Most Filipino homeowners are paying 7% to 10% interest on their home loans — when the best refinance rate available today is just 5.99% p.a. Nook compares every major Philippine bank so you don't have to.
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Why this matters
When your bank sets your home loan interest rate, they're not necessarily giving you their best offer — they're giving you what they think you'll accept. Most Filipino homeowners signed their loan documents years ago and have never revisited their rate, even as competition between banks has intensified and rates have shifted. Refinancing your home loan means switching to a new lender (or renegotiating with your current one) to secure a lower rate, which directly reduces your monthly repayment and the total interest you pay over the life of your loan. For a ₱3,000,000 loan, even shaving 2.5 percentage points off your rate can save you over half a million pesos.
The challenge is that comparing banks in the Philippines is genuinely complicated. BDO, BPI, Security Bank, Metrobank, RCBC, UnionBank, Chinabank, and others all advertise headline rates — but actual rates depend on your loan-to-value ratio, your remaining term, your property type, and your income profile. On top of that, each bank has different fixing periods, re-pricing schedules, and fee structures. A rate that looks attractive upfront can become expensive once you account for appraisal fees, documentary stamp tax, and early settlement penalties on your existing loan. If you want to dig deeper into how two of the most popular banks stack up, our BDO vs BPI housing loan interest rate comparison breaks down the key differences in detail.
Nook is the Philippines' first digital mortgage broker, and our service is completely free for borrowers. We work with all the major Philippine banks and lenders, so instead of you spending weeks visiting branches and collecting quotes, we do that comparison on your behalf and present you with the best available offer for your specific situation. There's no obligation and no cost — just a clearer picture of whether refinancing makes sense for you. For more targeted comparisons, you can also explore how Security Bank stacks up against BDO on home loan refinance rates.
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
Most major commercial banks in the Philippines offer home loan refinancing, including BDO, BPI, Security Bank, Metrobank, RCBC, UnionBank, Chinabank, PNB, EastWest Bank, PSBank, and Robinsons Bank. Pag-IBIG (HDMF) also offers a refinancing program for eligible borrowers. Each bank has different eligibility criteria, rate structures, and fixing period options, so comparing across multiple lenders is essential to finding the best deal.
The best refinance rate currently available through Nook is 5.99% p.a., though your actual rate will depend on factors like your loan amount, remaining term, property type, and credit profile. Most homeowners who come to us are currently paying between 7% and 10%, meaning there is often significant room to save. Getting a personalised quote is the only way to know exactly what rate you qualify for.
Refinancing does involve some upfront costs, which typically include a bank appraisal fee (around ₱3,000 to ₱6,000), documentary stamp tax, notarial fees, and registration fees — these can add up to roughly 1% to 2% of your loan amount. Some banks also charge a processing fee or require you to take out mortgage redemption insurance. Nook helps you factor in all of these costs so you can calculate your true break-even point and confirm that refinancing is worth it for your situation.
Many Philippine banks include an early repayment or pre-termination penalty clause, typically applying within the first three to five years of your loan or during a fixed-rate period. This penalty is usually 1% to 2% of the outstanding loan balance. It's important to check your existing loan agreement before refinancing, as this cost needs to be weighed against your projected savings — Nook can help you run those numbers.
The refinancing process in the Philippines typically takes between four to eight weeks from application to loan release, depending on how quickly you can gather documents and how efficiently the bank processes your application. Key steps include document submission, property appraisal, credit evaluation, loan approval, and title transfer. Working with Nook can help streamline this process because we know exactly what each bank requires and can guide you through every step.
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