Macquarie Bank cut its variable interest rate by up to 25 basis points just a few weeks after increasing it by 50 basis points.
Just a few days before the rate rise in July, Commonwealth Bank also cut its lowest variable rate by 0.15%, while ME Bank reduced some of its variable rates.
The rate drops appear to be a push for better market share, with many of the reduced variable rates being offered just for new customers.
Macquarie Bank, which has been trying to gain a bigger foothold in the market, dropped its variable rate on a number of loans for owner occupiers and investors.
The RBA is set to meet again next week with many predicting a further rate increase.
ANZ is predicting the official cash rate will be above 3% before the end of the year. It has tipped successive rate rises in August, September, October and November. However the Commonwealth Bank says the official rate will not go that high.