Philippine banks are still charging homeowners 7% to 10% per annum on home loans — but the lowest refinance rate available right now is 5.99% p.a. Find out which bank has the best deal and how much you could save.
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Why this matters
Home loan interest rates in the Philippines vary significantly from bank to bank — and most borrowers have no easy way to compare them side by side. In 2026, fixed rates from major lenders like BDO, BPI, Metrobank, Security Bank, and PNB typically range from 7.00% to 10.00% per annum, depending on your fixing period, loan size, and credit profile. The problem is that once you're locked into a loan, your bank has little incentive to offer you a better deal. That's where refinancing comes in. By switching to a lender offering a lower rate, you can dramatically reduce your monthly payment and free up thousands of pesos every year. Use our home loan refinance calculator to see exactly how much you could save based on your current balance and rate.
The current lowest home loan refinance rate available through Nook is 5.99% p.a. — a rate most Filipino homeowners simply don't know they can access. On a ₱3,000,000 loan with 20 years remaining, moving from 8.50% to 5.99% cuts your monthly amortisation by over ₱3,000. Over the life of the loan, that's more than half a million pesos staying in your pocket instead of going to your bank. Rates are also influenced by macroeconomic conditions, so understanding where Philippine home loan interest rates are headed can help you decide whether to lock in a fixed rate now or opt for a variable arrangement.
Nook is the Philippines' first digital mortgage broker, and our service is completely free to borrowers. We compare offers from all major banks — BDO, BPI, Metrobank, Security Bank, RCBC, UnionBank, Chinabank, EastWest Bank, PNB, PSBank, and more — so you don't have to visit each one individually. We handle the paperwork, negotiate on your behalf, and help you close faster. Whether you're refinancing for the first time or switching lenders for a better deal, Nook makes the process simple, transparent, and cost-effective.
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 lowest home loan refinance rate currently available through Nook is 5.99% p.a., which is competitive against what most major banks are publicly advertising. Rather than visiting each bank individually, Nook compares offers across BDO, BPI, Metrobank, Security Bank, RCBC, and others so you can see your best option in one place. The rate you qualify for will depend on your loan amount, remaining term, and credit profile.
A fixed rate home loan locks your interest rate for a set period — commonly 1, 2, 3, or 5 years — so your monthly payment stays predictable regardless of market movements. A variable rate loan adjusts periodically based on benchmark rates, which means your payment could go up or down over time. Most Philippine banks offer fixed-rate periods that eventually reprice, so it's important to know when your next repricing date is.
The savings depend on your current rate, remaining loan balance, and the new rate you qualify for. For example, on a ₱3,000,000 loan with 20 years remaining, switching from 8.50% to 5.99% saves over ₱3,000 per month and more than ₱550,000 over the loan term. You can calculate your personal savings using Nook's free refinance calculator.
Yes, refinancing typically involves closing costs such as appraisal fees, notarial fees, registration fees, and sometimes a bank processing fee — these usually range from 1% to 2% of the loan amount. However, the long-term interest savings almost always outweigh these one-time costs, especially if you plan to stay in your home for several more years. Nook's service is 100% free to borrowers, and we help you understand the full cost picture before you commit.
Yes, many homeowners with existing Pag-IBIG (HDMF) or Landbank loans choose to refinance into a private bank to access lower rates or more flexible terms. The process is similar to refinancing from any other lender — your new bank settles the outstanding balance with Pag-IBIG or Landbank, and you begin payments under the new loan. Nook can guide you through the specific requirements involved in this type of refinance.
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