Most Filipino homeowners are still paying 8% to 10% interest on their home loan — but the best refinance rate available today through Nook is just 5.99% p.a. Here's which banks accept transfers and how to switch without the hassle.
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Why this matters
Bank refinancing in the Philippines works by transferring your existing home loan from one bank to a new lender offering a lower interest rate. Major banks including BDO, BPI, RCBC, Security Bank, Metrobank, and UnionBank all accept inward refinancing transfers — meaning they will pay off your current lender and issue you a new loan at a more competitive rate. The catch? Each bank has its own criteria, rate tiers, documentary requirements, and processing timelines, which makes comparing them on your own both time-consuming and confusing. That's exactly why refinancing your home loan in the Philippines has historically been underused despite the significant savings on offer.
Nook is the Philippines' first digital mortgage broker, and our job is to do that comparison work for you — completely free. We submit your profile to multiple banks simultaneously, negotiate on your behalf, and present you with the best available offer. For a ₱3,000,000 loan balance at a typical bank rate of 8.50%, switching to 5.99% p.a. can reduce your monthly payment by over ₱3,000 and save you more than half a million pesos over the life of your loan. If you want to understand the full process before you start, our complete guide to refinancing with a mortgage broker walks you through every step in plain Filipino-friendly language.
The right time to refinance is when the interest rate gap between your current loan and the market's best rate is large enough to justify the switching costs — typically legal fees, appraisal, and documentary stamps. For most borrowers with five or more years remaining on their loan, the math works strongly in favour of refinancing now. Nook's advisors can calculate your break-even point in minutes and tell you honestly whether a switch makes financial sense for your specific situation.
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
The major banks that accept inward refinancing transfers include BDO, BPI, RCBC, Security Bank, Metrobank, PNB, UnionBank, Chinabank, EastWest Bank, and PSBank. Pag-IBIG (HDMF) also accepts refinancing applications and is worth considering if you qualify, as their rates are often very competitive. Each bank has minimum loan amount requirements and its own eligibility criteria, so not every borrower will qualify at every institution.
The lowest rate currently available through Nook is 5.99% p.a., offered by select partner banks subject to credit and property appraisal approval. Rates vary depending on your loan amount, remaining term, property type, and the bank's current promotional pricing. Nook shops your profile across multiple banks to find the lowest rate you personally qualify for.
Refinancing costs typically include an appraisal fee (around ₱3,500 to ₱6,000), documentary stamp tax, notarial fees, and registration costs — often totalling ₱30,000 to ₱80,000 depending on your loan amount and property location. Some banks waive certain fees as part of promotional refinancing offers, which Nook will flag for you. Nook's service itself is 100% free to borrowers — we are paid by the bank when your loan is approved.
The full refinancing process typically takes 4 to 8 weeks from initial application to loan release, depending on how quickly you can submit complete documents and how fast the receiving bank processes your appraisal. Nook helps you prepare your documents correctly the first time, which significantly reduces delays. Once approved, your new bank settles your old loan directly and issues you a new amortisation schedule at the lower rate.
Yes — many homeowners refinance out of Pag-IBIG loans or in-house developer financing into a commercial bank when better rates become available or when they want longer flexible terms. In-house developer loans in particular often carry rates of 12% to 18%, making refinancing into a bank loan one of the highest-impact financial moves a homeowner can make. Nook can assess your current loan type and match you to banks that specifically accept transfers from these sources.
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