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.

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 FAQs.

Investor interest rates (returns)

Product

Rate p.a.

Home loans

Up to 7 years

5.50% variable

Construction loans

Up to 2 years

6.25% 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

5.50% variable

Borrower interest rates

Product	Rate p.a.
Squirrel Home Loan
Home Loans variable base rate	6.45%
Construction Loans variable base rate	6.50%
Launchpad Loan
Equity loan	9.95%
Base Loan variable	5.59%
1 year	6.74%
2 year	6.44%
3 year	6.74%
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%

Investor fees & margins

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.

Borrower fees - Personal Loans

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.

Borrower fees - Home Loans, Construction Loans, Turnkey and Launchpad

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.
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.

John

Wellington, New Zealand

So far so good, good interest rates and plenty of information about what you are investing in. A great product!

Jiri Cerveny

Auckland, New Zealand

I've been with Harmoney for almost 3 years and your platform is far more superior, will move to you little by little

PAK

Auckland, New Zealand

Very happy with my Squirrel investment. Platform works well and so easy to monitor using the app. Returns are good and much better than at the bank. Have been an investor since Jan 2016. Highly recommended.

Rudi Prinsloo

Auckland, New Zealand

I'm very excited about using the Squirrel platform to diversify my investment portfolio. Looking forward to many great returns.

Geoffrey Smith

Christchurch, New Zealand

Nice website (clean, easy to use). Reserve fund is a reassuring plus. As a newcomer, still feeling my way with bidding strategy. Overall, very good impression so far.

JAMES ELLIS

Naseby, New Zealand

I am a new investor, and while I cannot make any long term comments about Squirrel, so far my experience has been totally positive.

Susan Hermansen

Whangarei, New Zealand

Quick and easy to navigate your site. Easy to select what investment return to choose and you dont have to put all your funds into one loan.

Herman

Auckland, New Zealand

Initially I was a bit skeptical about the whole concept, so I invested a small amount to get a better understanding. Once I found out how to work the platform, I got more confident and have since invested a few more times.

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About Squirrel

Interest rates and fees

Who pays what?

Investor interest rates (returns)

Borrower interest rates

Investor fees & margins

Borrower fees - Personal Loans

Borrower fees - Home Loans, Construction Loans, Turnkey and Launchpad

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