Fractional Property Investing Glossary: Brix, PDS, TMD and Other Key Terms Explained
Brix, NestEgg, PDS, TMD, AFSL, early exit fee — the terms that come up most in fractional property investing, defined in one place (as at July 2026).
Fractional property investing comes with its own vocabulary — some of it MyBrix-specific (Brix, NestEgg), some of it drawn from Australian financial services law (PDS, TMD, AFSL). This glossary defines the terms that come up most often, grouped into four parts: the fractional model itself, the disclosure documents you’re given, the fees and exit mechanics, and the regulators and oversight terms behind all of it.
Every definition here traces to MyBrix’s Product Disclosure Statement (PDS) and Target Market Determination (TMD), or to ASIC and Moneysmart guidance. Where a term describes a general legal test — a managed investment scheme, say — rather than a MyBrix-specific fact, the definition states the test generally rather than any platform’s status under it.
The model: Brix, NestEgg and the mechanics behind them
Brix — a fractional economic interest in a specific MyBrix property. Each listed property is fractionalised into 10,000 Brix, together representing 100% of the property’s economic benefits: its future net sale proceeds and, where the property is rented, its net rental proceeds (as at July 2026). A Brix is a financial product under Chapter 7 of the Corporations Act 2001 (Cth) — it is not ownership of the property, and it is not a loan to the owner. For the full model, see our guide to what fractional property investment is and how it works.
NestEgg — MyBrix’s contribution product for retail investors. You contribute a set amount each month and the money goes toward acquiring Brix; the minimum contribution is $100 per month (as at July 2026). If a month’s contribution is below the prevailing price of a single Brix, it accumulates until a whole Brix can be acquired. Our guide to the minimum amount needed to start works through the mechanics in full.
Property Laddr — MyBrix’s marketplace for wholesale investors, described in the PDS as a separate channel from NestEgg with its own entry terms (as at July 2026). MyBrix’s website has separately stated an entry point of $100 on Laddr; because that doesn’t reconcile with the PDS’s wholesale positioning, this glossary states no confirmed Laddr minimum.
First-ranking mortgage — the security behind a Brix holding. A first-ranking mortgage — one paid first from sale proceeds, ahead of other claims — is intended to be registered over the property at settlement, and is held on trust for all Brix holders (as at July 2026). The owner remains the registered legal owner throughout; investors never appear on the title. Our guide to who legally owns the property in a fractional investment sets out the full structure.
AUDD (Australian Digital Dollar) — a digital token intended to equal one Australian dollar (1 AUDD = A$1.00), issued and operated by third parties, not by MyBrix. The issuer, AUDC Pty Ltd, is majority held by ASX-listed Novatti Group Ltd, and AUDD’s own materials state it is not a bank deposit. As at July 2026, funds from a MyBrix exit may be returned as AUDD or, at MyBrix’s discretion, as a MyBrix voucher, rather than an immediate cash withdrawal — see our guide to selling a fractional property investment early.
Distribution — a Brix holder’s share of a property’s proceeds, paid out periodically. Where a property is rented, net rental proceeds (gross rental proceeds minus rental management fees) are distributed monthly to all Brix holders proportionally to their holding at the time of distribution (as at July 2026); sell your Brix shortly before a distribution and it is generally paid to the new holder, not you. Our guide to how investors make money from fractional property covers the mechanics alongside capital growth on exit.
The documents: PDS, TMD and what you’re given before you invest
PDS (Product Disclosure Statement) — the document a platform must give you when it offers a financial product to retail investors. It sets out the product’s key features, fees, risks and complaints process. MyBrix’s Brix are covered by its PDS, currently version 4.0 (as at July 2026). Our guide to whether fractional property investing is regulated in Australia explains where the PDS fits in the wider framework.
TMD (Target Market Determination) — a written document describing the class of consumers a product is designed for, plus the conditions on how it can be distributed and reviewed. A TMD has been required for relevant products since 5 October 2021, under the design and distribution obligations. Our guide to evaluating whether a fractional property platform is trustworthy covers reading a TMD as part of due diligence.
AFSL (Australian Financial Services Licence) — the licence the Corporations Act 2001 requires a platform to hold — or to operate under, as an authorised representative of a licensee — before it can offer financial products to Australian retail investors. As at July 2026, MyBrix Pty Ltd is authorised representative 1304961 of Australian Financial Licensing Group, AFS Licence No. 269868.
AR (Authorised Representative) — a person or business permitted to provide the financial services covered by someone else’s AFSL, without holding a licence in their own right. Brix are issued by MyBrix Properties Pty Ltd ACN 669 491 338 (as at July 2026). Our guide to evaluating a fractional property platform includes checking a platform’s AFSL or AR status on ASIC’s free registers as a first due-diligence step.
Fees & exits: what it costs to buy in, and to get out
Early exit fee — the fee MyBrix charges an investor who exits Brix ahead of a scheduled event such as a sale or term end. As at July 2026, it is 10% of current Brix value, and it also applies to NestEgg early exits, calculated on aggregate holdings. Our guide to what fees fractional property platforms charge sets out the full schedule.
