Squirrel is an Australian fintech, specialising in self-managed super funds (SMSFs). Squirrel aims to use technology to help make setting up an SMSF or getting a SMS home loan simpler. Using a Squirrel SMSF home loan, you can invest your superannuation in property and take control of your retirement savings.
Squirrel is not a bank, so it doesn’t offer facilities such as ATMs, however you can contact them by phone, email or live chat, or visit the head office in Sydney.
- Specialises in SMSF home loans
- Lower interest rates available to Squirrel SMSF customers
- No ongoing fees
- Only offers SMSF home loans for investment
- Higher interest rates and fees than typical investment home loans
- Higher interest rates for non-Squirrel SMSF holders
About Squirrel home loans
As well as helping Australians to set up self-managed super funds, Squirrel offer SMSF home loans, which are structured specifically to work within the rules and regulations around how the money in a self-managed super fund can be used.
Anyone with an SMSF can use a Squirrel SMSF home loan to invest in property and reinvest the income generated by the property back into their retirement savings. People with an SMSF from Squirrel may be eligible for an SMSF home loan with lower interest rates than those with non-Squirrel SMSFs.
It’s important to remember that like other SMSF home loans, you can’t use a Squirrel SMSF home loan to purchase a home for yourself or a family member to live in – you need to purchase an investment property.
Squirrel home loan rates
Like other SMSF home loans, the interest rates on Squirrel’s home loans tend to be on the high side when compared to more typical home loans for investment property, though they are competitive when compared to the rest of the SMSF home loan market.
Australians who have their super in a Squirrel SMSF can enjoy more favourable interest rates than people who have their SMSF with another provider. For Squirrel customers, SMSF home loan interest rates range from moderately high to high, depending on your available LVR. For non-Squirrel customers, the interest rates on Squirrel SMSF home loans range from high to very high, depending on LVR.
To qualify for the best rates, whether you’re an existing Squirrel customer or not, you’ll need a maximum LVR of 65%, though there are SMSF home loans available to borrowers with LVRs of up to 75%.
Squirrel home loans review
Squirrel specialises in offering self-managed super funds and SMSF home loans. This can be convenient for Squirrel customers, as both their super fund and their investment home loan can be managed in one place, minimising the paperwork and simplifying the processes. As an SMSF specialist, Squirrel can help borrowers navigate the rules and regulations surrounding SMSF home loans, while helping them to manage and grow their retirement assets.
Squirrel doesn’t charge ongoing fees for its SMSF home loans, though there are all-inclusive loan setup fees that are much higher than the introductory fees often charged for more typical investment home loans.
If you’re interested in paying off your investment faster, potentially reducing the total interest you’ll pay over your loan term, you can set a weekly, fortnightly or monthly repayment frequency, and make extra repayments at any time without penalty.
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