I' ll go with 7.5 gal cooler, 10 is biggerthan you need for 5 gal batch, and 7.5 will let you do bigger beer than a 5 gal.
I' just building a plastic(a fermentor pail) hlt electric for ~100$ (that would be 60$ for you in the states), I use it as the top tier, mash in the cooler and boil with gaz in the kettle.
The Hlt got a 1500W element that heat 5gal in about an hour, letting me do my grain etc... I use half of that for mash in, fill it back to 5 gal and take about 30 min to heat back to sparge temp.
A PID controller(ebay) with temp probe that you just pitch in the pail and an SSR(ebay) to control the element.
A weldless ball valve to witch I wired my ground for the gfci
Just make sure to plug that in a GFCI 15A plug.
Major plus is that it's really cold here in winter so not having to open the garage door to heat mash in water is really cool.
That' s the cheapest you can do for 3 tier