GoTyme vs Security Bank: Home Loan Overview
When Filipino homeowners search for the best home loan or refinancing option, comparing banks side by side is essential. In this comparison, we look at GoTyme Bank and Security Bank — two very different financial institutions with very different home loan offerings.
GoTyme Bank is a digital bank launched in 2022 as a joint venture between the Gokongwei Group and Tyme Group. It has grown quickly in the Philippines thanks to its user-friendly app and accessible savings products. However, as of the time of writing, GoTyme does not offer a dedicated home loan or mortgage refinancing product. Their current offerings are focused on deposit accounts, personal loans, and debit/credit card products.
Security Bank, on the other hand, is one of the Philippines' established universal banks with a full suite of home loan products — including refinancing, home equity loans, new construction, and pre-selling purchases. For homeowners specifically looking to refinance, Security Bank is a clear and practical option.
Note: Interest rates and product availability are subject to change. Always verify current offerings directly with the bank or through a licensed mortgage broker.
Interest Rate Comparison
| Feature | GoTyme Bank | Security Bank |
|---|---|---|
| 1-Year Fixed Rate | Not Available | 6.99% p.a. |
| 5-Year Fixed Rate | Not Available | 6.75% p.a. |
| Home Equity Rate | Not Available | 7.50% p.a. |
| Home Loan Products | No mortgage products currently offered | Refinancing, Home Equity, New Construction, Pre-Selling, RFO, Renovation, Reselling, Foreclosed |
For homeowners currently paying rates of 8%, 9%, or even 10% or more on their existing mortgage, switching to Security Bank through Nook at 6.75% fixed for 5 years could represent significant monthly savings. For example, on a loan of 3,000,000 over 20 years, moving from 9% to 6.75% could reduce your monthly payment by approximately 4,200 pesos — saving over 1,000,000 pesos in total interest over the life of the loan.
Eligibility and Requirements
| Requirement | GoTyme Bank | Security Bank |
|---|---|---|
| Home Loan Available | No | Yes |
| Minimum Monthly Income | N/A (no home loan) | 50,000 |
| Maximum Debt-to-Income Ratio | N/A | 40% |
| Employment Types Accepted | N/A | Private, Government, BPO, OFW/Seafarer, Self-Employed, Professional, Freelancer |
| Typical Approval Time | N/A | 23 days |
Security Bank's inclusive eligibility criteria make it accessible to a wide range of Filipino borrowers — including OFWs, freelancers, and BPO workers who are sometimes underserved by traditional banks. If you're comparing other lenders alongside Security Bank, you may also find our Landbank vs Security Bank comparison useful for context on how Security Bank stacks up against another major Philippine institution.
Loan Purposes Supported
Security Bank supports a wide variety of home loan purposes, making it versatile whether you're a first-time buyer, an investor, or a homeowner looking to tap equity or refinance:
- ✅ Refinancing (ideal for lowering your current rate)
- ✅ Home Equity (borrow against your property's value)
- ✅ New Construction
- ✅ Pre-Selling
- ✅ Ready for Occupancy (RFO)
- ✅ Renovation
- ✅ Reselling
- ✅ Foreclosed Properties
GoTyme currently does not offer any of these home loan purposes, as they have not launched a mortgage product as of publication.
Why Apply Through Nook?
Nook is the Philippines' first digital mortgage broker, and applying through Nook for a Security Bank home loan is 100% free for the borrower. Nook's team of mortgage specialists handles the paperwork, negotiations, and bank coordination on your behalf — saving you time and potentially securing better terms than applying directly.
Because Nook works with multiple lenders, they can also compare Security Bank's offer against other partners to ensure you're getting the best deal available. You can also explore how Security Bank rates compare in other head-to-head analyses, such as the Philippine Veterans Bank vs Security Bank comparison, to see how competitive Security Bank really is.
The best refinance rate currently available through Nook is 5.99% p.a. — well below what most Filipino homeowners are paying today.
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Compare My Options →Frequently Asked Questions
Does GoTyme Bank offer home loans or mortgage refinancing?
As of the time of writing, GoTyme Bank does not offer home loans or mortgage refinancing products in the Philippines. Their current product lineup focuses on digital savings accounts, personal loans, and card products. If you are looking to purchase or refinance a home, you will need to consider a different lender such as Security Bank, which offers a full range of home loan products.
What are Security Bank's current home loan interest rates?
Security Bank currently offers a 1-year fixed rate of 6.99% p.a. and a 5-year fixed rate of 6.75% p.a. for home loans, including refinancing. Their Home Equity product is available at 7.50% p.a. These rates are subject to change, so always verify the latest rates with Security Bank or through a mortgage broker like Nook.
Who is eligible for a Security Bank home loan?
Security Bank accepts a wide range of employment types, including private sector employees, government workers, BPO employees, OFWs and seafarers, self-employed individuals, professionals, and freelancers. The minimum monthly income requirement is 50,000 pesos, and the maximum debt-to-income ratio allowed is 40%.
How long does Security Bank take to approve a home loan?
Security Bank's typical loan approval time is approximately 23 days from submission of complete documents. Working with a mortgage broker like Nook can help ensure your documents are complete and correctly submitted, which may help avoid unnecessary delays.
How much can I save by refinancing to Security Bank?
Savings depend on your current interest rate, loan balance, and remaining term. As an example, if you have an outstanding loan of 3,000,000 pesos and are currently paying 9% interest over 20 years, refinancing to Security Bank's 5-year fixed rate of 6.75% could reduce your monthly payment by approximately 4,200 pesos. Over the life of the loan, this could result in total interest savings exceeding 1,000,000 pesos. Use Nook's free refinancing calculator to estimate your specific savings.
Is it free to apply for a Security Bank home loan through Nook?
Yes. Nook's mortgage brokering service is completely free for borrowers. Nook earns a referral fee from the bank, not from you. You get expert guidance, document assistance, and rate comparisons across multiple lenders at no cost.
Can OFWs apply for a Security Bank home loan through Nook?
Yes. Security Bank accepts OFW and seafarer applicants for its home loan products. Nook's team is experienced in assisting OFWs with the documentation process, including overseas income verification, making the application process as smooth as possible even if you are currently abroad.