The new BNPL offering allows Australians to purchase selected property fragments, or “bricklets”, on its platform at zero per cent interest.
This world-first, interest-free form of property ownership provides even greater access to investment property in the Australian market. With BRICKLET already reducing the entry and ownership costs of property, the BNPL approach makes it even easier for aspiring property owners to take advantage of property investment opportunities.
“With the power of the BRICKLET platform, we have already ripped up the old property ownership model by making investment property affordable through property fragmentation,” says Darren Younger, CEO of BRICKLET.
“Now, the platform is powering a transformation of property investment even further by allowing Australians to invest through manageable ongoing payments over time through the popular BNPL model. “
“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. Today, it’s been made even easier to buy, sell, and own investment property in Australia.”
BRICKLET currently holds over 1,000 ‘bricklets’, priced between $15,000 and $38,000 each, with a collective value of $48 million.
The launch of the new BNPL interest-free purchase model has opened the door for even more property-hungry investors to benefit from the BRICKLET platform, which has already broken the record for the most people registered directly on a land title, and sold over 400 bricklets with a total value of $11.5 million to date.
Using the BNPL model, Australians wanting to invest now and pay later can repay the cost of their bricklets over 18 months instead of handing over the entire amount upfront, with repayments structured as predictable and simple monthly instalments.
There are no fees charged for additional repayments (including repaying the total amount outstanding) and no late fees or penalties. The only potential fees customers could be charged occur if the bricklet is sold following three months of payment defaults.
BRICKLET is one of Lakeba’s “FinanceIQ” portfolio of ventures, which are dedicated to eliminating frictions from financial interactions through intelligent and secure digital technologies, and which will be a key area of focus for Lakeba in 2021.
“By creating a world-first frictionless fintech offering to benefit all Australians, BRICKLET embodies exactly what we seek to achieve with Lakeba’s FinanceIQ portfolio,” says CEO, Giuseppe Porcelli.
“Prophetico, our AI neural network, scans software developer open groups and troubleshooting forums to find business problems we can solve with new products. This was how we identified financial services as a key growth area brimming with potential.
“Open banking, the digital demands of Australians, and the need for frictionless financial products will now see us focus our efforts on conceiving, creating, and commercialising a whole range of new fintech solutions over the coming years.”
Lakeba’s FinanceIQ portfolio currently consists of four commercialised ventures, however it is in the process of co-creating a series of new portfolio ventures both internally and with partners.
For more information, visit https://bricklet.com.au/bnpl.html
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About Lakeba Group
Lakeba Group is a privately held global venture catalyst firm. It accelerates technology ventures which eliminate the frictions caused by analogue transactions across retail, finance, property and technology. Engaging the intelligence of the masses, the global capacity and distribution of its partners and the proven skill and experience of its team to convert industry needs into commercially successful businesses. Since its launch in 2013, Lakeba Group has conceived, created and commercialised 13 ventures across its MachineIQ and FinanceIQ portfolios. It has 150 full-time staff across its headquarters in Australia and offices in India, Italy and soon the US.
BRICKLET is part of Lakeba Group’s FinanceIQ portfolio of ventures, dedicated to eliminating frictions from financial interactions through intelligent and secure digital technologies.