OTL Dreadnought and the 3 Invincible class battlecruisers were ordered in the 1905-06 Navy Estimates.
Dreadnought
Laid Down 02/10/05
Launched 10/02/06
Completed 31/12/1906
All 3 Invincibles were laid down in 1906, launched in 1907 and completed in 1908.
German's newest battleship was the pre-dreadnought Deutschland the name ship of their last class of pre-dreadnoughts. She was ordered in the German 1903-04 Navy Estimates, laid down in 1903, launched in 1904 and completed in August 1906.
Two battleships were ordered in that programme. The other was Lothringen the last of the Braunchweig class. My spreadsheet says she was laid down in 1902 (but that must be wrong if she wasn't ordered until 1903), launched in 1904 and completed in May 1906.
If the Germans order 2 Nassaus in 1903-04 instead of the pair of OTL pre-dreadnoughts then they are going to order a battle cruiser instead of the armoured cruiser ordered in that year IOTL. This was Roon, the second Yorck class armoured cruiser. She was laid down in 1903, launched in 1904 and completed on 21st November 1905. I doubt that Germany would be able to build a Von Der Tann in her place because AFAIK Germany couldn't make turbines that large so it would have to be built with reciprocating engines.
That would give Germany 6 extra Nassaus instead of the last 6 pre-dreadnoughts and 4 battle cruisers with reciprocating engines instead of Roon, Scharnhorst, Gneisenau and Blücher.
However, the British would simply build more dreadnoughts and battlecruisers to maintain their superiority.
OTL we had the Selbourne programme which was for 3 battleships and 4 armoured cruisers starting in 1903-04. However, that number was only built in 1903-04 and 1904-05. This was cut to one battleship (Dreadnought) and 3 armoured cruisers (which became the Invincible class) due to the heavy Russian losses in their war with Japan. This became the Cawdor Programme of 4 capital ships a year, but only 10 (7 dreadnoughts and 3 battle cruisers (including Australia and New Zealand)) were ordered in the next 3 financial years. However, in 1909-10 there was "We want eight. We won't wait."
So TTL we might see the Selbourne programme being maintained for a few years. Also if British Intelligence works out what the Germans are doing early enough the 2 Lord Nelson class pre-dreadnoughts and 3 Minotaur class armoured cruisers ordered in 1904-05 might be cancelled (or not even ordered in the first place) so that 2 Dreadnoughts and 3 Invincibles could be built in their place.