Most Australians Now Open to AI Loan Applications
New Experian research finds 59% of credit-active Australians would let an AI agent apply for a loan on their behalf, but data security concerns persist.
A majority of credit-active Australians — 59 per cent — would be comfortable with an AI agent lodging a home loan or credit card application on their behalf. That is the headline finding from Experian's AI in Risk: The Rise of Agentic Commerce research, commissioned with Forrester Consulting in July 2026. The Adviser reports on the Australian results, which are drawn from 481 Australians who had applied for credit in the previous 12 months.
The finding suggests consumer willingness to use AI in lending has moved well beyond the information-gathering phase and into the application process itself.
What Australians Are Prepared to Let AI Do
Consumer confidence in AI agents was strongest in the research and comparison phase, where the tool does the legwork rather than making final decisions. Nearly eight in ten respondents (79 per cent) said they trusted large language models to compare loans offered by different providers. A further 81 per cent said they would be comfortable with an agent searching for the best offer and compiling results, while 77 per cent would be comfortable with an agent negotiating a better deal.
Comfort extended further into the application process than many industry observers may have expected. Nearly seven in ten respondents (69 per cent) would be comfortable with an AI agent completing identity checks, and 68 per cent would permit an agent to accept a loan offer where it met preset criteria. The study also found that 63 per cent of respondents would be comfortable sharing personal financial information — including credit scores and bank statements — with an AI tool in exchange for more accurate and personalised recommendations.
The appetite for AI assistance in ongoing loan management was similarly strong. More than three-quarters of respondents (78 per cent) said they would value alerts when they were at risk of missing a payment or entering overdraft, and 77 per cent said they would want an agent to detect unusual charges and notify them immediately.
Why Borrowers See the Value
Experian's research identified a clear practical logic driving consumer interest. Four in five respondents (80 per cent) believed an AI agent could compare more loan options than they could themselves. A further 78 per cent said an agent could help save money by identifying better prices or rates, and 76 per cent said AI could reduce the chance of overlooking significant details such as hidden fees or contractual terms.
Experian Australia and New Zealand CEO Andrew Black said the findings pointed to genuine interest in tools that reduce the effort involved in researching and comparing financial products.
"Australians surveyed are open to using AI when researching and comparing financial products, with the findings showing clear interest in tools that can save time and make it easier to consider different offers," Black said.
These are not abstract benefits. For a borrower comparing home loans across variable rates, fixed rates, offset features, and repayment structures, the cognitive load is real. If an AI agent can systematically assess dozens of products and identify which best fits a borrower's profile, the time saving is substantial.
The Friction Point: Trust and Data Security
Despite the strong appetite for AI assistance, the research was clear that data security and privacy concerns will determine whether the technology gets broad adoption. Four in five respondents (80 per cent) identified the risk of personal data being accessed or misused as a leading concern. Nearly three-quarters (74 per cent) said they would feel more comfortable using an AI tool linked to a financial provider they already trust.
That second finding matters. It suggests that brand equity and institutional trust will be just as important as the capability of the underlying technology. An AI tool from a lender or broker the borrower already has a relationship with will receive far more latitude than an unfamiliar platform, regardless of how sophisticated the technology is.
Andrew Black highlighted the consent and authorisation challenge that banks and lenders will need to solve as AI takes on more stages of the application process.
"As AI agents begin to support more parts of the loan application process, banks and lenders will need clear methods to confirm that an agent has permission to act for a customer," he said. "It is also important for banks and lenders to protect customers' information and explain clearly what an AI agent is authorised to do on behalf of the customer."
What This Means for Borrowers Today
AI agents capable of the full application journey described in Experian's research are not yet mainstream in the Australian market. The practical tools available today — comparison tables, repayment calculators, and digital application portals — cover the first stages of what Experian's respondents said they would trust AI to handle. The research suggests consumer appetite for more is well ahead of the industry's current delivery.
For borrowers right now, the most actionable insight is that the comparison work AI does particularly well is something you can replicate manually with the right tools. Start with a repayment calculator to understand what different loan structures and rates cost you across the life of a loan. Use the refinance savings calculator to quantify what switching products would mean for your monthly budget.
If you are new to the market, reviewing first home buyer loan options alongside the cheapest variable and fixed rates is a logical starting point — with or without AI assistance.
The Experian data suggests most Australians are already comfortable with technology playing a bigger role in their loan decisions. The industry now needs to build the consent frameworks and data-security infrastructure to meet that appetite.
The Adviser reports on the full Experian and Forrester Consulting research from July 2026.