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.
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 FAQs.
Product |
Rate p.a. |
Home loans Up to 7 years |
5.00% variable |
Construction loans Up to 2 years |
6.00% variable |
Personal loans 1 year 2-3 years 5-7 years |
6.00% fixed 6.50% fixed 7.50% fixed |
Squirrel Monthly Income Fund Target return |
5.00% variable |
Product |
Rate p.a. |
Squirrel Home Loan |
|
Home Loans variable base rate |
5.95% |
Construction Loans variable base rate |
6.00% |
Launchpad Loan |
|
Equity loan |
9.95% |
Base Loan variable |
4.59% |
1 year |
5.60% |
2 year |
6.16% |
3 year |
6.29% |
Homeowner's loan |
|
1 year interest-only |
7.95% |
2 - 3 years |
8.95% |
5 years |
9.95% |
Tiny Home Loans |
|
2 - 3 years |
8.95% - 17.95% |
5 - 7 years |
9.95% - 18.95% |
Service Margin |
Personal Loans 0.95% - 2.95% p.a. of the loan balance deducted from the gross loan repayment.
Home Loans and Construction 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. |
Annual fund charges |
Peer to peer term investments: no annual fund charges Squirrel Monthly Income Fund: 1.70% 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. |
Establishment fee |
$375 for Tiny House Loans $150 for Personal Loans, Vehicle Loans, and Debt Consolidation Loans $0 for Homeowner's Loans |
Charged upfront and deducted from the loan 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 Direct Debit payment dishonours. |
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. |
Establishment fee |
Home Loans - $950 for including Squirrel legal fees Launchpad - $1,000 including Squirrel legal fees Up to 2% of loan value where an entity is the borrower including Turnkey loans. |
Charged upfront and deducted from the loan in advance. |
Progress Payment fee |
$100 |
Payable at loan advance or each payment advance. |
Top-up and term extension fee |
$250 |
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 Direct Debit 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. Not applicable to Launchpad. |
Default interest |
Accrues at 10% p.a. on top of the normal interest rate of the overdue amount for Home Loans and Construction Loans. Accrues at 5% on top of the normal interest rate of the overdue amount for Launchpad loans. |
Charged to the loan account if the loan is in arrears for more than 5 days. |