The big banks are tipped to hold back some of the benefit of any official interest rate cut from their customers as the lenders try to ease pressure on their profit margins.

Market watchers tip a rate cut could come as early as the next meeting of the board of the Reserve Bank on May 7, following the release of weaker-than-expected inflation numbers on Wednesday.

There would likely be only small savings for variable rate mortgage holders if the Reserve bank was to cut the cash rate. Credit:AAP

Experts say any rate cut occurring during federal election campaign would inevitably see the big banks come under pressure from both sides of politics to pass on the benefits to borrowers.

But Martin North, the founder of Digital Finance Analytics, said he expected the big banks to pass on only some of a cut to their variable rate mortgage holders as they grappled with higher funding costs.