Squirrel loves helping people into new homes and noticed the challenges with getting things done when it comes to buying and selling. With this in mind, the Homeowner’s Personal Loan was created.
The big idea is a simple, online no-fee personal loan designed for homeowners, that can be used to cover selling costs, small renovations, or a quick do-up when buying.
It’s one of the only loans in New Zealand to have no fees. It’s also at a simple low interest rate of 7.95% interest-only for the first year, meaning low repayments.
Or for those that are buying, it can mean a small renovation is possible before moving in or just after. For first home buyers this can make a huge difference; those that have less than a 20% deposit can reach 20% equity and better mortgage rates faster.
Because it’s interest-only for the first year, the initial repayments are low. For example, on a $30,000 loan the payments would be $198 per month for the first year. That gives the borrower time if they want to put it back on the mortgage or choose to pay it off faster over a shorter term. As advisers we’d suggest the latter, but ultimately it’s whatever works for the customer.
For the Agent this can mean more listings and more sales. Tools like this can make a big difference in a slower marketplace. Everyone wins which is the spirit of peer-to-peer lending. Agents that are interested can get more information and register HERE.
If you’re a homeowner and want to access this little loan with big benefits, then head over HERE.
Squirrel’s mission is to give homeowners access to smarter and cheaper credit and make the process of “doing” incredibly convenient.