EastWest Bank vs Security Bank: Rate Comparison
Both EastWest Bank and Security Bank are Nook partner banks, meaning you can apply to either — or both — through Nook's free digital mortgage broker service. Below is a direct comparison of their published home loan rates.
| Fixed Period | EastWest Bank | Security Bank |
|---|---|---|
| 1-Year Fixed | 5.99% p.a. | 6.99% p.a. |
| 3-Year Fixed | 6.25% p.a. | — |
| 5-Year Fixed | 6.49% p.a. | 6.75% p.a. |
| 7-Year Fixed | 7.00% p.a. | — |
| Home Equity | 6.25% p.a. | 7.50% p.a. |
Interest rates are subject to change. Please verify current rates with the bank or through Nook before making a decision.
What the Rate Difference Actually Costs You
Rate differences can look small on paper, but over a 20-year loan they translate into real money. Here's how the 1-year fixed rates compare on a ₱3,000,000 home loan over 20 years:
- EastWest Bank at 5.99%: Estimated monthly repayment of approximately ₱21,478
- Security Bank at 6.99%: Estimated monthly repayment of approximately ₱23,259
- Monthly difference: approximately ₱1,781
- Annual difference: approximately ₱21,372
Over the life of the first fixed period, that's a meaningful saving — especially if you plan to refinance again at repricing. Borrowers who are currently paying 8% or higher on an existing home loan stand to save even more by refinancing through Nook.
Eligibility and Requirements Compared
| Requirement | EastWest Bank | Security Bank |
|---|---|---|
| Minimum Monthly Income | ₱40,000 | ₱50,000 |
| Maximum DTI Ratio | 40% | 40% |
| Typical Approval Time | 19 days | 23 days |
| Private Employed | ✓ | ✓ |
| Government Employed | ✓ | ✓ |
| BPO Workers | ✓ | ✓ |
| OFW / Seafarer | ✓ | ✓ |
| Self-Employed | ✓ | ✓ |
| Professional | ✓ | ✓ |
| Freelancer | — | ✓ |
EastWest Bank's lower income threshold makes it accessible to a wider range of borrowers, including those in mid-level roles or early in their careers. Security Bank's acceptance of freelancers gives it an edge for gig economy workers and independent contractors who may not fit traditional employment categories.
Loan Purposes Supported
Both banks support a wide range of home loan purposes through Nook:
| Loan Purpose | EastWest Bank | Security Bank |
|---|---|---|
| Refinancing | ✓ | ✓ |
| Ready For Occupancy (RFO) | ✓ | ✓ |
| Pre-Selling | ✓ | ✓ |
| New Construction | ✓ | ✓ |
| Home Equity | ✓ | ✓ |
| Renovation | ✓ | ✓ |
| Reselling | ✓ | ✓ |
| Foreclosed Property | ✓ | ✓ |
If you're exploring how Security Bank compares against other lenders, you may also find our Landbank vs Security Bank home loan comparison useful — particularly if you're considering government-backed lending options alongside private bank alternatives.
Which Bank Is Right for You?
Choose EastWest Bank if:
- You want the lowest possible starting rate (5.99% p.a. for 1-year fixed)
- Your monthly income is between ₱40,000 and ₱50,000
- You want faster approval and a broader range of fixed-period options
- You're refinancing an existing home loan and want to minimize interest costs immediately
Choose Security Bank if:
- You're a freelancer or independent contractor needing flexible income documentation
- You prefer a longer fixed period and want a competitive 5-year rate
- You have a higher income and are comfortable with the ₱50,000 minimum
Not sure which one fits your profile? Nook's service is 100% free — our brokers will match you to the best bank based on your loan amount, income, and goals. If you're also comparing Security Bank against other major lenders, check out our Asia United Bank vs Security Bank comparison for another perspective.
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Compare My Options →Frequently Asked Questions
What is the lowest home loan rate available from EastWest Bank and Security Bank?
EastWest Bank currently offers the lower starting rate at 5.99% p.a. for a 1-year fixed period. Security Bank's lowest rate is 6.75% p.a. for a 5-year fixed period. Both rates are available through Nook at no cost to the borrower. Note that rates are subject to change — verify current figures before applying.
How do EastWest Bank and Security Bank compare for refinancing?
Both banks support home loan refinancing. EastWest Bank has an advantage for most refinancers due to its lower 1-year fixed rate of 5.99% p.a. and a lower minimum monthly income requirement of ₱40,000. If you're currently paying 7% or more on your existing loan, refinancing through EastWest via Nook could reduce your monthly repayments significantly.
Can I apply to both EastWest Bank and Security Bank through Nook?
Yes. Nook is a digital mortgage broker that works with multiple partner banks including both EastWest Bank and Security Bank. You submit one application and Nook finds the best match for your situation — all at no cost to you. There are no broker fees charged to the borrower.
Which bank approves home loans faster — EastWest or Security Bank?
EastWest Bank has a typical approval time of 19 days, compared to Security Bank's 23 days. If speed of approval is a priority — for example, if you're on a tight timeline to close a property purchase — EastWest Bank may be the better option.
What is the minimum income requirement for EastWest Bank and Security Bank home loans?
EastWest Bank requires a minimum monthly income of ₱40,000, while Security Bank requires ₱50,000 per month. Both banks use a maximum debt-to-income (DTI) ratio of 40%, meaning your total monthly debt obligations — including the new home loan — should not exceed 40% of your gross monthly income.
Does Security Bank accept freelancers for home loans?
Yes. Security Bank accepts freelancers as eligible borrowers, which is an advantage over EastWest Bank which does not list freelancers as a supported employment type. If you work independently or on project-based contracts, Security Bank may be the more accessible option for you.
How much can I save by refinancing to EastWest Bank's 5.99% rate?
The savings depend on your current rate and outstanding loan balance. As an example, on a ₱3,000,000 loan over 20 years, switching from 8% to 5.99% p.a. could reduce your monthly repayment by over ₱3,000 — saving more than ₱36,000 per year. Use Nook's free refinancing calculator or speak to a Nook broker to get a personalized estimate based on your actual loan.