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.

Below you'll find all of our borrower fees and investor fees.

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Borrower interest rates

Product Rate description Rate p.a.
Squirrel Home Loan Variable base rate 7.20%
Squirrel Construction Loan Variable base rate 8.00%
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%
Tiny House Loans    
  2-3 years 9.95%-15.00%
  5-7 years 9.95%-15.00%

Borrower fees - Personal Loans

Fee Fee description Notes
Establishment fee $375 for Tiny House Loans
$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  

Investor interest rates (returns)

Product Rate description Rate p.a.
Home Loans    
  Up to 7 years 6.50% variable
Construction Loans    
  Up to 2 years 7.00% variable
Personal Loans    
  1 year 7.75% fixed
  2-3 years 7.75% fixed
  5-7 years 7.75% fixed
Squirrel Monthly Income Fund    
  Target return 1 year New Term Deposit Rate (>$10k) + 2.00%
On-Call Account   4.50%

Investor fees & margins

Fee / Margin Fee / Margin description Notes
Service margin Personal Loans 1.45%-5.95%p.a. of the loan balance deducted from the gross loan repayment.
Home Loans and Construction Loans 0.70%-2.75%p.a. of the loan balance deducted from the gross loan repayment.
On-Call Accounts up to 0.25%p.a. being the difference between the interest rate we receive from the bank(s) where your On-Call Account money is held and the interest rate you earn on your On-Call Account balance. 
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 published on our website for each Investment Class or On-Call Account is the rate net of the Service Margin and Reserve Levy (if any). 
Reserve Levy 0.10%-3.25% of the loan balance deducted from the gross loan payment. The Reserve Levy for each loan is dictated by the assessed credit risk of the borrower. Reserve Levies are held on Trust for the benefit of Investors. The Reserve Levy is charged against the gross investor return. 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: 2.00%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.