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Lisa refinances to save up to $8,620 in 5 Years

Lisa's refinance can save her thousands
It’s easy to take a ‘set and forget’ approach to financial affairs but a few hundred dollars and one hour’s investment will save me over $8,000 over five years! The Flongle mechanic is simple and easy to use. It takes the foot work and the guess work out of choosing a lender.”
LisaRefinancing a Home Loan

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.

Lisa’s story

Lisa is a Marketing Executive who bought her first apartment four years ago. Her current loan was arranged through a broker (loyal to her bank). Lisa thought she had a great deal for her smaller homeloan. However, Flongle’s mortgage contest revealed Lisa can save up to $8,620 in the next 5 years.  Learn how this is calculated.

Lisa received 68 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: Mortgage Broker

Standard Variable Rate Discount: 0.9%

Total 5 Year Cost: $ 68,877

Loan Features: Premium with 100% Offset Account

Comparison Key Facts

Base Loan: $304,000

Same Rate Type (Variable)

Same Repayment Type (Principal & Interest)

Same Budgeted/Monthly Repayment

Same Loan Features

Savings: Up to $8,620 in 5 years. Learn more.

Mortgage Contest Results

Total 5 Year Cost: $ 60,257

5 Year Cost Difference: $ 8,620

Features: Premium Loan with 100% Offset Account

Bids Received: 82

Bids with lower cost than old loan: 68

Discover how an unbiased mortgage contest can help you

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Steve & Linda save up to $16,669 in 5 Years
Steve & Linda save up to $16,669 in 5 Years
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