Going on maternity leave is one of the most important transitions in a Filipino mother's life — but it can also put unexpected pressure on your household finances. If you're currently paying a home loan interest rate of 7%, 8%, or higher, refinancing to a lower rate could meaningfully reduce your monthly mortgage payment at exactly the moment you need it most. Through Nook, the Philippines' first digital mortgage broker, qualified borrowers can access rates as low as 5.99% p.a. — and the service is completely free to you as the borrower.
The good news is that refinancing during maternity leave is possible, though it does require some planning. Lenders in the Philippines assess your capacity to repay based on household income, not just your personal salary during leave. Understanding how banks evaluate your application — and how to present your financial picture accurately — can make a significant difference in your outcome. This page answers the most common questions we receive from mothers navigating home loan refinancing while on maternity leave.
Yes, you can apply to refinance your home loan while on maternity leave, but approval will depend on how you demonstrate repayment capacity. Philippine banks do not outright prohibit applications from borrowers on maternity leave, but they will scrutinise your income documentation more carefully than usual. If your employer continues to pay your salary during leave, or if your household has a co-borrower with steady income, many lenders will still consider your application favourably.
The most important factor is presenting a complete and credible financial picture. This means gathering your Certificate of Employment, your most recent payslips before leave commenced, your maternity benefit documentation from SSS or your employer, and — if applicable — your spouse's income documents. Timing also matters: if you are close to returning to work, some lenders may be willing to process your application now with disbursement after your return date.
Banks in the Philippines typically assess your gross monthly income based on your employment records rather than just your current take-home pay during leave. Most lenders will reference your pre-leave salary as reflected in your payslips and Certificate of Employment. If your employer is paying your full salary throughout maternity leave — which is the case for many government and large private sector employees — this simplifies the process considerably.
If you are receiving only your SSS maternity benefit, lenders may be more cautious, since SSS benefits are capped and may be lower than your regular income. In this scenario, including a co-borrower such as your spouse significantly strengthens your application. Some banks will also consider rental income, investment dividends, or other passive income streams as supplementary evidence of repayment capacity. Being transparent and thorough with your documentation is always the best approach.
The standard refinancing documents apply, with a few additions specific to your situation. You will generally need:
- Valid government-issued IDs for all borrowers
- Certificate of Employment stating your position, tenure, and salary — ideally noting your expected return-to-work date
- Most recent payslips (typically the last 3 months before going on leave)
- Latest Income Tax Return (BIR Form 2316 or 1700)
- SSS maternity benefit approval or employer maternity pay documentation
- Existing loan statement of account from your current lender
- Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- Tax Declaration of the property
- Latest Real Property Tax receipts
If your spouse or a co-borrower is joining the application, their full income documentation will also be required. Having these documents ready before you apply will significantly speed up the process.
This depends on your specific situation, but for many mothers the answer is: start the process now, even if disbursement happens after your return. Refinancing in the Philippines typically takes 45 to 90 days from application to loan release, so initiating your application during leave can mean your new lower rate kicks in right around the time you are back at work and your income is fully restored.
If your current loan is at 8% or higher and you are paying, say, 3,000,000 on a 20-year loan, the difference between 8% and 5.99% could reduce your monthly payment by roughly 3,400 pesos. Every month you delay is money you do not get back. The cost of waiting — especially if your reprice date is approaching — can outweigh the minor complexity of applying during leave. Nook can help you assess your specific timeline and advise on the optimal moment to submit your application.
The savings depend on your current rate, loan balance, and remaining term. Here are a few illustrative examples based on rates commonly seen among Filipino homeowners today versus Nook's best available rate of 5.99% p.a.:
- Loan of 2,000,000 at 8.5% over 20 years: Monthly payment of approximately 17,356 pesos. At 5.99%, this drops to approximately 14,323 pesos — a saving of around 3,033 pesos per month, or 36,396 pesos per year.
