MyBrix launches innovative ‘Social Funding’ for property purchases

Australian real estate company MyBrix has introduced a new concept called ‘Social Funding’, allowing first-time homebuyers to purchase property with financial assistance from family and friends.

Key points:

Social Funding enables individuals to collectively fund 100% of a property purchase through their social network.
The approach aims to eliminate the need for traditional bank loans, potentially saving buyers significant amounts on interest payments.
Benefits include:

No need for a large deposit
Bypassing bank approval processes
Avoiding serviceability or credit checks
Potential for faster property payoff

MyBrix’s platform offers a transparent and accessible way for aspiring homeowners to invest in property.
The company aims to revolutionize the Australian real estate market by providing an alternative to traditional financing options.

Brian Stevens, Founder and CEO of MyBrix, stated: “We believe that everyone should have the opportunity to own a home, regardless of their financial situation. Through Social Funding, we empower individuals to take control of their property ownership journey and build wealth within their social circle, rather than feeding the profits of traditional banks.”

MyBrix’s innovative approach comes as a response to the challenges many Australians face in entering the property market due to rising prices and strict lending criteria.

The company’s vision is to enable anyone to become a homeowner or property investor, whether they are buying their first home or expanding their investment portfolio.

This new model of property financing could significantly impact the Australian real estate market, offering a potential solution to the ongoing affordability crisis faced by many first-time buyers.