Get started on your mortgage
Buying your first home, investing in property or just keen to review your mortgage?
Fill out our online application
Find out which Squirrel loan is right for you
Get a Squirrel Loan
A cost effective Bridging Loan
Many people prefer to buy a new home before selling their existing one. That's why we’ve come up with a bridging loan to take the headache out of moving house.
Now you can upgrade to the right property at the right time without selling your current home first.
Move house on your terms.
Benefits of a Squirrel bridging loan:
- Borrow up to 80% of the combined property value
- Lower interest rates
- Less fees
- Flexible payment options
When it comes to buying and selling we’ll look at all the options and help you work out the best strategy to buy and sell. Whether that’s our bridging loan or one from our banking partners, or if you even need to bridge at all.
Squirrel can fund up to 80% of the value of your new property and existing property combined.
- The amount we are prepared to lend may be impacted by location or the type of house
- This type of loan is only available for homeowners buying and selling their owner-occupied home.
Our current bridging mortgage rate is from 5.95%p.a.
Priority is given to existing Squirrel clients
We have limited funding available for bridging loans. If you need to bridge a loan, it's important that you get advice early in the process and that you lock in your funding (if required).
- Existing Squirrel broker clients who purchased their last home through our advisers
- Existing client approvals
- New to Squirrel clients who have already purchased
1. Get approved to buy a new home (subject to sale of yours)
2. Find a property
3. We'll arrange bridging finance
4. Sell your existing home
5. Bridging loan is repaid and your lending is moved to the bank
Are there any fees?
As with any bridging loan, there are fees involved. Squirrel charge 0.50% of the amount borrowed with a minimum fee of $5,000. $1,000 of the fee is payable up front on approval.
When are the fees payable?
|
When |
Fee payable |
Benefit |
|
On approval |
$1,000 |
Gives you the ability to buy at auction or go unconditional |
|
On acceptance |
0.50% of the amount to be borrowed (min. of $5,000 less $1,000 already paid |
We reserve funding for settlement |
The full bridging fee is payable even if you don’t draw down funding because we have to reserve funding from the point you accept our finance offer.
There are no additional costs if you do not need the funding (your current homes sells in time).
We won't push you towards a product that doesn't work for you
Bridging loans are arranged by our mortgage advisers so the first step is to do an application for a new purchase. Your Squirrel adviser will get you approved for that with one of the banks and if the bank is happy to bridge your existing property then that will be the cheapest way of bridging. If they aren’t prepared to (and often they aren’t) that’s where Squirrel can step in. We can give you access to our bridging loan.
Once you buy and lock in our funding the rest of the bridging fee is payable. It doesn’t have to be paid until either the house sells or the loan draws down in which case the fee is added to the loan.
What's the alternative to a bridging finance?
You can buy with a long settlement date and then sell in the interim period. It would still reduce your risk for us to approve bridging finance just in case you don’t sell in time.
Alternatively you can sell first with a long settlement and then try to buy. The challenge with this approach is you might get locked out of the market or might not find the right property and compromise your next purchase.
Emily
Auckland, New Zealand
Such an easy & efficient process. Very happy with the interest rate offered & money was in my account by the end of the day.E
Magnus
Auckland, New Zealand
The application process was easy and super fast. Just the right amount of questions to get an accurate quote. Interest rate was the best compared to competitor quotes.M
JOHN
Sefton, New Zealand
Despite not fully understanding some things answers were always easily available and explained. patience, understanding and a feeling that we actually worked together to achieved things made the experience a pleasant oneJ
John
Canterbury, New Zealand
I found squirrel to be excellent to deal with on all levels, especially communication. Squirrel took the time to understand my finances fully and made the right decision. Banks could learn a thing or two from squirrel.J
Steve
Canterbury, New Zealand
Wow-signed documents sent back at 2pm, funds cleared in my bank account by 5pm the same day! The application process was well managed and communicated. There really are no competitors that come close to Squirrel...keep up the good work.S
Shalini
AUCKLAND , New Zealand
The best finance company so far...very helpful and fast service. I would recommend you to everyoneS
Edith
Waikato, New Zealand
This was the fastest easiest process I have ever experienced. Everything was done online. So quick and easy. I am very happy and will dealing with Squirrel for any financing I need in the future their interest rates are very fair also.E
Stacey
Auckland, New Zealand
They were super quick and easy to use, no hassles and now I can finish the renovations on the home. Would highly recommendS
