You can trace Squirrel’s start in mortgage broking back to January 29, 2008, when John Bolton founded the firm during the global financial crisis. Squirrel began as a mortgage brokerage in 2008 and quickly grew by focusing on home buyers and using salaried advisers instead of commission-based staff.
That early focus really helped Squirrel expand its services. They launched peer-to-peer lending in 2015 and later merged with other firms to grow regionally.
This post walks through Squirrel’s beginnings, some of the key changes as it evolved into a major non-bank lender, and the mergers and product moves that shaped its place in New Zealand’s mortgage market.
Squirrel’s Beginnings and Evolution in Mortgage Broking
Squirrel grew from a small Auckland start-up into a major mortgage broker and non-bank lender. One founder’s banking background really shaped Squirrel’s practical approach.
The business started out in Auckland, then moved to serve the whole country. The journey’s pretty interesting.
Founding of Squirrel and Early Vision
John Bolton (most people call him JB) founded Squirrel in 2008 after a decade in senior banking. He kicked things off during the Global Financial Crisis with a pretty clear aim: make home lending fairer and easier for everyday Kiwis.
You get the benefit of his mix of bank experience and hands-on property work — JB had developed and funded property himself, so he knew the real risks and the headaches around cash flow.
Squirrel started as a mortgage broking service that focused on straight talk and pragmatic funding. Early on, they positioned themselves outside the big banking networks.
That move let them offer more flexible home loans and quicker lending decisions to clients in Auckland.
Expansion in Auckland and Key Milestones
Squirrel grew fast in Auckland and became a dominant mortgage broker in the city. They expanded their team, opened more branches, and built a reputation for practical advice.
By working with many lenders and using non-bank funding options, Squirrel helped thousands of buyers secure home loans.
They launched peer-to-peer lending in 2015 and managed significant mortgage volumes through their investment platform. These moves broadened the ways Squirrel could fund home loans and residential development.
You ended up with more options than a single-bank broker might offer.
Transition to National Mortgage Brokerage
After proving their model in Auckland, Squirrel started serving clients across New Zealand. The company rebranded and scaled up operations to handle national demand.
They grew their headcount and systems to support remote and regional customers. Now, Squirrel operates as a national mortgage brokerage and non-bank lender arranging home loans and development finance.
Their growth meant they could advise on large mortgage volumes and back residential projects outside Auckland. That’s helped more Kiwis get into homes.
References within text: Squirrel’s team history and milestones show up in public profiles like the company’s team page and industry write-ups such as the MPA article on rebranding and expansion.
Major Mergers, Regional Growth, and Service Innovations
Squirrel grew through key mergers, regional moves, and new services that changed how people access home loans. These deals brought in teams, tech, and product depth, especially in Wellington and Christchurch.
Wellington’s The Home Loan Shop Merger
You now get access to more local expertise after the merger with Wellington’s The Home Loan Shop. The Home Loan Shop brought over a long-standing client base and an adviser team led by founder Greg Scott, which helped Squirrel scale advice and customer service in the capital.
David Cunningham, who later became Squirrel CEO, pointed out their shared values and focus on better client outcomes. The combined team worked to integrate systems and keep both brands running while migration plans moved forward.
That move gave you stronger mortgage advice options in Wellington and more advisers able to handle complex cases like construction lending.
Expansion into Christchurch and the South Island
Squirrel pushed into Christchurch and the wider South Island to serve more borrowers. They took a majority stake in NZ Mortgages, founded by Nathan Miglani, which sped up Squirrel’s entry to Christchurch and boosted adviser numbers there.
That regional push created a local presence for construction and homeowner finance in areas where local market knowledge really matters. You also saw operational integration behind the scenes to line up processes, back-office systems, and adviser training.
Customers in the South Island now get consistent service and access to Squirrel’s product set.
Integration of NZ Mortgages and Market Impact
When Squirrel brought NZ Mortgages into the fold, it really shook up the market. The added scale and fresh capabilities made a noticeable difference.
The NZ Mortgages team, along with their clients, gave Squirrel a much bigger reach. Suddenly, Squirrel was edging closer to offering some of the top construction lending and specialist products out there.
Nathan Miglani’s business added something special—real Christchurch connections and advisers who actually understood the local lending scene. Squirrel leaned into that, using the new relationships to grow its investment platform and adviser network.
They worked with investors and partners to make origination smoother. Plus, the acquisition meant Squirrel could offer Squirrel Money and other services to way more people across the South Island.
