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There are some fees associated with our peer-to-peer lending. Whilst we can’t take away fees completely, we can promise that our lending fees are fair, considered and competitive.
There’s nothing vague or hidden with Squirrel and we won’t sting you down the line.
Book a call about investingThe tables below give you a rundown of what the fees are for, how they’re calculated and who’s responsible for paying them. For more detail, also check out our FAQs.
Product |
Rate p.a. |
Home loans Up to 7 years |
7.00% variable |
Construction loans Up to 2 years |
7.50% variable |
Personal loans 1 year 2-3 years 5-7 years |
7.75% fixed 7.75% fixed 7.75% fixed |
Squirrel Monthly Income Fund Target return |
|
On-Call Account |
5.25%p.a. |
Product |
Rate p.a. |
Squirrel Home Loan |
|
Home Loans variable base rate |
7.70% |
Construction Loans variable base rate |
8.50% |
Launchpad Loan |
|
Equity loan |
9.95% |
Base Loan variable |
8.84% |
1 year |
8.09% |
2 year |
7.59% |
3 year |
7.29% |
Homeowner's loan |
|
1 year interest-only |
9.75% |
2 - 3 years |
9.85% |
5 years |
9.95% |
Tiny House Loans |
|
2 - 3 years |
9.95% - 15.00% |
5 - 7 years |
9.95% - 15.00% |
Service Margin |
Personal Loans 1.45% - 5.95% p.a. of the loan balance deducted from the gross loan repayment.
Home Loans and Construction Loans 0.70% - 2.75% p.a. of the loan balance deducted from the gross loan repayment.
On-Call Accounts up to 0.25% p.a. being the difference between the interest rate we receive from the bank(s) where your On-Call Account money is held and the interest rate you earn on your On-Call Account balance. |
Charged to the Investor by deducting from the Borrower’s repayments. The applicable service margin is dependent on the risk grade of the Borrower - lower risk loans carry a lower service margin.
The Prevailing Interest Rate published on our website for each Investment Class or On-Call Account is the rate net of the Service Margin and Reserve Levy (if any). |
Reserve Levy |
0.10% - 3.25% p.a. of the loan balance deducted from the gross loan payment. |
The Reserve Levy for each loan is dictated by the assessed credit risk of the borrower. Reserve Levies are held on Trust for the benefit of Investors. The Reserve Levy is charged against the gross investor return. The Prevailing Interest Rate for each investment class is the rate net of the Service Margin and Reserve Levy. |
Annual fund charges |
Peer to peer term investments: no annual fund charges Squirrel Monthly Income Fund: 2.00% p.a. incl GST Squirrel Wholesale Home Loan Fund: 0.25% p.a. incl GST Squirrel Wholesale Construction Loan Fund: 0.25% p.a. incl GST |
Squirrel Monthly Income Fund, Wholesale Home Loan Fund, and Wholesale Construction Loan Fund annual fund charges are deducted monthly from distributions. |
Establishment fee |
$375 for Tiny House Loans $0 for Homeowner's Loans |
Charged up front and deducted from the loan in advance. |
Progress Payment Fee |
$100 per progress payment |
Payable at each payment advance. Not applicable to Homeowner's Loans. |
Default fee |
$25 per month |
Charged to the loan account if the loan is in arrears (5-day grace period). |
Dishonour fee |
$10 per transaction |
Charged to the loan account if a payment dishonours. |
Default interest |
Accrues at 5% on top of the normal interest rate of the overdue amount for Homeowners Loans, Tiny House Loans, Vehicle Loans, Personal Loans, and Debt Consolidation Loans. |
Charged to the loan account if the loan is in arrears. |
Establishment fee |
Home Loans - $950 including Squirrel legal fees Launchpad - $1,000 including Squirrel legal fees Up to 3% of loan value where an entity is the borrower including Turnkey loans. |
Charged upfront and deducted from the loan in advance. |
Progress Payment fee |
Home loans - $100 Construction loans - $100 per payment or $500 at settlement |
Payable at loan advance or each payment advance. |
Top-up and term extension fee |
Home Loans - $250 Construction Loans - Up to 3% of loan value |
Payable if loan documents need to be amended. |
Line of credit fee |
Up to 1.3% |
Charged on the approved loan limit, calculated daily, charged monthly. |
Default fee |
$25 per month |
Charged to the loan account if the loan is in arrears (5-day grace period). |
Dishonour fee |
$10 per transaction |
Charged to the loan account if a payment dishonours. |
Discharge fee |
$500 including Squirrel legal fees |
Charged to the loan account upon discharging our security interest where property has been used as security for a loan. |
Default interest |
Accrues at 5% p.a. on top of the normal interest rate of the overdue amount for Home Loans, Construction Loans, and Launchpad Loans. |
Charged to the loan account if the loan is in arrears. |
Redocumentation fee |
$250 for Launchpad Loans |
|
Non-settlement fee |
$250 for Launchpad Loans |
|
Marlene
New Zealand
I'm loving the interest, that I'm earning on my funds. Questions are answered quickly. Squirrel is very efficient and I'm confident investing with a NZ owned company. I wish I had of invested a year ago. MarleneM
Carole
Hawke’s Bay, New Zealand
Didnt end up investing but i like the whole comcept of peer to peer lending and the fact your a nz company. Will be looking to come back in the futureC
Ajay
Auckland , New Zealand
Quick and effortless onboarding. Excellent transparency & timely communication. One of the best interest rates in the market with timely payments. Well done, Squirrel!A
Sonal
Auckland , New Zealand
Fast & hassle free onboarding. Transparency, communication, and customer support have been excellent! One of the best interest rates in the country, don't know why I didn't join sooner. Highly recommended!S
Sonal
Auckland , New Zealand
Fast & hassle free onbaording. Transparency, communication, and customer support have been excellent! One of the best interest rates in the country, don't know why I didn't join sooner. Highly recommended!S
John A
Canterbury, New Zealand
Quick and easy to invest with an great online web interface and good returns. Now with high interest on the cash account as well.JA
Ian C
Auckland, New Zealand
Always innovating, now we have the on call account earning 3.5%. Even on orders not yet allocated. Thankyou guys.IC
Margaret
Waikato, New Zealand
I really like investing with Squirrel Money. I know my money is safe. There's no fees or terms, which I think is fantastic. And I've got total control of my investments. I can thoroughly recommend Squirrel Money.M