Real estate company MyBrix has introduced a concept called social funding, which allows individuals to buy property with the help of their family and friends, amidst soaring property prices and stringent lending criteria.
The traditional model of saving a large deposit and securing a home loan has become increasingly challenging for many Australians.
MyBrix has developed a transparent, accessible platform that changes the way people think about property investment, the company said.
With social funding, individuals can tap into their wider social network, including family and friends, to collectively fund 100% of their property purchase.
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This approach eliminates the need for a traditional bank loan and allows investors to potentially save hundreds of thousands of dollars on interest payments and years off the term of a traditional mortgage, the company said.
“We believe that everyone should have the opportunity to own a home, regardless of their financial situation,” said Brian Stevens (pictured above), founder and CEO of MyBrix.
“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.”
Social funding not only offers an alternative path to property ownership but also presents numerous advantages over traditional financing.
By utilising the "Bank of Family and Friends," individuals can buy property without saving a huge deposit, bypass the bank, and avoid serviceability or credit checks.
Additionally, the buyback process allows homeowners to pay off their property sooner and potentially save hundreds of thousands of dollars on interest.
“Our goal at MyBrix is to empower individuals to achieve their property ownership dreams,” Stevens said. “With social funding, we are revolutionising the Australian real estate market enabling first home buyers to get into the market with a little help from their friends and family.”
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