That Home Loan Hub
Welcome to That Home Loan Hub, your ultimate guide to mastering the world of home loans and property. I'm Zebunisso Alimova, here to simplify the complexities of real estate and provide you with expert insights and the latest trends.
Whether you're a first-time homebuyer, an experienced investor, or simply curious about the property market, this podcast is for you. Join me each week as we unlock the secrets to property success and help you make informed decisions. Let's dive into the world of property together!
That Home Loan Hub
When Algorithms Meet Empathy: The Future of Home Loans
Could artificial intelligence replace your mortgage advisor? That's the question we tackle head-on with Kunj in this thought-provoking follow-up to our previous discussion on AI's growing influence across industries.
While AI technology is revolutionising the mortgage application process with faster assessments and streamlined approvals, we discover why the human element remains irreplaceable. Kunj explains how mortgage advisors provide crucial advocacy when bank algorithms reject complex applications that don't fit neatly into standard parameters. Through real-world examples, we explore how AI's black-and-white approach to affordability misses the nuanced understanding that experienced advisors bring to the table.
The conversation takes a deeper turn as we discuss the emotional aspects of property purchases that AI simply cannot comprehend. When you're buying a home—not just a mortgage—you're making decisions about where you'll create memories, raise children, and build your future. These emotional factors, along with renovation plans and life circumstances, require human empathy and understanding that algorithms lack. We highlight how this emotional intelligence, combined with technical expertise, allows advisors to structure truly personalised solutions rather than the one-size-fits-all approach of digital tools.
The episode concludes with our vision for the future: not AI versus humans, but AI with humans—a powerful partnership that combines technological efficiency with genuine human connection. For anyone navigating the property market or considering their mortgage options, this discussion offers valuable insight into getting the best of both worlds in your financial journey. Ready to learn more about making smart property decisions? Reach out about our upcoming webinars where we break down complex concepts into plain, simple English to help you get ahead.
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Hello, and welcome back to the episode with Kunj. Hey, kunj, hello, how are we Good? Good to have you back. Thank you, it's good to be back. Yeah, let's address something here that's very important to our day and age. You know, a few episodes ago, I did an episode with Panos from Adapt and Fly and we talked about how the future is AI. Yes, and as scary as it sounds, I think it's also hitting our industry. Yep, right, yeah, and let's talk about the pros and cons of AI in our industry today and how it can affect the consumer.
Speaker 2:Yeah, well, AI, you know, is making things a lot simpler, a lot faster. It's doing the thinking for you as well. So I guess, in terms of our industry, it's helping with the application process and things like that. However, you're still going to need a human hand to help in some cases, such as if your application is complex, so complex applications come through all the time. Everything's not just black and white, and I think AI is built for just that black and white, fitting into that standard status quo. You know simple, you know you're working, you've got the deposit and it passes the servicing criteria.
Speaker 1:Yeah. So it's interesting because AI just really looks at can you afford or you can't afford, versus when we look at the application should you be able to afford that or not, you know and we actually dig deeper with the clients and there have been cases recently where the bank's algorithms would decline the application because AI just wouldn't like certain bits of it as you say.
Speaker 1:But this is where the power of mortgage advisor comes in, where we can overturn and we can actually get a human to go behind and dig behind it and look further. Yes, ai does speed up certain bits of the application, but I think it's not going to replace the industry entirely, as we just discussed. Off the record, you know, you still need a human with empathy, you still need someone that cares for you and listens and understands you.
Speaker 2:Yeah, well, I mean, like people have stories right, like I think we covered off in the other episode about debt collection and how you went into default and things like that and that's because a life moment may have happened but you can't tell AI that. So you need a human to understand the story of why it happens and you need a human to mitigate that fact and help you out and get that approval across the line to overturn it yeah, exactly, exactly that.
Speaker 1:So you just nailed it on the head. So, basically, when we look at the purchase, when you guys are buying a house, you're not getting a mortgage. You're buying a. Yeah, you're buying a place to make a home. Yeah, you are not getting just a home loan fixed for five years. Yeah, you're getting a place where you can raise your children. Yes, where you can play ball with your dog.
Speaker 1:Yeah, you are buying with emotion. You're looking at the color of the kitchen, you're looking at the bathrooms and everything else. So this is the most important thing to understand and recognize is that we know you're buying a home and how can we make this home work for you, versus AI just looks at purely the numbers of does this number reflect the current market? And gives you algorithms of what your loan structure should look like, but it's not interested in what sort of renovations are you going to do to it or what sort of plan you've got in the future as well. So I think humans are not going to be replaced anytime soon. No, we just need to learn how to work better and faster. Yeah, using ai, but that emotional side of things will remain yeah, I mean, like ai is um database, isn't it?
Speaker 2:so it is actually a human putting in data to to create that ai, to you know, to be able to, to do what AI is currently doing. So it's still a human base.
Speaker 1:Yeah, exactly, exactly, and I think it's important for people to understand that when they're sitting there and searching online for the best mortgage, for the best deal, yes, you may click some buttons and yes, you may get a pre-approval on the bank's app, but if you don't have another human to talk to and bounce your ideas, then what's?
Speaker 2:the point yeah, you could be picking the wrong structure, the wrong wrong. You know product as well.
Speaker 1:Yeah, exactly, and then getting trapped into something that you don't want to be trapped in and it will be really hard to get out of it, yeah. So, to wrap it up, a quick and easy episode on AI is not going to replace us. No, we are not going anywhere.
Speaker 2:We're not going anywhere.
Speaker 1:And if you do want personalized advice, I think a broker, an advisor that understands their stuff, coupled with powerful AI technology, is a match made in heaven.
Speaker 2:Yep, yep definitely a good match there.
Speaker 1:Yeah, awesome. Well, thank you, Conch, and hey guys, don't forget I do run some awesome webinars. So if you do want to learn more about housing, how to get onto the property later or how to expand your property portfolio, feel free to reach out, where I talk plain, simple English and make you understand what's important so you can get ahead. Thank you, thank you, bye.
