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.

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 - Homeowners Loans and Tiny House Loans

Establishment fee	$500 for Tiny House Loans $0 for Homeowner's 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.

Borrower fees - Home Loans, Business Property Loans and Turnkey

Establishment fee	Up to $500 Standard Home Loans Up to $1,000 Bridging Home Loans Up to 2% of loan value where an entity is the borrower including Turnkey loans.	Charged upfront and deducted from the loan in advance.
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	Charged to the loan account if the loan is in arrears for more than 5 days.
Undrawn Facility fee	Up to 1.30% p.a.	Charged on the undrawn portion of the loan, calculated daily, charged monthly.
Progress Payment Fee	$100 per payment	Charged on each progress payment made for a loan

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.

Secondary Market transfer fee

1% of the loan balance transferred up to a maximum of $50 per investment

Charged to the original Investor and deducted from the net proceeds from transfer of the investment to the new Investor(s).

[Not applicable to Homeowner's Loans in the event where Squirrel automatically lists on the Secondary Market at the end of the 12-month interest-only period]

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.

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.

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 one

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.

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.

Shalini

AUCKLAND , New Zealand

The best finance company so far...very helpful and fast service. I would recommend you to everyone

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.

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 recommend

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Fees

Who pays what?

Borrower fees - Homeowners Loans and Tiny House Loans

Borrower fees - Home Loans, Business Property Loans and Turnkey

Investor fees and margins

See why our clients love us