Trading facility — a possible future mechanism letting investors trade Brix directly with each other, similar to an on-market sale. As at July 2026, no trading facility is guaranteed to exist; if one is introduced, a Brix Trading Fee of 2.0% per trade would apply. Our guide to selling a fractional property investment early explains where a trading facility would sit alongside other exit routes.
Platform withdrawal fee — the fee for moving funds off the MyBrix platform. As at July 2026, it is $50 or 0.5% of the withdrawal amount, whichever is larger.
Cost base — broadly, what an asset cost you for tax purposes, including certain incidental costs; capital proceeds minus cost base equals a capital gain or loss on disposal (ATO cost base guidance). MyBrix’s PDS notes that fees “may be relevant to the calculation of your cost base, deductibility, or assessable income depending on the nature of the fee and your investor profile” (as at July 2026) — which fee falls where, and how a Brix’s cost base is worked out in your circumstances, is a question for a registered tax agent. Our guide to how fractional property investment is taxed in Australia goes through the wider framework. [REVIEW: to be reviewed by a registered tax agent — arranged by human]
Compulsory acquisition — an exit route where all outstanding Brix in a listing are bought back at once, rather than traded individually. As at July 2026, an owner triggering this over a whole listing incurs break costs of current market value plus 10%, and proceeds are distributed proportionally to all Brix holders. Our guide to selling a fractional property investment early covers it alongside owner buybacks and any future trading facility as the three routes out.
The regulators: ASIC, AFCA and how a fractional model compares
ASIC (Australian Securities and Investments Commission) — Australia’s corporate and financial services regulator. It grants and administers AFS licences, oversees PDS and TMD disclosure obligations under the Corporations Act 2001, and runs free public registers so anyone can check a licensee before investing.
AFCA (Australian Financial Complaints Authority) — described on its own site as “a free, fair and independent dispute resolution scheme” for complaints about financial products and services; its decisions can bind the financial firm involved. AFCA is not itself a regulator, and many organisations are required to be AFCA members under their licence conditions or regulatory obligations — membership is not itself an endorsement of a product. MyBrix members have access to AFCA (as at July 2026). Our guide to evaluating a fractional property platform includes AFCA access as one due-diligence check.
DDO (design and distribution obligations) — obligations under Part 7.8A of the Corporations Act 2001, in force since 5 October 2021, requiring a public TMD for relevant financial products describing the target market and how the product may be distributed and reviewed.
MIS (managed investment scheme) — a pooled structure in which investors contribute money and receive an interest in the scheme, typically without day-to-day control over how it’s run. Under section 601ED of the Corporations Act 2001, a scheme generally must be registered with ASIC if it has more than 20 members, was promoted by someone in the business of promoting managed investment schemes, or an ASIC aggregation determination applies, subject to an exemption where every interest issued would not have required a PDS (as at July 2026). ASIC’s guidance on fractionalised real estate (INFO 225, Example 9) concludes an arrangement of that kind is “likely to be” an interest in a managed investment scheme — “likely” is the operative word, since the actual answer depends on each offering’s legal substance. Whether any specific platform’s offering is a registered scheme, MyBrix included, is a question for its own disclosure documents and ASIC’s registers, not this glossary.
Responsible entity — the public company that operates a registered managed investment scheme, required to hold an AFSL (as at July 2026). Under section 601FC(2) of the Corporations Act, the responsible entity holds scheme property on trust for scheme members — legal title sits with the responsible entity or its custodian, never with individual unitholders. Our guide to fractional investing vs syndicates vs crowdfunding sets out where this structure applies.
ARSN (Australian Registered Scheme Number) — the identifying number ASIC assigns when it registers a managed investment scheme, letting anyone search for that scheme on ASIC’s registers.
Unlisted property scheme — ASIC’s regulatory term (Regulatory Guide 46, as at July 2026) for “an unlisted managed investment scheme that has or is likely to have at least 50% of its non-cash assets invested in real property and/or in unlisted property schemes.” “Property syndicate” is common industry usage for the same kind of vehicle, not an ASIC-defined category. Most unlisted property schemes are geared, and RG 46’s benchmark table notes they “often have limited or no withdrawal rights,” which usually makes them difficult to exit. Our guide to fractional investing vs syndicates vs crowdfunding compares the structure against fractional investing directly.
A-REIT (Australian real estate investment trust) — a listed investment vehicle giving exposure to a portfolio of properties, described by the ASX as “pooled investments overseen by a professional manager” (as at July 2026). Units trade on the ASX during trading hours, and a fund manager — not the individual investor — decides which properties the trust buys, sells and borrows against. Our guide to how fractional property investing differs from a REIT compares the two structures in full.
How to use this glossary
A glossary explains what a word means — it does not tell you whether a product built from these terms suits you. Where a term describes a general legal test, such as when a managed investment scheme must register, the definition states the test as it applies generally, not any platform’s status under it; the reliable way to check a specific platform’s position is its own PDS and TMD, cross-checked against ASIC’s registers.
For the parts of the model this glossary only defines in passing, our other cluster guides go further: fractional property investing vs buying an investment property outright, investing through an SMSF, non-resident eligibility, the category’s risks, and what happens if a platform shuts down. None of these definitions is a substitute for a product’s own PDS, its TMD, or advice from a licensed professional.
