Major banks are considering reductions to fixed-rate home loan offers in the coming days but may not slash their standard variable rates, after Reserve Bank governor Philip Lowe encouraged mortgage customers to use Tuesday's historic interest rate cuts to negotiate better deals in one-on-one conversations with their lenders.

None of the major banks had announced pricing changes on Tuesday evening, after some non-bank lenders, who fund loans from wholesale markets rather than deposits, sliced variable mortgage rates by the full 0.15 per cent of the RBA cash rate cut to make their offerings more competitive.