The no-fee loan for Homeowners

Custom-designed for you, this loan has such great features we can hardly believe it ourselves:

  • Apply for up to $70,0001
  • Pay interest-only for the first year2
  • No fees3

What are you waiting for? Get your renovation project underway, today.

Apply for a Homeowner's Loan
woman with paint samples

Applying is fast, secure and easy

Whether you're upgrading the kitchen because you've had enough of those 1970's tiles, doing up the bathroom or going green with solar power, our Homeowner's Loan is the way to do it. You can even apply on your phone while you're perusing paint colours in the hardware store.

Why choose a Squirrel Homeowner's Loan?

  • You can borrow up to $70,000 interest-only for the first year and use your house as security (for loans over $20k). This means low repayments during the first year.
  • No establishment fee and after the first interest-only year we can either help you bundle it into your mortgage, or if you prefer to get rid of it separately, you can switch it to a standard principal and interest loan over a term of up to 7 years (subject to available funds). It's totally up to you.
  • Applying is quick and easy. And because there’s a lot more to Squirrel, you've got way more options. Our expert brokers can help you bundle your Homeowners Loan into your mortgage whenever it suits you within that first year - just give us the word. While we're at it, we can help get you set up with a mortgage structure that works for you and helps save you money - with a great rate to boot.

The Homeowner's Loan was created with you in mind. It gives you the freedom and flexibility to take care of the renos you've been thinking about when you want without feeling like you have to live off two-minute-noodles for 5 years.

And when it comes to the mortgage, we'll organise it with the bank for you. It really is the easiest way to borrow on the house without talking to the bank. 

Step ladder

How does it work?

Apply for a Homeowners Loan

Jump online and apply for up to $70,000 to tackle a home renovation or whatever else you need for the home using your house as security (for loans over $20k). The application process only takes a few minutes. Just make sure you've got your NZ drivers licence or NZ passport handy.

Make repayments

Start making your regular repayments4. The first year of your loan will be interest-only, so you don't feel a big pinch on top of your mortgage. After the interest-only period the loan will switch to a principal and interest loan over a term of up to 7 years and amended interest rate.

Bundle it into the mortgage (if you want to)

We can package up your Homeowner's Loan into the mortgage in that first year, which could save you money. We'll take care of the boring bits for you, and if you prefer not to go down that road the loan will roll into a 5-year fixed rate loan so you can pay it off separately. Your wish is our command.

You can complete the application in less time than it probably takes to have a shower.

This is a sped up version of the entire application being filled out.

Divider - hammer

Check out our interest rates

Term Rate
1 year interest-only 7.95% p.a.
2 - 3 years 8.95% p.a.
5 - 7 years 9.95% p.a.

What will your Homeowner's Loan repayments be?

Work out your regular repayments and how quickly you could pay off your personal loan.

Amount I want to borrow (minimum $1,000)
maximum amount is $ for this borrower grade
With repayments to be over

Apply for a Squirrel Homeowner's Loan

What's good about a Homeowner's Loan?

No fees

Yeah, we're not joking.3 There's no establishment fee. No ongoing fees. No early repayment penalty.

Interest-only for a year

Borrow up to $70k (using your house as security for amounts above $20k) and pay interest-only for the first year. Much more affordable when you've already got a mortgage.

Bundle it into the mortgage

We can bury the loan into your mortgage so your wallet feels less of a pang, and help get you a great deal from your bank at the same time. Then we'll structure it all in a way that suits you best.

Where the money comes from

Through the concept of peer-to-peer, your loan is funded by Joe Bloggs down the road who has invested their extra cash into our platform. Think of it like Tinder for money.

Is a Homeowner's Loan right for you?

A Homeowner's loan isn't the right option for everyone. We designed it for people who are keen to improve their own house which would also be used as security if the loan is over $20k. It’s great as a stand-alone personal loan or we can help you bundle the loan into your mortgage within the first year. We're looking for borrowers whose credit history scores with flying colours, and of course you'd need to be a home owner to qualify.

1Affordability, responsible lending and credit criteria apply. Subject to available funding.
2Rates shown are based on current rates. Rates are subject to change.
3If you or a guarantor default on your obligation, you may be obliged to pay costs and expenses for enforcement. 
4If your loan falls into arrears, a default interest rate of 10% p.a. will be added to your fixed interest rate and remain in place until your loan is back on track and out of arrears
Example: A borrowed amount of $10,000 over 1-year interest-only would result in repayments of $68 per month at 7.95% p.a. (not risk graded). If a payment is missed or a loan is in arrears for a period of time, default interest may apply. Check out our fees page.