In a 'world first', Bricklet allows fragmented property investors to pay for their 'bricklets' with a buy now, pay later (BNPL) scheme, with monthly repayments made over 18 months.

Typical investment bricks are between $15,000 and $38,000, and investors hold a real title to their part of the property.

Conveyancing fees, stamp duty, and other property costs are also bundled up into a 6% fee, and 10% of the brick price is also paid upfront.

Bricklet is able to be used in conjunction with BNPL only on properties in Brisbane, Sydney, and Melbourne presently.

Buying an investment property or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for investors.

Lender

VariableMore details
90% LVR
  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
90% LVR

loans.com.au – Solar Investor Loan (Principal & Interest) (LVR < 90%)

  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
VariableMore details
Apply In Minutes
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
Apply In Minutes

Unloan – Variable Rate Investment Loan LVR < 80%

  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
VariableMore details
  • $0 application fee
  • Fast turnaround times
  • Estimate your borrowing power in as little as 1 minute

Macquarie Bank – Offset Package Investment Loan (Principal and Interest) (LVR 60%-70%)

  • $0 application fee
  • Fast turnaround times
  • Estimate your borrowing power in as little as 1 minute
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 26, 2024. View disclaimer.

Bricklet CEO Darren Younger said the introduction of BNPL to the fragmented property sector lowers the barrier of entry to investing in property even further.

“For too long, investment property has been out of reach for many and reserved for an exclusive club who can afford the significant entry costs," he said.

There is 'zero' interest and no early repayment fees, however fragment holders may pay fees if they default on their repayment plan.

On a $38,000 bricklet, with 10% taken off, that's $1,900 a month paid, plus 6% ($2,280) in fees. 

A 'brick' is typically 5% of the overall property price, meaning the holder is potentially one of 20 investors.

See Also: Fragmented & Fractional Property Platforms Compared

According to MoneySmart, the average investment home loan interest rate in September 2020 was 2.90% p.a.

On a $400,000 home loan repaid over 30 years, that equals $1,665 per month, not including any additional fees or stamp duty.

The news comes after a BNPL platform was introduced specifically designed to pay rental bonds.

In May, Bricklet also introduced a 7.5% personal loan through Maleny Credit Union catered towards purchasing fragmented property.

Various consumer groups have pushed for BNPL platforms to be credit regulated like other financial products such as credit cards and loans.

In July, Financial Counselling Australia CEO Fiona Guthrie told Savings.com.au that BNPL should be regulated under the National Credit Act.

“If it looks like a duck, and quacks like a duck, it is a duck. BNPL is credit and should be regulated like other credit products," Ms Guthrie said.

“Because BNPL providers are not regulated, and thus not licensed under the Credit Act, they don’t have to check if you can afford the credit, don't have legal obligations to offer hardship arrangements and don’t have to join the dispute resolution scheme - the Australian Financial Complaints Authority."

In Bricklet's case, affordability checks are done to determine if an investor can use the BNPL platform.