Majority of Australians still prefer broker expertise for home loans
Most Australians continue to value the role of mortgage brokers, even as artificial intelligence becomes more common in the home loan process, a new report has found.
According to the latest Mortgage Choice Home Loan Report, 88% of Australians consider having a human broker involved in securing a mortgage to be important.
The survey, which included responses from 1,000 consumers, revealed that while 57% of Australians use AI for everyday activities, only 27% rely on it for property or home loan tasks.
The findings suggest that borrowers are willing to use AI for initial steps such as comparing loan products or estimating borrowing capacity, but prefer human guidance for more complex matters.
“A home loan is the biggest financial commitment most people make in their lifetime, so it’s completely understandable that borrowers want the support of a mortgage broker during the process,” said Anthony Waldron (pictured right), chief executive of Mortgage Choice.
“Although Australians are more comfortable using AI for early-stage tasks like comparing products and estimating borrowing capacity, AI cannot replace the value and expertise of a broker. Consumers want a broker’s support throughout the home buying journey – particularly for the parts of the process that require nuance and trust, such as negotiations, providing detailed explanations and personalised advice, and completing home loan reviews – for example, when refinancing.”
The report also found that more than half of respondents believe AI could speed up the application process. However, when asked which parts of the property search and loan process they most wanted a human expert to handle, negotiation with lenders, providing guidance, and personalised advice were the top choices.
The data highlights that, despite technological advances, the expertise and personal service provided by brokers remain highly valued by borrowers.
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