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HomeFunding solutionsInterest rates and fees

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 7.20%
Squirrel Construction Loan Variable base rate 8.00%
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%

Borrower fees - Personal Loans

Fee Fee description Notes
Establishment fee $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 1,451 five star reviews on Shopper Approved.

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Bede

New Zealand

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We were very happy with our experience dealing with Sudam, he was very professional and did a lot of work applying with different banks. He went over and above hustling to get things sorted out when we had some unexpected complications and needed to get more documentation. We would definitely recommend Squirrel and especially Sudam.

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Pip

New Zealand

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Bianca was awesome to work with! She was super professional and happy to answer all my questions, explaining everything clearly. As a first-time home buyer, I really appreciated her help. I'd definitely recommend using Squirrel in the future!

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Fraser Worthington

New Zealand

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Aatish is excellent to deal with. Gave great advice and guidance through the process. A++, would trade again.

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Mario

New Zealand

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We dealt with Emma Wallace for our first home purchase and she was excellent. Emma is knowledgeable and very sensible, she gives the necessary information and makes things easy to understand. I would highly recommend Emma to anyone who looking to buy a property.