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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Who pays what?

This table gives 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.

Investor fees & margins

Service Margin 

Personal Loans 0.95% - 2.95% p.a. of the loan balance deducted from the gross loan repayment.

 

Home Loans and Business Property Loans 0.15% - 2.50% p.a. of the loan balance deducted from the gross loan repayment.

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 for each investment class is the rate net of the service margin and reserve levy.

Secondary Market transfer fee

1% of the loan balance transferred up to a maximum of $50 per investment

Charged to the original Investor and deducted from the net proceeds from transfer of the investment to the new Investor(s).

[Not applicable to Homeowner's Loans in the event where Squirrel automatically lists on the Secondary Market at the end of the 12-month interest-only period]

Borrower fees - Personal Loans

Establishment fee

$250 for Vehicle Loans and Personal Loans

$500 for Debt Consolidation Loans and Tiny House Loans

$0 for Homeowner's Loans

Charged upfront and deducted from the loan advance.

Default fee

$25 per month 

Charged to the loan account if the loan is in arrears (5-day grace period). Not applicable to Homeowner's Loans.

Dishonour fee

$15 per transaction 

Charged to the loan account if a Direct Debit payment dishonours. Not applicable to Homeowner's Loans.

Security Release fee

$150

Charged to the loan account upon discharging our security interest where property has been used as security for a loan. Not applicable to Homeowner's Loans.

Default interest

Accrues at 5% on top of the normal interest rate of the overdue amount for Vehicle Loans, Personal Loans, and Debt Consolidation Loans.

Accrues at 10% on top of the normal interest rate of the overdue amount for Homeowners loans.

Charged to the loan account if the loan is in arrears for more than 5 days.

Borrower fees - Home Loan and Business Property Loans

 

Establishment fee

Up to $500 Standard Home Loans

Up to $1,000 Bridging Home Loans

Up to 2% of loan value where an entity is the borrower

Charged upfront and deducted from the loan advance.

Default fee

$25 per month 

Charged to the loan account if the loan is in arrears (5-day grace period).

Dishonour fee

$15 per transaction 

Charged to the loan account if a Direct Debit payment dishonours.

Security Release fee

$450

Charged to the loan account upon discharging our security interest where property has been used as security for a loan.

Default interest

Accrues at 10% p.a. on top of the normal interest rate of the overdue amount for Home Loans and Business Property Loans

Charged to the loan account if the loan is in arrears for more than 5 days.  

Undrawn Facility fee

Up to 1.30% p.a.

Charged on the undrawn portion of the loan, calculated daily, charged monthly.

Progress Payment Fee

$100 per payment

Charged on each progress payment made for a loan