If you took out a Bank of Commerce home loan a few years ago, you could be paying 2% to 3% more than necessary. Nook connects you to lenders offering rates as low as 5.99% p.a. — at zero cost to you.
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Why this matters
Bank of Commerce offers home loans, but like many mid-tier banks in the Philippines, their repricing rates over time can quietly push your effective interest rate higher than what the broader market is offering. If your loan has repriced once or twice since you first took it out, there's a strong chance you're now sitting on a rate between 8% and 9.5% — while other banks are actively competing for your business at significantly lower levels. Refinancing is simply the process of moving your outstanding balance to a new lender at a better rate, and it can translate to thousands of pesos in monthly savings. You can check current mortgage interest rates in the Philippines to see exactly how your BOC rate stacks up today.
The refinancing process in the Philippines typically involves a new loan application, property appraisal, and title transfer at the Registry of Deeds — but with Nook handling the coordination, most borrowers find it far less complicated than they expected. Nook submits your profile to multiple banks simultaneously and presents you with the best available offers, so you're not spending weeks calling each bank individually. Our service is completely free to borrowers; the bank pays us a referral fee only if you proceed, which means we're incentivised to find you the best deal, not just any deal.
For a Bank of Commerce borrower with a ₱3,000,000 outstanding balance and around 20 years remaining, switching to a 5.99% rate could reduce monthly repayments by roughly ₱3,900 — that's over ₱46,000 saved in the first year alone. Even after accounting for refinancing costs like documentary stamp tax and registration fees (typically 1–2% of the loan amount), most borrowers break even within 12 to 18 months and come out significantly ahead over the remaining life of their loan. If you're considering other banks for comparison, it's also worth reviewing BPI housing loan requirements as BPI is consistently one of the most competitive refinancing destinations in the Philippines.
How it works
Enter your loan details into our calculator. Instantly see what banks are offering right now and how much you'd save each month. No personal information required.
If the numbers make sense, book a free call. Your consultant compares offers from 15+ banks — something that would take you weeks to do on your own — and recommends the best option for your situation.
We manage the entire application, documentation, and bank coordination. You sign where we tell you. Your new lower payment starts next month. Nook's service is completely free — we're paid by the receiving bank.
Common questions
Yes, absolutely. There is no restriction on moving your outstanding home loan balance from Bank of Commerce to another lender. The new bank pays off your BOC loan in full, and you begin repaying the new bank under a fresh loan agreement with the new (lower) interest rate.
Typical refinancing costs in the Philippines include documentary stamp tax (0.375% of the loan amount), registration and notarial fees, and a property appraisal fee — usually totalling between 1% and 2% of your loan balance. Nook's service itself is 100% free to borrowers, and we'll give you a clear cost estimate before you commit to anything.
From application to loan release, refinancing in the Philippines generally takes 4 to 8 weeks depending on the receiving bank and how quickly documents are submitted. Nook helps streamline this by preparing your documents and coordinating with the bank on your behalf, which typically keeps things moving faster than applying alone.
Bank of Commerce, like most Philippine lenders, may charge a pre-termination fee if you refinance during a fixed-rate lock-in period — commonly within the first 3 to 5 years of the loan. Once your lock-in period has expired, you are generally free to refinance without penalty. Check your loan documents or contact BOC directly to confirm your current lock-in status.
Through Nook, the lowest rate currently available is 5.99% p.a. on a fixed-rate term, subject to credit assessment and property valuation. Rates vary by loan amount, loan-to-value ratio, and borrower profile, but most refinancing applicants through Nook qualify for rates meaningfully below what they were paying at their original bank.
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