

Flongle provides a tool which gives you supreme negotiating power and the ability to source a large number of options in a short amount of time. It also creates a simple way to identify the true cost of adding in features which helps find the optimum balance between cost and flexibility for the end user. Flongle even asked for feedback on my experience of the broker which demonstrated their commitment to Quality Control and their customers. If you are looking for the best deal, flongle is the way to do it.Brett
Total Individual Cost – Apple with apple cost comparison
Rather than focus solely on just the rate, fees, discounts or rebates, which can hide both savings and cost, flongle calculates the Total Individual Cost (Total Cost or TIC) based on your scenario. Whether comparing new loan to new loan or new loan to old loan we use the same options, numbers and methods to deliver a like with like comparison and help you understand the cost of your decisions.
In these examples the Total 5 Year Cost, savings or 5 Year Cost Difference (which is the difference between to Total Cost of one deal over another) are modelled on the same budgeted monthly repayment for all comparisons, based on the same loan term, same repayment basis and considering current interest rates, charges and concessions including rebates and discounts and assuming the borrower exits the loan after 5 years (through a refinance or by paying lump sum repayment).
It is inevitable that interest rates and some charges are likely to change over time and this will affect the actual outcome.
This case study has been used with our customer’s consent, however actors and replacement names have been used to respect our customer’s privacy.
Brett’s story
Brett is a Finance Manager and qualified Engineer who was considering an offer from his private banker. He thought they had the best deal and it was pretty good. The deals that flongle’s mortgage contest revealed Brett can save up to $6,844 in the next 5 years for the same product through the same lender. Learn how this is calculated.
Brett received 27 deals creating real savings opportunity by offering different combinations of:
- A lower interest rate
- Lower ongoing fees
- Higher rebates and/or discounts
The Old Loan
Source: Personal Banker
Standard Variable Rate Discount: 1.00%
Total 5 Year Cost: $ 295,988
Loan Features: Premium with 100% Offset Account
Comparison Key Facts
Base Loan: $1,186,325
Same Rate Type (Variable)
Same Repayment Type (5 Years Interest Only)
Same Budgeted/Monthly Repayment
Same Loan Features
Same Lender and Product
Savings: Up to $6,844 in 5 years. Learn more.
Mortgage Contest Results
Total 5 Year Cost: $ 289,144
5 Year Cost Difference: $ 6,844
Loan Features: Premium with 100% Offset Account
Bids Received: 27
Bids with lower cost than old loan: 4