- Loan of 3,500,000 at 9% over 20 years: Monthly payment of approximately 31,491 pesos. At 5.99%, this drops to approximately 25,065 pesos — saving approximately 6,426 pesos per month.
- Loan of 5,000,000 at 7.5% over 15 years: Monthly payment of approximately 46,352 pesos. At 5.99%, this drops to approximately 42,161 pesos — saving approximately 4,191 pesos per month.
These are estimates for illustration only. Your actual savings will depend on your exact balance, term, and the rate you qualify for. Use Nook's free calculator or speak to a Nook adviser to get a personalised figure.
Maternity leave itself does not appear on your credit report and does not directly lower your credit score. What matters to lenders is your payment history — specifically, whether you have been making your existing mortgage payments on time. As long as you continue servicing your current home loan during your maternity leave period, your credit standing should remain solid.
Where some borrowers encounter issues is when reduced income during leave leads to missed or late payments on credit cards, personal loans, or the existing mortgage itself. If you are concerned about cash flow during leave, prioritise your mortgage payment above all others, as this has the greatest impact on your refinancing eligibility. If you have already missed a payment, it is still worth speaking to a Nook adviser — some lenders have more flexible policies than others when isolated lapses are explained in context.
Yes, and this is one of the most effective strategies for mothers on maternity leave. Adding your spouse or partner as a co-borrower means the bank assesses your combined household income, which almost always results in a stronger application. Most Philippine banks accept a legally married spouse as a co-borrower without complications, and the combined income can offset any concern a lender might have about your reduced pay during leave.
Your co-borrower will need to submit their own full set of income documents — payslips, Certificate of Employment, ITR, and valid IDs. If your partner is self-employed, you will want to ensure their income is well-documented with audited financial statements and bank statements. For partners working abroad, OFW home loan refinancing options are also available through Nook, with lenders experienced in processing overseas employment income.
The best refinance rate currently available through Nook is 5.99% p.a. Whether you qualify for this rate — or something close to it — depends on factors including your loan-to-value ratio, credit history, the bank's assessment of your income, and the specific lender you are matched with. Borrowers who present strong documentation and include a co-borrower with stable income generally access the most competitive rates.
Being on maternity leave does not automatically push you into a higher rate bracket. The rate you receive is more a function of your overall credit profile and property equity than your employment status at the time of application. Nook works with multiple banks across the Philippines — including BDO, BPI, Metrobank, Security Bank, RCBC, and others — and will match you with the lender most likely to offer you the best combination of rate and approval likelihood given your situation.
From application to loan release, refinancing in the Philippines typically takes between 45 and 90 days, though this can vary by lender and the completeness of your documentation. The main stages are: document submission and initial assessment (1–2 weeks), property appraisal (1–2 weeks), credit evaluation and approval (2–4 weeks), and loan documentation and release (2–4 weeks).
During maternity leave, the key to keeping the process moving quickly is submitting complete documents upfront. Delays most commonly occur when lenders request additional documents midway through evaluation. Nook's team will guide you through exactly what each lender requires before you submit, helping to avoid back-and-forth that can extend your timeline. If your maternity leave is 105 days (the standard for SSS), initiating your refinance application in the first few weeks gives you the best chance of having everything resolved by the time you return to work.
Nook is the Philippines' first digital mortgage broker, and our service is completely free for borrowers. We do not charge application fees, consultation fees, or any costs for matching you with a lender. Our job is to compare multiple banks on your behalf and present you with the options that best fit your circumstances — including your maternity leave status.
For mothers on leave, we help in a few specific ways: we advise you on which lenders are most receptive to applications from borrowers on maternity leave, we help you structure your application to present your household income accurately and compellingly, and we manage the back-and-forth with banks so you are not spending precious time on calls and paperwork with a newborn at home. If your situation involves a more complex income picture — for example, if you were previously self-employed before joining the formal workforce — our advisers have experience navigating those nuances too. Getting started with Nook takes just a few minutes online.