Did you know that for the price of a takeaway coffee every day, you could be enjoying yourself in your new pool? Not only that, but you will be adding value to your property with the installation of a quality pool from Buccaneer Pools.
How could this scenario work for you?
If you currently have a mortgage on your property, using the equity in your property to purchase a pool is an option that is a relatively simple process, and one that may not cost as much as you think in extra payments per month.
Let’s imagine you currently have a loan of $250,000 which you have taken over 25 years. You’re currently paying 4.24% p/a in interest and you are making principal and interest repayments on the loan. Your current repayments would be $1,355 per month.
Using the same rate of 4.24% and the same loan term of 25 years, what would it cost you per month in additional repayments to purchase your new pool?
| Increase $ to your mortgage |
New monthly repayment ($) |
Extra monthly repayment ($) |
This is equivalent to |
|---|---|---|---|
| $20,000 | $1,463 | $108 | A cup of takeaway coffee per day |
| $25,000 | $1,490 | $135 | Dinner for 2 at a nice restaurant |
| $30,000 | $1,517 | $162 | Less than a trip to the theatre for 2 |
| $35,000 | $1,543 | $188 | A trip with the family to a themepark |
| $50,000 | $1,624 | $269 | Less than a night’s accommodation in a city hotel |
Example product used is the BankWest Complete standard variable product: 4.24% p.a. variable rate (5.16% p.a. comparison rate). Additional fees and charges may apply. Rate is current as at 08 July 2016.
Comparison rate based on a loan of $150,000 for a term of 25 years.
* This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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Eleven Finance is a finance broking company dedicated to finding the best financial solutions at highly competitive market rates.
Finance Broker Sharon Creedy can perform a health check of your current lending arrangements and help you achieve financing for new purchases.
Sharon has access to around 22 different lenders and well over 100 financial products.
