Pravin Mahajan, founder and CEO of Bheja.ai, is reshaping the mortgage broking industry by fusing decades of fintech expertise with artificial intelligence. His transition into mortgage broking in mid-2025, after more than 20 years of building technology platforms in banking and personal finance, offers a rare perspective on how technology can simplify one of Australia’s most complex financial decisions—securing a home loan.
Mahajan’s career has spanned customer experience systems, digital comparison websites, and fintech platforms, all designed to change how Australians interact with financial services. But his firsthand experience as a broker revealed the true weight of the mortgage process for both clients and advisers. That realisation inspired Bheja.ai, a digital platform aimed at reducing stress, increasing transparency, and positioning brokers as lifelong advisers rather than transactional intermediaries.
A Technology-Led Shift in Mortgage Broking
The mortgage industry has long been criticised for its complexity, jargon, and hidden costs. But Mahajan sees a positive evolution underway. According to him, the most promising development is the “customer-first transparency” that technology is driving. Borrowers today demand clarity around fees, rates, and features, and brokers are increasingly equipped with tools that provide this information in real time.
Open banking, introduced under Australia’s Consumer Data Right (CDR) framework in 2020, has been central to this shift. It allows borrowers to securely share their financial data with brokers and lenders, enabling faster assessments and more personalised loan recommendations. Mahajan believes this regulatory innovation, combined with AI-driven tools, is redefining the broker’s role.
Instead of merely securing loans, brokers are now seen as financial co-pilots. With access to real-time insights, brokers can anticipate refinancing opportunities, highlight better loan products, and even guide clients on long-term wealth strategies. This expanded role elevates brokers from transactional operators to trusted advisers.
Challenges That Push Innovation
Yet the path forward is not without obstacles. Mahajan identifies two persistent challenges in broking: the overwhelming complexity of lender requirements and the low level of client engagement after a loan is settled.
Every lender operates with different tools, policies, and approval criteria. For new brokers, this patchwork of systems can be a steep learning curve. For clients, it translates into long waits, excessive paperwork, and uncertainty. Mahajan sees these as prime areas where AI can automate repetitive processes, detect anomalies early, and reduce manual errors.
The second challenge—client retention—reflects a behavioural blind spot. Research from the Reserve Bank of Australia shows that many Australians stay with the same lender for years despite the availability of better deals, effectively paying thousands more in interest. Mahajan argues that digital engagement tools, such as automated loan health checks and refinancing reminders, could bridge this gap. By embedding ongoing service into the broker-client relationship, the industry could improve both customer outcomes and broker sustainability.
Lessons From the Frontline
For Mahajan, broking has been more than a business experiment—it has been a humbling education. Each loan application, he says, exposes a new quirk of lender policy or system requirement. While frustrating at first, he now sees this as the profession’s strength: brokers become better with every case, sharpening their ability to solve diverse financial puzzles.
This hands-on exposure has reinforced one principle—continuous learning is essential. Mortgage broking is not static. Market conditions, lending policies, and customer expectations evolve constantly. Brokers who embrace curiosity and adaptability will thrive, while those who cling to outdated methods risk being left behind.
The Role of AI and Open Banking in the Future of Broking
Looking ahead, Mahajan positions Bheja.ai not as a replacement for brokers but as an enabler. By combining AI algorithms with open banking data, the platform aims to provide real-time loan insights, automated compliance checks, and predictive refinancing alerts.
Imagine a borrower whose interest-only period is set to expire. Instead of waiting until repayments spike, AI could proactively notify the broker and client, recommend refinancing options, and even prepare draft applications—all while maintaining compliance with responsible lending obligations.
For brokers, such technology translates to more time spent on client strategy and less on administrative tasks. For borrowers, it means peace of mind that their financial position is continuously monitored and optimised.
Advice for New Brokers
Mahajan is candid about the steep learning curve in broking. His advice for newcomers is simple but practical:
- Be patient and persistent. Early challenges with lender systems can feel overwhelming, but each case builds confidence.
- Stay curious. The industry evolves quickly; new regulations, technologies, and client behaviours demand constant adaptation.
- Leverage community. Broker groups, mentors, and shadowing opportunities provide invaluable guidance.
- Prioritise trust. Clients may forget the exact rate you secured, but they will remember clear communication, transparency, and ongoing support.
He stresses that this is a relationship-driven business. Technology may streamline processes, but it cannot replace the trust built through human connection.
Why Mahajan’s Vision Matters for the Broking Industry
Mahajan’s journey reflects broader forces reshaping financial services. Australia’s mortgage market, valued at more than $2 trillion, is both highly competitive and highly regulated. Brokers now account for over 70% of all home loan settlements, according to the Mortgage & Finance Association of Australia. This dominant position comes with responsibility—to ensure clients receive not just competitive deals but also ongoing support.
In this context, Mahajan’s approach aligns with consumer expectations. Australians are increasingly comfortable with digital platforms but still want personalised, trusted advice when making major financial decisions. By blending AI with human expertise, Mahajan is attempting to strike this balance.
The Bigger Picture: From Transactions to Partnerships
Mahajan’s philosophy reframes the broker-client relationship as a long-term partnership rather than a one-off transaction. In practical terms, this means:
- Proactive refinancing strategies: Clients should not have to wait for rate hikes to consider switching loans.
- Ongoing financial health checks: Brokers can use technology to review a client’s situation annually, much like a GP checks physical health.
- Education and empowerment: Clear, jargon-free communication helps clients make confident decisions.
This shift is significant. If adopted widely, it could redefine how Australians engage with mortgages—transforming an often stressful experience into a structured journey toward financial security.
A Final Word
For Pravin Mahajan, mortgage broking is not just about securing loans but about reshaping how Australians think about home ownership and financial stability. His blend of fintech expertise and frontline broking experience positions him as a unique voice in the industry’s transformation.
The message is clear: technology alone is not the solution. What matters is how technology is used to enhance trust, transparency, and client empowerment. As brokers continue to adopt AI and open banking tools, those who keep people at the centre of the process—like Mahajan—will likely define the future of mortgage broking in Australia.
