Less than $20,000 total cost.
Paid over 18 months.
No interest or charges.
BRICKLET BRINGS THE ABILITY TO ‘BUY NOW PAY LATER’ IN THE AUSTRALIAN REAL ESTATE MARKET
14 November 2020 News Report
Buy Now Pay Later is coming to real estate, giving investors an alternative avenue to realising their dreams of property ownership.
As housing affordability continues to be a pressing issue, especially for younger generations, and the national housing market rebounds solidly from COVID-19, the Afterpay of real estate has come knocking.Read more
Own it upfront. With your first
payment of only 10%. With your
name on the land title.
Pay over 18 months.
No interest. No charges.
Automatic payments keep things
simple. Our affordability check
Availability in Brisbane, Melbourne & Sydney.
Select any, all or none of the properties of interest. Please include your details and our team will be in touch to answer your question. We’ll also set you up if you’re keen to proceed. Obligation free of course.
The details (no small print required)
- Will I receive rental income during my payment period?
Yes, you will will receive rental income throughout the payment period if the property is tenanted.
- Are the properties available Australia wide?
Yes, BRICKLET will make Buy Now Pay Later bricklets available Australia wide. Currently, the buy now pay later option is available on properties in Melbourne, Brisbane and Sydney and we’re looking to add other locations soon.
- Can you use Buy Now Pay Later with any property on the BRICKLET platform?
Buy Now Pay Later bricklets are only available on certain properties.
- Buy Now Pay Later Bricklet purchases are subject to affordability checks
We’ll work with you to ensure you are able to structure this into your monthly budget.
- Who has overall control of the property?
As with all properties fragmented through BRICKLET, property management is provided by independent property management companies that have been approved and integrated into the BRICKLET platform.
All bricklet owners are registered on the property land title, giving them total control of their bricklet independent of other bricklet owners.
- Why is this Buy Now Pay Later facility reserved for certain bricklets? What’s the criteria for a bricklet to benefit from the Buy Now Pay Later facility?
Property vendors have ultimate control on how they sell their fragmented property through the BRICKLET platform. As such, it is up to the vendor to choose whether they would like to offer Buy Now Pay Later bricklets in the sale of the property.
BRICKLET is only responsible for the fragmentation of the property.
- What are the criteria for bricklets to have a Buy Now Pay Later option?
All property vendors that sell their fragmented property through the BRICKLET platform can decide whether they wish to offer Buy Now Pay Later bricklets.
- What happens if you are late for a payment?
Customers will be sent reminders when payments are due.
- What happens if you can no longer make your repayments?
Depending on the situation, a payment plan can be developed to help customers take full ownership of their bricklet. If a payment plan is not possible, the purchaser may be subject to having their Bricklet sold and any losses/costs recovered
- What are the different repayment length options for Buy Now Pay Later?
Payment plans are structured over 18 months. Longer terms may be provided in the future. Buy Now Pay Later bricklets can be paid early, as there are no fees for early payments.
- Why aren’t all payments equal?
The initial 10% payment secures the purchase.
- What other fees do I need to pay for Buy Now Pay Later bricklet and what do they cover?
BRICKLET does not charge any further fees to purchase a Buy Now Pay Later bricklet. However, like all property, when buying a bricklet the purchaser will be required to pay conveyancing fees, stamp duty and other property related costs which equates to 6% of the bricklet price.
- Why is the first instalment so much higher than the other repayments?
Because there are no fees with purchasing Buy Now Pay Later bricklets, BRICKLET requires all customers to make an initial 10% payment upfront to secure the purchase. This initiates the transfer of property title ownership to the customer, who is required to make regular ongoing payments for the next 18 months.
- Is there a limit to how many bricklets I can Buy Now Pay Later?
One Buy Now Pay Later Bricklet can be purchased per person
- How are repayments collected? And how are they stopped upon completion?
Payments are collected via direct debit and automatically stopped upon completion.
- Who is providing the Buy Now Pay Later facility?
Buy Now Pay Later option is offered by the property vendor.
- Is this product an interest free loan?
This is not a loan product. It is a payment plan with zero interest and zero fees.
- What’s the process if I want to sell my Buy Now Pay Later bricklet? Do I have to wait until I have finished my payment plan?
You can sell any time. Using the proceeds to pay the remaining balance.