This was posted 5 years 3 months 24 days ago, and might be an out-dated deal.

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$40 Cashback for Opening a Brickx Account on Referral, Depositing $50 and Buying One 'Brick' (from $34)

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$40 Cashback for Opening a Brickx Account on Referral, Depositing $50 and Buying One 'Brick' (from $34)
Go to Deal
Turffe on 03/01/2019 - 17:20 brickx.com (322 clicks)
Last edited 03/01/2019 - 17:32

Only new accounts can receive the $40 bonus for being referred, but both new and existing accounts are eligible for the $30 bonus for referring.

The 'Bricks' on this platform are their word for a fraction of a residential property.

The three 'Bricks' under $50:
$33 - SLD01 Soldiers Hill, VIC
$34 - BAN01 Ballarat North. VIC
$47 - KIN01 Kingswood, SA

There doesn't appear to be a minimum term to hold your Bricks to be eligible for the bonus, implying they can be sold at will once the bonus is received.

T&Cs

https://www.brickx.com/terms/referrals
The important ones:

4.The ‘referred friend’ is the person who has been sent a link to the BrickX Platform. The referred friend must not hold an Interest in the BrickX Platform prior to receiving a link.
7.To receive the $40 payment into their Digital Wallet, the referred friend must deposit the minimum amount of $50 into their Digital Wallet (in cleared funds) and buy 1 or more Bricks.
8.The $30 payment for the referrer will be deposited after the referred friend signs up and buys their first Brick.
9.Subject to paragraphs 7 and 8 being met the respective payments will be paid by The Brick Exchange into the Digital Wallets of both the referrer and referred friend as Funds Available.
11.If the referred friend has already been referred by another Member and the referred friend has already acquired an Interest in the BrickX Platform your referral will not qualify.
12.A referrer can refer more than one individual.
15.This promotion commences on 2/1/2019. The Brick Exchange reserves the right to amend, extend or terminate this promotion at any time and without notice. (Unknown expiry date)

It looks like BrickX's typical referral conditions listed under the referral links aren't applied to this promo.

Financial Investment Property Investment

Related Stores

BrickX
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closed Comments

  • miq on 03/01/2019 - 17:24
    +11

    Who in their right mind would purchase these at all, let alone at a time like this?

    • [Deactivated] on 03/01/2019 - 17:47

      It's not a pryamid scheme, no it's trapazoidal.

      Core Logic are predicting more of the same for 2019. One of their talking heads this morning said Sydney was probably only 1/2 way through it's decline, which they predicted was going to total around 15%.
      https://www.corelogic.com.au/news/best-of-the-best-2018

      If Labor gets in and kills the negative gearing on exising dwellings, then that'll cause a quick spike, then further falls. If they crack down on SMSF, they'll give it another kick.

  • Turffe on 03/01/2019 - 17:30
    +2

    I agree it'd be tough to justify especially now - though with a free (almost) $40 on the line with the ability to sell right after, I see it as a decent promo.

    • krosmo on 03/01/2019 - 22:24
      +1

      You can only sell these 'bricks' if someone is willing to buy them though.

      • peterpeterpumpkin on 04/01/2019 - 11:28
        +1

        Really? That kinda kills the deal.

        I thought this heist was an in-and-out operation.

  • RainbowHands on 03/01/2019 - 17:33

    ?

  • Fishdog on 03/01/2019 - 17:42
    +3

    This seems like a terrible idea.

    • chyawala on 03/01/2019 - 22:29

      For referall bonus;
      "Referee must also hold $250+ for 90 days after initial deposit."
      What's the likelihood of those criteria being met?

      • Turffe on 04/01/2019 - 02:01

        As mentioned in the deal post it appears these conditions aren't applied to the current referral promo.

  • bargain ben on 03/01/2019 - 18:02

    "People sell their brickx well below market value because of liquidity issues."

    • Turffe on 03/01/2019 - 18:14
      +1

      That's exactly right, only posted because the promo allows for getting in and out, hence a <$5 loss after fees. $35 for little effort was worth posting.

  • alvian on 03/01/2019 - 18:02

    How are the market liquidity and volatility for BrickX?

    • Turffe on 03/01/2019 - 18:18
      +1

      Liquidity generally doesn't go very deep; don't think I'd enjoy getting out of a large position on there. For small amounts though it's no wuckas.

