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.

You can even repay your loan early, at no additional cost.

White piggy bank

Who pays what?

This table gives 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 FAQ's.

Borrower fees - Personal Loans

 

Establishment fee

$500 for Tiny House Loans

$0 for Homeowner's Loans

$500 for Debt Consolidation Loans

$250 for Personal Loans

$250 for Vehicle Loans

Charged upfront and deducted from the loan advance.

Default fee

$25 per month 

Charged to the loan account if the loan is in arrears (5-day grace period). Not applicable to Homeowner's Loans.

Dishonour fee

$15 per transaction 

Charged to the loan account if a Direct Debit payment dishonours. Not applicable to Homeowner's Loans.

Security Release fee

$150

Charged to the loan account upon discharging our security interest where property has been used as security for a loan. Not applicable to Homeowner's Loans.

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.

Progress Payment Fee

$100 per progress payment

Payable at each payment advance.

 

Borrower fees - Home Loans, Business Property Loans, Turnkey and Launchpad

 

Establishment fee

Up to $500 Standard Home Loans

Up to 2% of loan value where an entity is the borrower including Turnkey loans.

$1,000 for Launchpad

Charged upfront and deducted from the loan in advance.

Application fee - Bridging loan

$1,000 

Charged at the point an application for bridging finance is requested.

Acceptance fee - Bridging loan

$4,000

Charged at the point that the borrower accepts the letter of offer.

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

$15 per transaction 

Charged to the loan account if a Direct Debit payment dishonours.

Security Release fee

$450

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 Business Property 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.  

Progress Payment Fee

$500

Payable at loan advance or each payment advance.

Non Settlement Fee

$250 

Payable if loan is cancelled.

Redocumentation Fee

$250

Payable if loan documents need to be amended.

 

Investor fees and margins

Service Margin 

Personal Loans 0.95% - 2.95% p.a. of the loan balance deducted from the gross loan repayment.

 

Home Loans and Business Property 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.