Cashback home loan deals in April 2025

The Reserve Bank of Australia (RBA) kept the cash rate on hold at 4.10% in its April meeting, leaving borrowers wondering whether more cuts are still on the cards. The answer may be yes, especially in light of the global uncertainty sparked by renewed tariff threats from U.S. President Donald Trump.

While Australia is well placed to handle the direct impact, Treasurer Jim Chalmers has cautioned that broader global shifts could slow economic growth and slightly lift inflation. In response to these developments, ANZ—previously the only big four bank expecting just one cut this year—has revised its forecast to three rate cuts in May, July and August, each by 25 basis points.

If that plays out, the cash rate could fall to 3.35% by August.

While you wait for future rate cuts, some lenders are already offering sharper deals following February’s cash rate cut. It could be worth comparing your options now to see if you’re getting the best possible value.

Cashback deals for refinancers

To win over new customers, some lenders are offering cashback incentives for borrowers who refinance. At the time of writing, around 10 lenders have active cashback offers—most of which are aimed at refinancers. These typically range between $2,000 and $4,000, depending on the lender and the loan size.

Cashback can be used however you like—whether that’s covering refinancing costs, boosting your offset account, or tackling household expenses. But while these offers can be appealing, they shouldn’t be the only reason to switch.

To get the most from refinancing, look beyond the cash and compare interest rates, fees, and features. A well-matched home loan could save you far more over the long term than a one-off incentive.

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