Interest rates and fees

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.

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Borrower interest rates

Product Rate description Rate p.a.
Squirrel Home Loan Variable base rate 7.70%
Squirrel Construction Loan Variable base rate 8.50%
Launchpad Loan    
  Equity loan 9.95%
  Base Loan variable 8.50%
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%

Borrower fees - Personal Loans

Fee Fee description Notes
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.

Borrower fees – Home Loans, Construction Loans, Turnkey and Launchpad

Fee Fee description Notes
Establishment fee Home Loans – $950 including Squirrel legal fees 
Launchpad – $950 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 fees 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  

Don’t just take our word for it

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See for yourself what our clients think with 1,438 five star reviews on Shopper Approved.

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Victoria

New Zealand

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Outstanding guidance and service from Adam. I don't know why someone wouldn't use Squirrel. Accessible responsive knowledgeable understanding of our situation and goals and making it all so easy, we were so grateful to work with Adam and Squirrel and recommend the them both without hesitation!

LM

Luke Murray

New Zealand

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It was a great experience. The refinance helped me greatly and put me in a position to keep my apartment

C

Christa

New Zealand

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A huge thank you to my advisor, Kat. She worked so hard to get a mortgage offer for me. She admitted that as I did not tick all of the boxes, she would have to present my case differently. I'm so grateful that she didn't give up on me, as other mortgage brokers had. She is so hard working, clever, lovely and friendly. I would recommend Kat to anyone looking to purchase a house.

MK

Mark Karen

New Zealand

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We've used Squirrel investment and mortgage services. On the investment front, we found it easy to use and the interest rates were excellent, selling our investments was easy when we needed to as well. Mortgage services were great too - Emma listened to what we needed, and our circumstances and got us a fantastic deal. The process was smooth from start to finish, with excellent communication and advice along the way.