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Just 27 per cent of Australians use AI for tasks related to property or home loans, according to Mortgage Choice research.
The quarterly Mortgage Choice Home Loan Report found that 88 per cent of respondents rated having a human mortgage broker in the home loan process as important.
Although Australians were more comfortable using AI for early-stage tasks like comparing products (36 per cent) and estimating borrowing capacity (32 per cent), they were far less likely to use AI in the later stages of securing a home loan.
The research, which draws on home loan submission data from Mortgage Choice and a survey of 1,000 consumers in the September quarter, found that consumers are open to AI, but maintain a strong preference for human expertise.
Despite low uptake, more than half of respondents (53 per cent) said they believed AI tools would make the home loan application process faster.
Commenting on the findings, Mortgage Choice CEO Anthony Waldron said: “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.
“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.”
Investor confidence surges
Mortgage Choice research also found that demand for investment properties is likely to remain strong as confidence levels continue to rise.
The rate-easing cycle and rising property prices have helped boost investor confidence, with 41 per cent of prospective investors saying property prices were making them more confident to buy, compared to 20 per cent of those looking to buy a home to live in.
Of those looking to buy an investment, 47 per cent reported interest rates were making them feel more confident to buy, compared to 28 per cent of those looking to buy a home.
The findings also showed a decline in investors looking to sell their investment property in the next 12 months – 23 per cent this quarter, compared to 31 per cent last quarter.
“Market conditions are driving a shift in investor behaviour, with our research showing a growing number of investors are planning to hold onto their investment property over the next 12 months,” Waldron said.
“Investors are benefiting from lower mortgage rates, which make it more affordable to service investment loans. At the same time, a limited supply of rental property is driving demand from tenants and pushing up the price of rents.”
[Related: Consumers wary of home loan AI, but brokers are increasing uptake]
