What Is Bricklet Shared Equity Model?
- In this model, there are three parties involved: You, investors from Bricklet and AMP.
- Investors from Bricklet will put in 20%-40% of the purchase price of the house.
- You pay rent on that share. The rest will be financed by your deposit and mortgage.
You qualify for this model if:
- You have a high or stable income.
- You are able to cover stamp duty and Bricklet fee.
- You pass AMP’s serviceability and qualifications.
How Does It Work?
- You make an upfront payment of the Bricklet fee, stamp duty and deposit.
- Investors from Bricklet will put in 20%-40% of the purchase price of the house.
- Get a mortgage from AMP bank for the remaining amount.
- You eventually buy back the share of equity from investors.
Example: On a house with a purchase price of $800,000,
- You put in $20,000 as a deposit, apart from the stamp duty and Bricklet fee.
- Investors from Bricklet put in $200,000(which is 25% of the property value) and share equity with you
- You apply for a mortgage of $580,000 and don’t have to pay LMI.
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