and foremost, before you apply, you should always review your lender’s criteria to determine whether you qualify for pool financing. The main points you’ll need to meet as part of this process include:

• You must be at least 18 years of age
• You must be earning at least $20,000 p.a. from stable income source/s
• You must be working full-time, permanent part-time or have held the same casual job with consistent hours for six months or more
• If self-employed, you’ll likely need to have been trading for two or more years
• You mustn’t have a history of defaults or bankruptcy

Work out what you can afford

Once you’ve determined your eligibility, it’s important to gain an idea of the amount you can afford to borrow. One way to do this is by using your disposable income (income left over after paying for your expenses) as a measure of your borrowing power, as lenders tend to allow a maximum of 25% to 30% of your monthly disposable funds for loan payments. You can run the numbers on different loan amounts and rates by using our online personal loan calculator, which gives you an idea of what you might pay each month and overall.

Review your credit report

If you haven’t already, you should always find out about your credit file before submitting your application. This tells you and, more importantly, your lender how well you’ve done in the past at servicing debt, such as making prompt and full loan payments and paying off other debts and bills. The better your credit rating, the lower your interest rate will be and the more you’ll be eligible to borrow. Knowing this in advance gives you the chance to improve it, which you can do by lowering your credit card limits and paying off outstanding debts.

Assess your loan’s fees

One of the most important factors in the personal loan comparison process is determining the fees you stand to pay in addition to your interest. This is partially indicated by your comparison rate, but this doesn’t include all fees. The fees you can pay are likely to include:

• Application fee: $0 to $595
• Ongoing service fee: $0 to $10 per month
• Early repayment fee: dependant on length of loan left, but often not charged
• Late payment fees: $15 to $35

Prepare your documents for submission

Finally, the process can be expedited by ensuring you have all of the required documentation on hand prior to submitting your initial application. While lenders may differ on the specific documents they need, you’ll likely be required to submit the following:

• Your last two payslips (proof of employment may also be required)
• 90 days of bank statements may be required
• If self-employed, at least the most recent year’s tax return
• Online banking account details
• Information on current assets and liabilities