# Squirrel Mortgages review: how the broker works, fees and lenders

> Squirrel is a mortgage broker based in Auckland that also offers its own peer-to-peer lending. Here's how Squirrel is paid, what fees you might pay if you leave early and what makes it different.

By Jason Dark, last checked 2026-11-08. Part of [Mortgage brokers](https://buyingahouse.co.nz/mortgage-broker) on Nester.

## The short version

- Squirrel is a mortgage broker that started in Auckland during the global financial crisis and now has teams in Auckland, Wellington and Christchurch.
- Squirrel works with all the main banks and offers its own peer-to-peer mortgages through Squirrel Money.
- Squirrel's advisers are paid the same amount no matter which lender you choose.
- If you repay your loan within 27 months, Squirrel may charge a clawback fee of up to 0.35% of the amount repaid.

## Is Squirrel a good mortgage broker?

Squirrel is a good choice for buyers who want a large broker that works with all the main banks and can offer its own loan if a bank says no. Its advisers are paid the same no matter which lender you choose, so they don't earn more by sending you to one bank. Squirrel says it arranges about $3 billion of home loans each year. You'll mostly deal with your adviser by phone and email.

## Which lenders Squirrel uses

Squirrel helps clients arrange mortgages with most New Zealand banks and non-bank lenders. Squirrel also offers its own mortgages, funded by more than 5,000 peer-to-peer investors through its sister company, Squirrel Money. An adviser may recommend a Squirrel loan if it's right for you, but they aren't paid more for it.

## What Squirrel costs

Most of Squirrel's services are free for you, because lenders pay it a commission when your loan settles, and sometimes a trailing commission after that. If you repay your loan within 27 months of settlement and the lender claws back that commission, Squirrel may charge you a clawback recovery fee. The fee is the lower of the commission clawed back or 0.35% of the amount you repaid. For example, if you repay $500,000, the fee could be up to $1,750.

Squirrel won't charge this fee if it had the chance to arrange your refinance but couldn't match an approval you got elsewhere. Squirrel may charge a service fee if a lender pays no commission or you expect to repay the loan soon, but only after you agree to it.

If you're comparing advisers, the [mortgage broker guide for your town](https://buyingahouse.co.nz/mortgage-broker) lists the questions the FMA suggests asking each one.

## Common questions

### Does Squirrel charge a fee?

Usually not. Lenders pay Squirrel a commission. You may pay a clawback fee if you repay within 27 months, or a service fee you've agreed to in advance.

### Is Squirrel a bank?

No. Squirrel is a mortgage broker. Its sister company, Squirrel Money, is a licensed peer-to-peer lender that funds Squirrel's own mortgages.

## Sources

- [Squirrel: Important information for Squirrel clients](https://www.squirrel.co.nz/mortgages/interest-rates/mortgage-disclosures)
- [Squirrel: About us](https://www.squirrel.co.nz/meet-the-team/about-squirrel)