Filipino homeowners are paying 7% to 10% interest on their home loans — when the lowest rate available today is just 5.99% p.a. Nook finds you the best rate across all major Philippine banks, completely free.
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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 idea they're paying more than they need to. Whether your loan is with BDO, BPI, Metrobank, Security Bank, RCBC, or any other major lender, the rate you locked in at signing is almost certainly not the lowest rate available to you today. Banks re-price their home loan rates regularly, and existing borrowers are rarely offered the benefit of those changes automatically. That's where refinancing comes in — and where Nook comes in. You can explore current Philippine bank loan interest rates for 2026 to see exactly how the landscape has shifted in your favour.
Refinancing your home loan means switching your existing loan to a new lender (or renegotiating with your current one) at a lower interest rate. On a 3,000,000-peso loan with 20 years remaining, moving from 8.50% to 5.99% saves nearly 3,838 pesos every single month. That's over 46,000 pesos a year — money that could be going toward your children's education, your retirement, or simply reducing financial stress. The process involves some paperwork and upfront costs, but the math almost always works out in your favour within the first year or two. It's worth understanding what closing costs to expect when refinancing in the Philippines so you can calculate your true break-even point.
Nook is the Philippines' first digital mortgage broker, and our service is 100% free to borrowers. We work with all major Philippine banks — BDO, BPI, Metrobank, Security Bank, RCBC, UnionBank, Chinabank, PSBank, EastWest Bank, PNB, and more — to find you the lowest rate you actually qualify for. You don't need to visit multiple bank branches or negotiate on your own. Tell us about your loan, and we'll do the comparison, the negotiation, and the paperwork coordination on your behalf. There's no catch: banks pay us a referral fee, so you never pay a single peso for our service.
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% per annum. This rate is offered by select partner banks and is subject to your loan amount, remaining term, property type, and creditworthiness — Nook helps you find out quickly if you qualify.
There's no single answer — the best rate depends on your specific loan profile, property location, and how much is still outstanding. Different banks price risk differently, which is why comparing multiple lenders simultaneously (as Nook does for you) is far more effective than approaching just one bank at a time.
A general rule of thumb is that refinancing makes sense if the new rate is at least 1 percentage point lower than your current rate and you plan to stay in the property long enough to recover closing costs — typically 1 to 2 years. Nook can run the numbers for your specific situation for free so you don't have to guess.
Most banks require proof of income (payslips or ITR for self-employed borrowers), a copy of your existing loan statement, your Transfer Certificate of Title (TCT), tax declaration, and valid government-issued IDs. You can find a full breakdown in our guide to home loan refinance requirements in the Philippines.
Rate movements depend on BSP policy decisions and broader macroeconomic conditions — and while there's reason for cautious optimism, waiting for rates to drop further means continuing to overpay in the meantime. Locking in today's best available rate is often the smarter move, especially since refinancing again is always an option if rates fall further.
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