Brokers remain the top choice as trust in digital assistants lags
Only a small proportion of Australians would rely on artificial intelligence when researching mortgage products, with most preferring to consult brokers or bankers, a recent survey by Agile Market Intelligence has found.
The market research firm’s Consumer Pulse survey asked participants how they would approach researching the best loan options, offering choices such as consulting a mortgage broker, speaking to a banker, conducting their own research, or using an AI-powered digital assistant. The results showed that just 6% of respondents would trust AI to help them find a suitable loan.
Mortgage brokers were the most popular option, with 32% of respondents saying they would seek advice from a broker. Bankers were the next most common choice at 28%. Meanwhile, 21% said they would prefer to research loan options independently, and 13% were unsure which channel they would use.
The findings suggest that consumers continue to value the independent expertise and broad market access provided by mortgage brokers. “The mortgage broker preference shows consumers value independent expertise and choice when making one of their biggest financial decisions,” said Michael Johnson (pictured right), director at Agile Market Intelligence.
AI-powered digital assistants were the least preferred option, even among those who were presented with the possibility of full automation, including comparison, application, and management of loans. The survey indicated that trust, rather than technology, remains a significant barrier to wider adoption of AI in this context.
“The resistance to AI in loan research isn’t about technology capability, but about trust in high-stakes decisions,” Johnson said. “When it comes to mortgages, consumers want human accountability and the ability to ask questions, negotiate, and receive personalised advice that considers their unique situation,” Johnson said.
Among the minority who would use AI for loan research, 62% cited speed and convenience as their main reasons. Other motivations included the belief that AI could provide access to better or more options (47%) and greater objectivity (41%).
Concerns about sales pressure from brokers and bankers influenced 43% of those choosing AI, while 27% mentioned privacy concerns. Additionally, 26% of this group said they already use and trust AI.
“Those who embrace AI for loan research are looking for efficiency and objectivity over relationship-building,” Johnson said. “They want to cut through sales tactics and want comprehensive comparisons quickly.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
