We'll hear early next week what the RBA decides in relation to rate cuts. But as we highlighted this week, several banks have been looking to grow their books ahead of a potential rate cut by slashing fixed rates early. So, who did the cutting?

In a bid to score more long-term customers on fixed rates, several first- and second-tier banks have gone ahead of the RBA.

Here's who did the cutting in the last two weeks from a variety of one-, two-, three- and five-year fixed loans:

Source: www.canstar.com.au - 12/05/2025. Based on fixed loans on Canstar's database, excluding special condition loans.

I asked Canstar's Sally Tindal about why we might be seeing this from banks ahead of what's expected to be a rate cut on Tuesday. She said:

"We often see fixed rates start to come down in the lead up to an expected RBA cut as banks price in the possibility of cash rate cuts in the fixed rate term. What is perhaps more interesting is the fact that some variable rates are now also coming down.

"Last Wednesday, CBA cut its lowest advertised variable rate down to 5.84 per cent in a sign the bank is strategically finding its place on the start line for when the RBA fires off the next cash rate cut.

"There’s little coincidence CBA’s variable rate now matches Westpac and ANZ’s. The big banks are fierce competitors when it comes to the fight for market share.

"All of this rate movement is fantastic for consumers but only if they use this competition to their advantage. While we expect the vast majority of banks to pass on the next RBA cut in full to their variable rate mortgage customers, the rate cuts we’ve seen in the lead up to this are typically only reserved for new customers or those prepared to lock in their rate."

Find out more about why banks are cutting rates early from my report earlier in the week.