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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.
You can even repay your loan early, at no additional cost.
Who pays what?
The tables below give 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 Interest rates
|
Product |
Rate p.a. |
|
Squirrel Home Loan |
|
|
Home Loans variable base rate |
6.45% |
|
Construction Loans variable base rate |
6.50% |
|
Launchpad Loan |
|
|
Equity loan |
9.95% |
|
Base Loan variable |
5.09% |
|
1 year |
6.54% |
|
2 year |
6.44% |
|
3 year |
6.98% |
|
Homeowner's loan |
|
|
1 year interest-only |
7.95% |
|
2 - 3 years |
8.95% |
|
5 years |
9.95% |
|
Tiny Home Loans |
|
|
2 - 3 years |
8.95% - 17.95% |
|
5 - 7 years |
9.95% - 18.95% |
Borrower fees - Personal Loans
|
Establishment fee |
$375 for Tiny House Loans $150 for Personal Loans, Vehicle Loans, and Debt Consolidation Loans $0 for Homeowner's Loans |
Charged upfront and deducted from the loan 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 Direct Debit payment dishonours. |
|
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, Construction Loans, Turnkey and Launchpad
|
Establishment fee |
Home Loans - $950 for including Squirrel legal fees Launchpad - $1,000 including Squirrel legal fees Up to 2% of loan value where an entity is the borrower including Turnkey loans. |
Charged upfront and deducted from the loan in advance. |
|
Progress Payment fee |
$100 |
Payable at loan advance or each payment advance. |
|
Top-up and term extension fee |
$250 |
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 Direct Debit 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 10% p.a. on top of the normal interest rate of the overdue amount for Home Loans and Construction 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. |
Investor interest rates (returns)
|
Product |
Rate p.a. |
|
Home loans Up to 7 years |
5.50% variable |
|
Construction loans Up to 2 years |
6.25% variable |
|
Personal loans 1 year 2-3 years 5-7 years |
6.00% fixed 6.50% fixed 7.50% fixed |
|
Squirrel Monthly Income Fund Target return |
5.00% variable |
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 Construction 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. |
|
Annual fund charges |
Peer to peer term investments: no annual fund charges Squirrel Monthly Income Fund: 1.70% p.a. incl GST Squirrel Wholesale Home Loan Fund: 0.25% p.a. incl GST Squirrel Wholesale Construction Loan Fund: 0.25% p.a. incl GST |
Squirrel Monthly Income Fund, Wholesale Home Loan Fund, and Wholesale Construction Loan Fund annual fund charges are deducted monthly from distributions. |
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 Kriel
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.MK
JOHN EVANS
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 oneJE
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 W
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.SW
Shalini Narayan
AUCKLAND , New Zealand
The best finance company so far...very helpful and fast service. I would recommend you to everyoneSN
Edith McGhee
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.EM
Stacey Booker
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 recommendSB
