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.
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Borrower interest rates
| Product | Rate description | Rate p.a. |
|---|---|---|
| Housing Variable Rate | Variable base rate | 6.45% |
| Business Variable Rate | Variable base rate | 7.25% |
| Launchpad Loan | ||
| Equity loan | 9.95% | |
| Base Loan variable | 8.50% | |
| Homeowner's Loan | ||
| 1 year interest-only | 9.75% | |
| 2-3 years | 9.85% | |
| 5 years | 9.95% |
Borrower fees - Personal Loans
| Fee | Fee description | Notes |
|---|---|---|
| Establishment fee | $0 for Homeowner's Loans | Charged up front and deducted from the loan in 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 payment dishonours. |
| Default interest | Accrues at 5% on top of the normal interest rate of the overdue amount for Homeowners Loans, Tiny House Loans, Vehicle Loans, Personal Loans, and Debt Consolidation Loans. | Charged to the loan account if the loan is in arrears. |
Borrower fees – Home Loans, Construction Loans, Turnkey and Launchpad
| Fee | Fee description | Notes |
|---|---|---|
| Establishment fee | Home Loans – $950 including Squirrel legal fees Launchpad – $950 including Squirrel legal fees Up to 3% of loan value where an entity is the borrower including Turnkey loans |
Charged upfront and deducted from the loan in advance. |
| Progress payment fees | Home loans – $100 Construction loans – $100 per payment or $500 at settlement |
Payable at loan advance or each payment advance. |
| Top-up and term extension fee | Home Loans – $250 Construction Loans – Up to 3% of loan value |
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 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 5% p.a. on top of the normal interest rate of the overdue amount for Home Loans, Construction Loans, and Launchpad Loans. | Charged to the loan account if the loan is in arrears. |
| Redocumentation fee | $250 for Launchpad Loans | |
| Non-settlement fee | $250 for Launchpad Loans |