Introducing ‘Mortgage Contests’ – Disruptive Innovation hits the Mortgage market

I can imagine that when your hear of contests you probably thing about winning some kind of prize, and that’s not an uncommon form of promotion when it comes to mortgages, I’m sure you have seen all kinds of giveaways to try and lure you into a deal.

Today what we’re talking about is something very interesting, this is real progress, what many of my tech friends label as ‘disruptive’, a definition of something that breaks the old model of business and brings better service, more efficient service and best of all, savings.

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And that’s where Flongle comes in. It’s a business that’s been coming together over some years and has finally emerged and matured into a groundbreaking new way that puts the power back in the hands of the borrower as apposed to the lender or broker.

Flongle’s key is the way it makes banks and mortgage brokers bid against each other to win your business in what they label a ‘mortgage contest’. Basically, the borrower can input their ideal scenario and relax, while 50 or so banks, brokers and lenders battle it out to put forward the best deal.

There’s something special to note at this point, Flongle doesn’t take commissions, unlike a broker who may be biased, or a lender that maybe incentivised to recommend a particular product. Flongle is paid by you, and operates impartially. That in itself is a game changer.

The process is simple enough and it seems they have put a lot of effort into the simplifying the application and approval area with what they label as the ‘one last form’. Rather than fussing over approval processes, this form and that form, sometimes the cause for much anxiety for the borrower, Flongle assists with this and the lenders are focused on putting forward their best deal.

Flongle claims they have worked hard to negotiate exclusive rates and also have a money back guarantee headlined as ‘Get independent advice and the best mortgage deals or your money back’. They have something like 2500 mortgage products ready to go, but the bids by lenders for your ‘contest’ are individually prepared based on the information you provide. Thus giving the lender the opportunity to squeeze out any costs with the aim of providing the winning deal.

There’s another reason to get excites about Mortgage Contests, this is an Australian first, and a new way of doing business that will surely be soon seen in other mortgage markets.

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