  • watwatwat on 03/01/2019 - 18:03

    I signed up. Tried to deposit via POLi and it renders an error message. :/

    How do you generate referral code to refer a friend?

      • watwatwat on 03/01/2019 - 18:40

        Thanks, but this page doesn't load either. Haven't had much success with actually using their service.

        • Turffe on 03/01/2019 - 18:41

          The session times out pretty quickly after some inactivity, maybe that's what happened.

          • watwatwat on 03/01/2019 - 18:48

            @Turffe: Nah, freshly after logging in I go there and it just shows the hourglass indefinitely.

  • [Deactivated] on 03/01/2019 - 18:04
    +2

    https://www.brickx.com/properties/SLD01/distributions

    You only get 30% of the rent paid, the rest is eaten up in various fees, charges and interest. that's ~1% of the val.

    Doesn't seem such a wise investment. especially when the property was purchased around market peak.

    • T-Quizzle on 03/01/2019 - 21:47

      Negatively geared ;-)

  • jdogg on 03/01/2019 - 18:48

    Looks like you get hit with a credit check when signing up?

    • jacktator on 03/01/2019 - 19:46
      +3

      I checked their site, and see no mention of credit inquiry.
      Neither do I see them having a Australia Credit License.

      Upon signup, it stated that the identity will be verified by a credit check with Credit Reporting. This is ok, and it is not counted as an enquiry, and it will not affect your credit score.

  • chewishy on 03/01/2019 - 19:07

    Have been keeping an eye on BrickX for a while…good enough excuse to sign up! Very smooth and easy

  • Autonomic on 03/01/2019 - 19:14

    Does this stack with the referral code?

    • Turffe on 03/01/2019 - 19:42
      +1

      I'd assume no since this promo seems to override the regular referral system.

  • Phurle on 04/01/2019 - 11:09
    +5

    dont normally post but this is crazy:

    so on the property the call SLD01:
    330k raised.

    1. fee for "buying" a brick: 1.75% or $5,775
    2. fee for buyers agent: 3.67% or $12,100
    3. property management fee: 6.6% p.a. or $1,064pa

    so you blow up 5.42% day one, before stamps and legals…

    now for some fees that i reckon are hidden:
    1. loan kickback: brickx borrowed $120k on a home worth purportedly $401k or 30% LVR at a staggeringly high interest rate of 4.64% so i am going to call this 0.5% as either they are weak at getting good finance (in which case why pay above fees) or the alternative is the manager enjoys a rebate.
    2. "The owner will continue stay on as a tenant for 18 months at an agreed market rent of $310 per week commencing from 30 August 2018" is probably the most worrying statement. This is a house, the owner agreed to pay rent at 4.27%, Eddie Groves (think abc learning), had a knack for paying too much for his child care centres and then getting a developer rebate as income. This made the yields on the centres stack up. Now i am not saying that they are doing this, and this isnt proof, lets see how rent negotiations go when that 18m fixed lease rolls off. maybe see what 41 gregory st sold for in the same year and ask yourself "why is this house worth 12% more?"
    3. stupidity fee: I have attached gearing to a property that costs 4.64% in interest but the asset only yields gross rental of 4.27%… so the normal "leveraging returns" doesnt work. nor have i attached enough debt to make a negative yield (i.e. negatively gear…) so why is the debt there? 120k over 10,000 units would have upped the unit price to $55 the cashflow forecast would rise from 4736.62 (1.44% in brickx yield math) to 10,318.54 (1.88% in same math) i.e. a 30% return uplift. again WHY THE DEBT?

    sources:
    cheap house one block away: $365k sale earlier in year during declining market https://www.onthehouse.com.au/property/vic/black-hill-3350/4…
    https://help.brickx.com/support/solutions/articles/170000773…
    https://www.brickx.com/properties/SLD01/returns
    https://www.canstar.com.au/compare/investor-home-loans/?prof…

    • Turffe on 04/01/2019 - 15:10
      +1

      Looks like they're even more inept than we thought prior, thanks for posting this. The value I saw in the referral system is a quick in-and-out, wouldn't stay with them any longer than that.

      • freemoneyhunter on 04/01/2019 - 19:48

        Thank you for posting this deal, it certainly is a valid deal and interesting. I'm going to skip the signup thou.

  • jacktator on 17/01/2019 - 18:19

    How long does it take for the $40 to arrive?

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