We Help Low Equity Owners Through Gold Brix
What is a Low Equity Owner
Generally, if you have less than 20% equity in your property, then you are classified as a Low Equity Owner. But don’t despair there is a way forward with MyBrix.
You can have as low as 10% equity in your property. As long as your property is attractive to other Investors then you may still be eligible for funding via MyBrix.
Normally investors on MyBrix acquire up to an 65% (Owner Occupier) or 70% (Rental Property) of a property under our No Interest and No Repayment offerings.
If you require up to 90% of Market Valuation Gold Brix fund that gap up to a maximum of $250,000.
You must commit to buy back Gold Brix each month at an agreed premium price, over a maximum period of 5 years.
Gold Brix are subject to credit assessment for all owners on the property title.
Low Equity Shouldn't be a Barrier to Real Estate Ownership
We All Have to Start Somewhere
- Standard or Silver Brix are used for 65% or 70% of the Funding
- Gold Brix are used for the Balance Needed
- Gold Brix Fund up to 90% of Market Value or $250K
- Buy back your Gold Brix each month over a 5 year period
- Gold Brix buy backs are always the same fixed price
- No Lenders Mortgage Insurance (LMI) saving $000's
- Gold Brix are Subject to Financial Checks and Funding Policy
What Are Gold Brix?
Mandatory Brix Buyback
Gold Brix are sold to investors at a price higher than Standard or Silver Brix and you guarantee to buy them back at a fixed premium price, each month over a 5 year period.
Once all Gold Brix are repurchased, there is no obligation to make any further payments over the balance of your funding term.
Gold Brix are different from our other structured buybacks as follows:
- You must meet your monthly buyback commitments, missing these monthly buybacks is like missing a loan repayment and could result in the loss of your property.
- The price of the Gold Brix are fixed, it doesn’t matter when you repurchase these the price is always the same.
- You must pass credit checks and current credit policy to be approved to issue Gold Brix.
Please keep the above in mind if you are considering using Gold Brix to help fund your property.
How Much will Gold Brix Cost?
Gold Brix Calculator
To help you understand how many Gold Brix you need to sell, we have created a calculator to help you work out the Gold Brix monthly commitments on top of the Standard/Silver Brix you need to sell in your property to fund your refinance.
Up to 65% (Owner Occupier) or 70% (Rental Property) of the Market Value (as calculated by an Independent Valuer) is funded with Standard or Silver Brix, the balance is funded (up to a maximum of 90% of Market Valuation or $250K) via Gold Brix.
Gold Brix are subject to Credit Checks.
Sounds Too Good To Be True
So What's The Catch?
It’s true, you don’t get anything for nothing. Whilst MyBrix is a great new way to fund property, there are a number of things you need to consider before you rush in:
- Not every application will get funded. The attractiveness of your property to investors determines if they want to fund it or not. We have created an “Attractiveness Score” to help investors make their decisions.
- You need to discount the Brix you sell to the initial investors to provide them an opportunity to make money from the growth of the property price, as they are not charging you any interest.
- The maximum funding term for MyBrix is 10 Years, after which you can sell or refinance (potentially on MyBrix for another 10 year term)
Full details are provided to all applicants in our Product Disclosure Statement (PDS).
Refer to Property Owner FAQ to understand more about MyBrix for Property Owners.
How does funding work under MyBrix?
The process is well defined
To help you understand how you can how you apply for MyBrix funding and how investors buy Brix in your property, we have created a process flow for you to see how it works end to end
How Does Funding Work Under Mybrix?
Use our calculator below to see the difference between MyBrix and Traditional Finance over a 10 Year period.
The majority (over 90%) of MyBrix Fees are paid in Brix, not cash, allowing you to utilise the equity in your home to pay the MyBrix fees and charges, without a huge drain on your cash reserves.
If your property is funded on MyBrix, your current mortgage payments can be redirected to improve your lifestyle or you could utilise a portion to undertake one of our structured Brix buyback programmes, its up to you.
If You Think MyBrix is Right For You
Get started with these Simple Steps
To help you understand how you can how you apply for MyBrix funding and how investors buy Brix in your property, we have created a process flow for you to see how it works end to end
Property Assessment
Automated Process, Property Owner reviews the Assessment Report and can decide if they want to make an application to list on MyBrix or not.
Create Application
Create an account and go through the onboarding and application process to list your property on MyBrix
Sell Brix
Once listed, you can sell up to 7,500 Brix in your home to investors, via the MyBrix Platform..
Pay off your mortgage
Once your Brix are sold MyBrix will contact your bank and pay off your current home loan.
Our Frequently Asked Questions
MyBrix is an innovative solution for property finance that breaks free from outdated traditions, therefore those new to MyBrix typically have questions. In this Blog we provide answers to the Frequently Asked Questions (FAQ) for MyBrix Property Owners.
MyBrix does not provide any financial or other advice, you must obtain your own independent financial, legal and tax advice regarding the appropriateness of using any MyBrix Services, having regard to your personal objectives, financial situation and needs.
Find Out More
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