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.

You can even repay your loan early, at no additional cost.

Who pays what?

The 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 FAQ's.

Borrower Interest rates

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%

Borrower fees - Personal Loans

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

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

Investor interest rates (returns)

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

Squirrel Monthly Income Fund

Target return

1 year New Term Deposit Rate (>$10k) + 2.00%

On-Call-Account

5.25%p.a.

Investor fees and margins

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.

Phil C

New Plymouth, New Zealand

Such a easy process..all done online would highly recommend to anyone looking for a loan rather than the traditional bank or finance company

Jessica

Southland, New Zealand

The process was easy and straightforward. I'm glad we got the support we needed for our project. Thanks so much!

Emily

Auckland, New Zealand

Such an easy & efficient process. Very happy with the interest rate offered & money was in my account by the end of the day.

Magnus Kriel

Auckland, New Zealand

The application process was easy and super fast. Just the right amount of questions to get an accurate quote. Interest rate was the best compared to competitor quotes.

JOHN EVANS

Sefton, New Zealand

Despite not fully understanding some things answers were always easily available and explained. patience, understanding and a feeling that we actually worked together to achieved things made the experience a pleasant one

John

Canterbury, New Zealand

I found squirrel to be excellent to deal with on all levels, especially communication. Squirrel took the time to understand my finances fully and made the right decision. Banks could learn a thing or two from squirrel.

Steve W

Canterbury, New Zealand

Wow-signed documents sent back at 2pm, funds cleared in my bank account by 5pm the same day! The application process was well managed and communicated. There really are no competitors that come close to Squirrel...keep up the good work.

Shalini

AUCKLAND , New Zealand