Philippine banks are offering refinance rates as low as 5.99% p.a. today — but most homeowners are still stuck paying 7% to 10% on their existing loans. Find out what you're really paying and how much you could save.
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Why this matters
Current home loan interest rates in the Philippines vary significantly depending on your bank, your loan vintage, and whether you've ever refinanced. In 2026, the most competitive refinance rates available through a mortgage broker like Nook sit at 5.99% p.a. — a meaningful gap below the 8% to 10% rates that many homeowners locked in during previous repricing cycles. If you haven't reviewed your rate in the last two to three years, there's a strong chance you're overpaying by thousands of pesos every single month. Use our home loan refinance calculator to see exactly how much your current rate is costing you.
The Philippine mortgage market is repricing faster than most borrowers realise. Major banks including BDO, BPI, Security Bank, Metrobank, and RCBC regularly update their fixed-rate offerings, and the best deals aren't always advertised prominently. That's why comparing across multiple lenders — rather than just calling your existing bank — is the single most effective thing you can do to lower your housing costs. Nook does this comparison for you at zero cost, submitting your profile to multiple banks simultaneously and presenting only the offers worth considering. To understand what's been happening with rates over recent months, our interest rate trends guide provides useful context before you decide to move.
Refinancing your home loan in the Philippines is more straightforward than most people expect. The process typically takes four to eight weeks, and the long-term savings almost always outweigh the one-time costs involved. Nook's service is completely free to borrowers — we're compensated by the bank you ultimately choose, which means our incentive is to find you the best possible deal, not the most expensive one. Whether you're mid-term on a BDO loan, coming up for repricing with Metrobank, or simply curious whether you qualify, Nook can assess your situation and surface real, actionable offers from across the Philippine banking market.
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 most competitive refinance rates available in the Philippines right now start at 5.99% p.a. through select banks. Rates vary based on loan amount, remaining term, and your credit profile, but most borrowers Nook works with secure rates between 5.99% and 7.50% — well below the 8% to 10% many are currently paying.
The lowest available rate changes regularly as banks adjust their offerings, which is why comparing across multiple lenders at the same time is so important. Nook simultaneously submits your profile to BDO, BPI, Security Bank, Metrobank, RCBC, and others so you receive competing offers and can choose the best one — rather than only seeing what your current bank is willing to offer.
A simple benchmark: if you're paying above 7.50% p.a. on your existing home loan, you are almost certainly eligible for a lower rate through refinancing. You can get a precise picture in minutes using our free refinance savings calculator, which shows your current repayment versus what you'd pay at today's best available rate.
There are standard closing costs involved in refinancing — typically covering documentary stamps, appraisal, and legal fees — but these are usually recovered within the first year of lower repayments. Our guide to refinancing closing costs breaks down exactly what to expect so there are no surprises. Nook's service itself is 100% free to borrowers.
Yes — most Philippine banks allow refinancing even if you're mid-term on your current loan, provided you meet standard eligibility criteria such as a clean payment history and sufficient remaining loan balance. The key is ensuring the rate reduction is large enough to justify any prepayment penalties your existing bank may charge, which Nook will assess for you before recommending a move.
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