Australia’s Flexibond helps Sydney tenants with buy now, pay later offering

The newly-introduced Flexibond platform was designed to lower renters’ bonds and ease their financial worries

Residences in Kirribilli, Sydney, Australia. pisaphotography/Shutterstock

The rental market in Sydney is ready to be revolutionised by the ‘buy now, pay later’ sensation that has completely reformed the retail industry, reported The Daily Telegraph.

Supported by Ezidebit Australia and EML Payments, this latest platform, also known as Flexibond, will reduce renters’ bonds via the buy now, pay later solution. Tenants can divide their bond into four fortnightly payments.

Flexibond is currently providing only to New South Wales residents, accepting bonds of up to AUD10,000 (USD7,276) at zero percent interest rate.

Despite the appealing interest rate, the platform will still be collecting a five percent activation fee from its customers, calculated from the bond.

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Christopher Bailey, the chief executive offer of Flexibond, said that he plans to aid Australians in their financial burden, as Flexibond’s research indicated that 53 percent of lessees find difficulty in saving up for bonds, especially during times like the COVID-19 pandemic.

“Flexibond addresses a gap in the market for a buy now, pay later solution that can empower customers to access funds on a digital prepaid card without any commercial merchant agreements needed,” explained Bailey.

The renter will be provided with a digital MasterCard that pays the bond and is valid for 48 hours. The tenant will then need to repay the bond fortnightly through charging of their credit or debit, similar to the typical buy now, pay later services in retail.

Tom Cregan, chief executive officer and managing director of EML Payments, said that he is optimistic in this disruption to the property market, adding that his company aspires to cater to other Australian states in the future.