Australia’s borrowers may have to wait weeks for Reserve Bank’s rate cut to reduce their mortgage

Australia's Reserve Bank governor Michele Bullock suggested two or three more rate cuts were possible if inflation continued to ease. Photograph: David Gray/AFP/Getty Images

Mortgage rates will slide after the Reserve Bank announced a third interest rate cut of the year – but borrowers with some major banks may have to wait weeks for relief.

Lenders have lined up to reduce their rates by 0.25%, with 20 banks – including each of the big four – announcing on Tuesday they will pass on the cuts but only two of them doing so immediately.