Australians warned not to use AI as a mortgage broker

Finance entrepreneur Ratib Zaman says ChatGPT and other AI tools can help people learn about home loans, but they cannot replace a broker’s judgment on lender policy, loan structure and complex applications. The warning comes as AI use grows across financial services and as Oxcel develops its own AI platform for brokers.

Why it matters: - Borrowers risk making major financial decisions based on AI-generated answers that may not match how banks actually assess a loan. - The warning is aimed especially at Australians with complex borrowing needs, including self-employed people, business owners and investors. - A bad loan fit can affect borrowing power, approval chances, fees, flexibility and long-term financial outcomes.

What happened: - Ratib Zaman, Founder and Managing Director of Oxcel Finance and Bixcel, warned Australians not to rely on ChatGPT or other AI platforms as a substitute for mortgage advice. - Zaman said AI can be useful for general information and education, but borrowers should not expect a bank to approve a home loan simply because an AI tool produced a positive answer. - Zaman said, “ChatGPT is not your mortgage broker.” - Zaman said people should be careful about building financial decisions around an AI-generated answer and then walking into a bank expecting that outcome.

The details: - Home loan approval depends on more than income, expenses and deposit size. - Lenders use different lending policies, assessment criteria, servicing requirements and risk appetites. - A borrower’s employment, income structure, debts, expenses, credit history, deposit and future plans can all change the lending outcome. - Borrowers with non-standard situations often need more than a rate comparison or calculator estimate. - Zaman said a broker understands how lenders assess applications and which questions to ask before a loan is submitted. - Zaman said the lowest advertised rate is not automatically the best loan. - Zaman said the right loan also depends on structure, fees, features, flexibility, eligibility requirements and overall suitability. - Zaman said borrowers should use AI to educate themselves, form questions and understand terminology. - Zaman said people looking at hundreds of thousands or millions of dollars in debt should speak to someone who understands lending.

Between the lines: - Zaman is drawing a line between information and execution. - AI can summarize published material quickly, but it cannot negotiate, clarify nuance or build a lender relationship. - That difference matters most when an application falls outside standard rules or needs human judgment to get over the line. - Oxcel is developing Oxcel AI, a knowledge and scenario platform designed to help Australian finance and mortgage brokers work more efficiently. - The product is being positioned as a broker tool, not a broker replacement.

What's next: - AI is likely to keep expanding across financial services, including mortgage broking. - Zaman said technology will become valuable to both brokers and consumers, but it should support professional judgment rather than replace it. - Oxcel’s work on Oxcel AI suggests more broker-facing AI tools may emerge as the sector adapts. - Zaman said a good broker can prepare an application with the right lender and improve the chances of a better outcome.

The bottom line: - AI can help Australians understand home loans, but it cannot replace a broker’s expertise when the loan is complicated or the stakes are high. - Zaman’s core message: use AI to learn, not to decide.