Thousands of Filipino homeowners with Metrobank home loans are paying rates of 8% or higher — when they could be paying as low as 5.99% p.a. through a Nook partner bank. Find out how much you could save, for free.
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Why this matters
If you took out a home loan with Metrobank several years ago, chances are your current interest rate is somewhere between 7.5% and 10% — a range that was common before today's more competitive refinancing market emerged. Metrobank is a reputable lender, but like most banks, its home loan rates are re-priced periodically and existing borrowers are rarely automatically offered the best available rates. That means many loyal customers are quietly overpaying by thousands of pesos every single month. It's worth taking a few minutes to see exactly how much you could save by refinancing away from Metrobank to a partner bank offering a verified lower rate.
Refinancing is simply the process of paying off your existing Metrobank loan by taking out a new loan with a different bank — ideally one offering a significantly lower interest rate. The difference in your monthly repayment can be substantial. On a 3,000,000 peso loan with 20 years remaining, moving from 8.5% down to 5.99% could reduce your monthly payment by more than 4,500 pesos. Over the life of the loan, that adds up to over 800,000 pesos in total interest savings. Nook makes this process straightforward: we compare verified rates from multiple Philippine banks on your behalf, at zero cost to you as the borrower. Please note that rates shown are approximate and subject to change — Metrobank's published rates are based on publicly available information and should be verified directly with the bank.
Not sure if refinancing is the right move for your situation? The key factors to consider are how much of your loan is outstanding, how many years remain, and what rate you're currently paying. Generally, if you have more than 10 years left on your loan and your current rate is above 7.5%, refinancing is almost certainly worth exploring. You may also want to read our full guide on whether refinancing your Metrobank loan is worth it before making a decision. Nook's team can walk you through every step, from eligibility to application to approval, all without charging you a single centavo.
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
Metrobank's home loan rates vary depending on the fixing period and loan term, but publicly available information suggests standard rates typically fall between 7% and 10% per annum. These are approximate figures based on general market data and are subject to change — always verify the current rate on your loan via your Metrobank statement or by calling the bank directly. If your rate is above 7.5%, it's well worth comparing it against what Nook's partner banks can offer.
Yes, absolutely — refinancing to a different bank is entirely legal and straightforward in the Philippines. The new bank pays off your outstanding Metrobank balance, and you begin repaying the new bank at the lower agreed rate. Nook specialises in exactly this process, helping you identify the best available rate from our network of partner banks and guiding you through the application with no fees charged to you.
Nook's service is completely free for borrowers — we are compensated by the bank that receives your refinanced loan, not by you. There are some standard third-party costs involved in any refinancing, such as notarial fees, transfer taxes, and appraisal fees, which typically amount to around 1–2% of the loan amount. However, for most borrowers these are recovered within the first year of lower monthly payments.
The end-to-end refinancing process in the Philippines generally takes between 4 and 8 weeks from application to loan release, depending on how quickly documents are submitted and the receiving bank's processing times. Nook helps streamline this by preparing your application correctly the first time and following up with the bank on your behalf. We keep you updated at every stage so there are no surprises.
You are not required to notify Metrobank in advance, but your new bank will formally request a loan redemption statement from Metrobank during the process, which gives Metrobank visibility of the transfer. It's also advisable to check your current loan documents for any early repayment or lock-in clauses that may apply. Nook's team will review these details with you before you proceed so you have a clear picture of any conditions attached to your existing loan.
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