Ratib Zaman warns that AI cannot replace a broker’s expertise in lender policies, complex applications and loan suitability.
SYDNEY, NSW, AUSTRALIA, October 29, 2026 /EINPresswire.com/ — Australians are being warned not to build their financial position around advice generated by ChatGPT or other AI platforms and then expect a bank to approve their home loan, with finance expert Ratib Zaman warning that AI does not understand the realities of getting a difficult loan across the line.
Zaman, Founder and Managing Director of Oxcel Finance and Bixcel, said AI can be useful for general information and education, but borrowers risk confusing information with advice when making one of the biggest financial decisions of their lives.
“ChatGPT is not your mortgage broker,” Zaman said.
“You can put your income, expenses, deposit and financial position into an AI platform and ask it how much you can borrow or which loan might suit you, but that doesn’t mean a bank is going to assess your circumstances the same way.
“People need to be very careful about building their financial decisions around an AI-generated answer and then walking into a bank expecting that outcome.”
A home loan isn’t just a calculation
Zaman said obtaining the right loan involves considerably more than entering numbers into a calculator or asking AI to compare interest rates.
Different lenders can have different lending policies, assessment criteria, servicing requirements and appetites for particular borrower circumstances, while someone’s employment, income structure, debts, expenses, credit history, deposit and future plans can all influence the options available to them.
This becomes particularly important for borrowers with more complicated circumstances, including business owners, self-employed Australians, investors and people whose applications do not fit neatly into a standard lending scenario.
“A good broker understands how lenders actually assess applications and knows which questions to ask before an application goes anywhere near a bank,” Zaman said.
“The lowest advertised rate isn’t automatically the best loan for you and a lender that looks right on paper may not be the right lender for your circumstances.
“A broker can look at the whole picture, understand what you are trying to achieve and work through the options available to you.”
AI doesn’t know how to fight for your loan
Zaman believes the rapid adoption of AI across financial services will make technology extraordinarily valuable to both brokers and consumers, but said it should support professional judgement rather than replace it.
Oxcel itself is developing Oxcel AI, an AI-powered knowledge and scenario platform designed to help Australian finance and mortgage brokers work more efficiently.
The important distinction, Zaman said, is that the technology is being designed to support brokers rather than replace them.
“AI can help process information incredibly quickly, but when a loan becomes difficult, you need someone who understands the lenders, understands the scenario and knows how to work through the problem,” Zaman said.
“AI isn’t going to pick up the phone and have a conversation about your circumstances. It isn’t going to build a relationship with a lender, ask the right follow-up questions or understand all the nuances of what is happening in your life.
“That is where a great broker earns their money.”
The best rate isn’t always the best loan
Zaman said borrowers should also be cautious about focusing exclusively on finding the lowest interest rate.
While securing a competitive rate is important, the structure, fees, features, flexibility, eligibility requirements and suitability of a loan for the borrower’s circumstances can be equally important.
“You don’t want to build your financial future around an answer generated in seconds without understanding how that answer was reached,” Zaman said.
“Use AI to educate yourself, to help you formulate questions and to better understand terminology.
“But when you are talking about hundreds of thousands or potentially millions of dollars of debt, speak to someone who actually understands lending.
“Technology is going to transform finance, but ChatGPT is not your broker and it isn’t sitting beside you when the bank says no.”
Zaman said that a good broker will work with you to prepare an application with a lender that is the right fit resulting in a better outcome. Brokers know internal processes, organisational intelligence and lending considerations whereas AI knows what is published on the internet.
About Ratib Zaman
Ratib Zaman is the Founder and Managing Director of Oxcel Finance and Founder and CEO of Bixcel. Based in Melbourne and operating nationally, Ratib is an Australian finance entrepreneur with experience across finance and mortgage broking, specialist lending, private credit, technology and business development.
He has led Oxcel’s growth from a small finance operation into a growing national finance and mortgage broker network, with monthly finance volumes increasing from approximately $500,000 to around $10 million. Ratib is also leading the development of proprietary technology including Oxcel AI and building Bixcel as a specialist asset finance lending and private credit business.
His long-term vision is to build an integrated Australian financial services ecosystem combining aggregation, lending, technology, AI, education, capital and human support, underpinned by his philosophy that finance is ultimately a people business. Learn more at: oxcel.com.au and bixcel.com.au.
Tess Sanders Lazarus, Chief Publicist
Invigorate PR – Global PR for entrepreneurs and businesses
tess@invigorate.com.au | ipublicrelations.net
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