According to a global Qualtrics survey, Australian consumers are some of the biggest sceptics in the world when it comes to AI. But behind the scenes across the industry, AI is transforming broker workflows and saving bucketloads of precious time.
The brokers and lenders getting it right are those who let technology do the heavy lifting in the background, while keeping people front and centre where it counts.
The ‘grunt work’ goldmine
For all the time brokers spend managing client relationships, there are exponentially more hours lost to ‘grunt work’ – manually filling out forms, chasing documents, and skimming through policies, all while staying compliant.
It’s a sinkhole for productivity. SFG found brokers typically spend 2.5 to 4 hours manually writing a single 2,500-word loan submission. One broker estimated “nearly 10 hours a week lost to file chaos.”
Here’s where AI becomes a goldmine. Not the vague, ever-expanding world of AI in general, but AI tools that are purpose-built for the way brokers work. Some of these tools now let brokers run servicing scenarios across 40+ lenders in seconds, or navigate credit policy and compliance questions instantly, while others can automate document collection end-to-end.
The bottom line: every hour reclaimed from admin is an hour reinvested in the work that actually grows a business.
The trust gap is real – and it’s your advantage
Australians aren’t quite sold on AI. According to Agile Market Intelligence, only 6% of consumers intend to use AI to research mortgages, versus 32% preferring brokers. Deloitte’s Privacy Index 2024 found that 3 in 5 Australians are uncomfortable with businesses using AI to make decisions about them, and 30% don’t trust any industry with their personal data.
For clients, this comes down to something simple: they’re making one of the biggest financial decisions of their lives, and they want a real person in their corner.
But here’s the opportunity. A broker who harnesses AI behind the scenes while still showing up personally, doesn’t just meet expectations. They exceed them. The client experiences the outcome of the technology without ever having to trust it.
The hybrid model in practice
You don’t have to choose between speed and the human touch. Our approach at Prime Capital is a working example of this.
Prime Approve, our technology-driven platform, uses smart automation to assess applications and deliver decisions fast, often instantly. Every application is backed by our expert credit team, who bring insight and flexibility to every deal.
The result? Approvals within 24 hours and settlement in as few as five business days. The technology creates the speed; the people create the confidence.
For brokers working on larger, more complex deals, this matters even more.
AI-powered valuation tools are now achieving error rates as low as a median of 2.8%, giving brokers firmer ground when structuring bigger transactions — the kind that suit our Business Jumbo product, designed for asset-rich SMEs needing loans from $5M up to $25M with minimal fuss.
The takeaway is straightforward: AI used well is invisible to the client. They don’t see the automation — they see a broker who’s prepared, responsive, and on top of every detail. And behind the scenes, they’re working with a lender who moves just as fast.
What AI tool do you use daily to boost your productivity?
Drop it in the comments 👇 We’d love to know what’s working for brokers right now.
Ready to see the hybrid model in action? Submit your next deal through Prime Approve 👉 primecapital.com/approve
