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New research from non-major bank Great Southern Bank (GSB) has found that credit advice and financial advice from a human are still valued higher than that of artificial intelligence (AI), despite widespread adoption of the technology.
According to the latest No Place Like Home report from GSB, which included 2,013 responses, advice from financial professionals remains the most trusted and valued source of guidance for significant financial decisions.
More than two-thirds (69 per cent) of Australians who obtained guidance from mortgage brokers or financial advisers said that their guidance was more valuable than the advice from AI.
Perhaps most importantly for the industry's reputation, client satisfaction remained high, with 69 per cent of mortgage broker clients rating the advice they received as valuable or extremely valuable.
The report highlights the critical role of mortgage brokers, revealing that 45 per cent of Australians have turned to a broker for major financial decisions. The data underscores a consistent demand for expertise, with 13 per cent of all respondents seeking broker advice within the last year alone.
Brokers are particularly hitting the mark with younger demographics and active buyers, as more than half (55 per cent) of Millennials and 59 per cent of first home buyers have already utilised their services. Further, 55 per cent of those planning to buy a home in the next three years indicated they have previously sought broker guidance.
Current market penetration is highest among those with active debt, where 65 per cent of mortgage holders reported using a broker to navigate their financial journey. Even among renters, the next generation of homeowners, nearly three in 10 have already engaged with the channel for financial advice.
Despite these successes, more than half (55 per cent) of the general population has never used a broker, according to the GSB data, representing an untapped opportunity for market expansion. This data suggests that while brokers are firmly entrenched with homeowners, there is still substantial room to capture the remaining 48 per cent of aspirational buyers currently eyeing the market.
However, using AI for financial information continues to rise as AI becomes more mainstream. The report found that more than a quarter (27 per cent) of Australians had used AI platforms to inform financial information.
More than a fifth (21 per cent) of Australians revealed that they had received financial advice from ChatGPT or similar AI tools in the past 12 months, highlighting how AI is starting to become a mainstream source of information.
Consumers are increasingly turning to AI for financial information due to speed (40 per cent), perceived cost-efficiency (38 per cent), and convenience (36 per cent).
Younger consumers, in particular, are utilising AI on their financial information journeys, reflecting a new entry point for financial literacy from digital natives.
More than one in three (38 per cent) Gen Z – those born between 1997 and 2012 – said they used AI platforms for financial information, followed by Millennials (born between 1981 and 1996) at 34 per cent.
However, this drops significantly among older Australians, with just 15 per cent of Gen X (born between 1965 and 1980) and 5 per cent of Baby Boomers (born 1946–64) reporting the same.
Outside of financial professionals and AI, the main channel that consumers turn to for financial information is family and friends, at 30 per cent.
Speaking of the findings, Rolf Stromsoe, chief customer officer at Great Southern Bank, said: “We’re seeing more Australians turning to AI for quick financial insights, particularly younger generations. While AI can be a helpful first step, it’s important to cross-check everything you see online.
“These tools aren’t a substitute for professional guidance.
“Financial decisions, like buying a home, are long-term and complex, and speaking with a professional help ensure your choices are well-informed and suited to your individual circumstances.”
Brokers drive GSB growth
GSB – one of Australia’s largest customer-owned banks – has been working closely with brokers to support consumers in their home-buying journeys, with more than three-quarters of loans originated via brokers in the half year ending December 2025.
The shift was particularly evident outside its historical strongholds in the eastern states, where the bank used intermediated lending to gain a foothold in new markets.
GSB has said that the broker channel had been “pivotal” to its growth in regions where it had no physical footprint.
It pointed to South Australia and Tasmania as recording the strongest home lending growth in the half, with the Northern Territory also seeing “significant” gains. The bank has no branch networks in these areas.
Home lending balances increased by 4.2 per cent year on year to $18.2 billion, with the bank stating that total home lending grew at 1.2 times system.
Behind the growth is an expanding and increasingly active broker panel. GSB’s active panel now stands at more than 10,300, with 1,159 new accreditations in H1 financial year 2026, a step-up the bank said was building long-term capacity and reach.
Of those active brokers, 20.35 per cent submitted at least one deal during the half, while 7 per cent wrote three or more deals.
[Related: Brokers shift toward non-major banks]
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