independentmortgagecontest-14-03
Facebook
Twitter
LinkedIn
  • Quick Tour
  • Pricing
  • Case Studies
  • Blog
    • Blog
    • Glossary
  • Contact Us
  • Login
Try It Now

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

After I’d heard about flongle, I was expecting to see some great deals, but I was really shocked because we were already more than 1% below standard variable. It took less than a couple of hours to save over sixteen grand and it’s great to get impartial information.
SteveRefinancing a 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.

Steve and Linda’s story

Steve is an electrician and Linda is a full-time mum for their two children. Their current loan was arranged by a mortgage broker 3 years ago. They thought they had the best deal and it was pretty good. But the deals flongle’s mortgage contests revealed can save Steve and Linda up to $16,669 in the next 5 years. Learn how this is calculated.

Steve and Linda received 58 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: 1.01%

Total 5 Year Cost: $ 144,667

Loan Features: Premium with 100% Offset Account

Comparison Key Facts

Base Loan: $627,000

Same Rate Type (Variable)

Same Repayment Type (Principal & Interest)

Same Budgeted/Monthly Repayment

Same Loan Features

Savings: Up to $16,669 in 5 years. Learn more.

Mortgage Contest Results

Total 5 Year Cost: $ 127,998

5 Year Cost Difference: $ 16,669

Loan Features: Premium with 100% Offset Account

Bids Received: 61

Bids with lower cost than old loan: 58

Discover how an unbiased mortgage contest can help you

START NOW
Tim saves up to $21,379 in 5 Years
Tim saves up to $21,379 in 5 Years
Lisa refinances to save up to $8,620 in 5 Years
Lisa refinances to save up to $8,620 in 5 Years
BlogTerms of UseCredit GuidePrivacy PolicyGlossaryContact Us
Copyright © Flongle 2013. Patent Pending.