EastWest Bank vs Security Bank

EastWest Bank vs Security Bank: At a Glance for Self-Employed Borrowers

Both EastWest Bank and Security Bank are Nook partner banks that accept self-employed borrowers — including sole proprietors, professionals, freelancers, and business owners. However, there are meaningful differences in their rates, income thresholds, and processing timelines that can significantly affect your monthly cash flow and approval likelihood.

The table below summarises the key figures you need to know before applying. Note that interest rates are subject to change — always verify current rates before submitting your application.

Interest Rate Comparison: How Much Can You Actually Save?

For self-employed borrowers, every basis point counts — irregular income means you need predictable, manageable monthly payments. EastWest Bank's rates are consistently 1.00 to 1.26 percentage points lower than Security Bank's across all fixed-rate periods, and this difference compounds into real peso savings over the life of your loan.

Let's look at a concrete example using a 3,000,000 home loan over 20 years:

For a self-employed borrower managing business cash flow, saving over 21,000 pesos annually is meaningful — that's money that stays in your working capital. If you're currently paying 8% or more with another lender, refinancing to EastWest Bank through Nook could save you significantly more. See how the rate gap also affects salaried borrowers comparing these two banks.

Income Requirements: Who Qualifies?

This is where the two banks diverge most practically for self-employed Filipinos. EastWest Bank requires a minimum monthly income of 40,000, while Security Bank sets its floor at 50,000 per month. That 10,000-peso gap may seem small, but it determines eligibility for many small business owners, freelancers, and self-employed professionals whose documented income sits in the 40,000–50,000 range.

What counts as income for self-employed applicants?

Both banks will look at your ITR (Income Tax Return), audited financial statements, and business registration documents. Banks typically use your average annual net income over the past two years, divided by 12, to determine your qualifying monthly income. Key documents you'll likely need include:

• Latest 2 years' ITR (BIR Form 1701 for sole proprietors or professionals)
• Audited Financial Statements for the past 2 years
• DTI or SEC business registration
• Mayor's Permit / Business Permit
• Bank statements (typically 6–12 months)
• Valid government-issued IDs

Security Bank explicitly lists Freelancer as an accepted employment type in addition to Self-Employed and Professional, which may be an advantage for those with gig-based or project-based income who can document earnings through contracts and remittance records rather than traditional ITRs.

Loan Purposes Accepted

Both banks are broadly flexible in what they'll finance. Whether you're purchasing a ready-for-occupancy property, refinancing an existing home loan, funding a renovation, or accessing home equity for business capital, both EastWest Bank and Security Bank cover the full range of common use cases.

For self-employed borrowers looking to tap their home's equity for business expansion or capital infusion, EastWest Bank's Home Equity rate of 6.25% is meaningfully cheaper than Security Bank's 7.50% — a 1.25 percentage point difference on what is often a larger lump-sum draw.

Approval Speed and Processing

Time is money for business owners. EastWest Bank's typical approval timeline of 19 days gives it a 4-day edge over Security Bank's typical 23 days. While both are reasonable for Philippine bank standards, faster approval matters when you're trying to lock in a property, close a refinance before a rate repricing, or access home equity at a critical moment for your business.

Applying through Nook streamlines the process for both banks — Nook's mortgage specialists help you prepare your documents correctly the first time, reducing the risk of back-and-forth that can extend timelines. Nook's service is 100% free to borrowers; the bank pays the broker fee.

Which Bank Is Better for Your Specific Situation?

Choose EastWest Bank if:

• Your documented monthly income is between 40,000 and 50,000 (you may not qualify for Security Bank)
• You want the lowest available rate — 5.99% p.a. on a 1-year fixed is the best rate currently available through Nook
• You're refinancing and want to reduce your monthly payment as much as possible
• You want a 7-year fixed rate option for longer payment certainty
• You need a home equity loan at the most competitive rate possible

Choose Security Bank if:

• Your income is well above 50,000 per month and rate difference is less of a priority
• You identify primarily as a freelancer and want a bank that explicitly lists this employment category
• You've had a prior relationship with Security Bank and want to continue that banking relationship
• Your specific property or transaction type has been pre-approved or recommended by a Security Bank officer

Not sure which bank is right for your income profile and property type? Read real borrower experiences with both EastWest and Security Bank to get a ground-level view of how each bank handles self-employed applicants in practice.

How to Apply Through Nook (Free for Borrowers)

Nook is the Philippines' first digital mortgage broker. As a Nook partner, both EastWest Bank and Security Bank are available for comparison and application in one place — at zero cost to you. Here's how it works:

1. Submit your details online — takes about 5 minutes on nook.com.ph
2. Get matched — Nook's specialists review your income profile, property type, and goals to recommend the best-fit bank and loan structure
3. Prepare your documents — Nook guides you through exactly what self-employed borrowers need to submit, reducing errors and delays
4. Apply — Nook submits your application to the right bank on your behalf
5. Get approved — track your application status through Nook's platform

There are no hidden fees. Nook is compensated by the bank, not by you. This means you get expert mortgage broker guidance — the kind that used to cost tens of thousands of pesos — completely free.

Note: All rates cited on this page are subject to change. Please verify current rates with EastWest Bank, Security Bank, or through Nook before submitting your application.