Australian homeowners are just days away from getting the first glimpse of interest rate relief since 2020. Lenders big and small are gearing up for big changes to their variable mortgage rates after the Reserve Bank of Australia (RBA) dropped the official cash rate last week.

It fell from 4.35 per cent to 4.10 and many banks wasted no time in announcing they would pass on the rate cut in full. Some have earmarked this week for that to happen, while others won't provide rate relief until next week.

Yahoo Finance contributor Graham Cooke revealed that "delaying or withholding parts of a cut can significantly boost the banks’ earnings".

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"If just 28 basis points are held back on $1.5 trillion of mortgages, that equates to over $10 million in additional revenue every day," he wrote in an op-ed.

"Even short delays of a few days can yield millions of dollars in extra interest."

Three lenders got ahead of the banking club last week and dropped their variable rates.

Athena's lowest rate fell to 5.99 per cent on the same day as the RBA's Tuesday announcement, while Transport and Unloan moved their lowest rates to 6.69 per cent and 5.74 per cent, respectively, on Friday.

When will my bank cut interest rates?

Tuesday February 25

• Gateway Bank: Lowest rate falls to 5.60 per cent

Thursday February 27

• Ubank: 5.84 per cent

• Bank First: 5.84 per cent

• Defence Bank: 6.34 per cent

• Qudos Bank: 5.64 per cent

Friday February 28

• NAB: 6.19 per cent

• Commonwealth Bank: 5.90 per cent

• ANZ: 5.84 per cent

• AMP: 5.89 per cent

• Macquarie Bank: 5.89 per cent

• Auswide Bank: 5.74 per cent

• Bankwest: 6.04 per cent

• Firefighters Mutual Bank: 5.74 per cent

• Resi: 5.89 per cent

• Sucasa: 6.05 per cent

• Suncorp: 5.57 per cent

• Teachers Mutual Bank: 5.74 per cent

• Unibank: 5.74 per cent

• Yellow Brick Road: 7.39 per cent

• Border Bank: 5.88 per cent

• Police Bank: 5.59 per cent

Saturday March 1

• Australian Mutual Bank: 5.44 per cent

• Australian Unity: 5.78 per cent

• GMCU: 5.94 per cent

• G&C Mutual Bank: 5.70 per cent

• Unity Bank: 5.74 per cent

• Up Bank: 5.75 per cent

Monday March 3

• Hume Bank: 5.74 per cent

• Southern Cross: 6.23 per cent

Tuesday March 4

• Westpac: 6.19 per cent

• Australian Military Bank: 6.18 per cent

• Bank Australia: 5.13 per cent

• Bank of Melbourne: 6.04 per cent

• BankSA: 6.04 per cent

• BankVic: 5.74 per cent

• Beyond Bank: 5.89 per cent

• Firstmac: 5.89 per cent

• Great Southern Bank: 5.89 per cent

• Heritage Bank: 5.74 per cent

• Homestar: 5.74 per cent

• IMB: 5.79 per cent

• ING: 5.89 per cent

• loans.com.au: 5.74 per cent

• MyState Bank: 5.79 per cent

• People's Choice: 5.64 per cent

• St.George: 6.04 per cent

• RACQ: 5.64 per cent

• The Mutual: 5.64 per cent