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.
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.
Jump online and apply for up to $70,000 to tackle a home renovation or whatever else you need using your house as security. The application process only takes a few minutes. Just make sure you've got your NZ drivers licence or NZ passport handy.
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.
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.
Communication from Squirrel was at all times professional, friendly and timely. You've helped me simplify my finances and I would highly recommend Squirrel.
Andre, AucklandRead more reviews
We're not joking.3 There's no establishment fee. No ongoing fees. No early repayment penalty.
Pay interest only for the first year. Much more affordable when you've already got a mortgage.
Apply for a loan up to $70,000 using your house as security (for loans over $20k).
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.
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; we match their investment with someone like you that's keen to borrow. Win-win!
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.
At Squirrel we're pretty keen on renovations and enjoy sharing ideas. Have a flick through these blog posts:
Looking to finally upgrade the kitchen or add a touch of class to your bathroom? It might be easier to do than you realise, potentially without adding anything extra to your monthly financial commitments.
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The modern age has redefined the kitchen in New Zealand homes. It's no longer just a place where people cook food.
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.
See for yourself what our clients think with over 500, 5 star reviews on Shopper Approved
Straight through hassle free process. Timely notifications from the team on each step of the way. Approachable, friendly and easy.
Absolutely great experience with these guys Easy application, all online and money was in my bank the next day. Definately recommend and would use again
everything has been handling really well and fast. The team is extremely professional and helpful. I would like to say special thank you to maggie, she was really nice and sensible in dealing with our requests.
- Shanchun C
A first class and very fast service, I would highly recommend them to family and friends or anyone who is looking for a very good loan company