Thousands of Filipino homeowners with Metrobank home loans are paying rates of 8% or higher — refinancing through Nook could cut your monthly payment by over 4,800 pesos at no cost to you.
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Why this matters
Refinancing your Metrobank home loan means replacing your existing loan with a new one at a lower interest rate — either with Metrobank itself or with another lender. Banks offer refinancing because it helps them attract quality borrowers and retain existing ones. For you, the benefit is straightforward: a lower rate means a lower monthly amortisation and thousands of pesos in savings over the life of your loan. Based on publicly available information, Metrobank's standard home loan rates typically range from around 7% to 10% per annum depending on the fixing period, though these are approximate figures subject to change — always verify the current rate directly with the bank. Through Nook, the best available refinance rate is 5.99% p.a., which can represent a significant reduction for borrowers currently on older, higher-rate loan packages. If you want to understand the full process and what rates look like today, see our detailed guide on Metrobank home loan refinancing rates and process for 2026.
Why do banks refinance in the first place? Lenders periodically reprice their loan portfolios, meaning the rate you locked in five or ten years ago is likely much higher than what a new borrower would be offered today. If your loan has repriced upward, or if you simply haven't reviewed your rate in a few years, you could be paying a significant premium. Refinancing resets the clock — you negotiate a new rate on your outstanding balance, and your monthly payment drops accordingly. The key is knowing whether the savings outweigh any applicable fees, such as Metrobank's early redemption charge if you are still within a lock-in period. Before you apply, it helps to review the full Metrobank housing loan eligibility requirements so you know exactly what documents and conditions to prepare for.
Nook simplifies this entire process at zero cost to you. As the Philippines' first digital mortgage broker, Nook compares verified rates from multiple partner banks, handles the paperwork, and helps you find the best deal without you having to visit a single branch. Whether you stay with Metrobank or switch to a Nook partner bank with a lower confirmed rate, the goal is the same: get you the most competitive terms possible on your home loan. All interest rates shown on this page are indicative, based on publicly available information, and subject to change — speak to a Nook advisor for a personalised quote based on your actual loan details.
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
Based on publicly available information, Metrobank's standard home loan rates generally range from approximately 7% to 10% per annum, depending on the fixing period you choose and your loan profile. These rates are approximate and subject to change, so you should contact Metrobank directly or speak with a Nook advisor to get the most current figures. If your existing rate falls in this range, refinancing to a rate as low as 5.99% p.a. through Nook could result in meaningful monthly savings.
Metrobank, like most Philippine banks, typically imposes an early redemption or prepayment charge if you refinance during an active lock-in period — this is usually a percentage of the outstanding loan balance. Once your lock-in period has expired, you are generally free to refinance without penalty. Always check your loan agreement or contact Metrobank directly to confirm whether any charges apply before proceeding.
Banks offer refinancing because competition for quality borrowers is ongoing — lenders want to attract creditworthy customers and grow their mortgage portfolios. When you refinance, you are essentially taking out a new loan, which means the bank earns new origination fees and a fresh stream of interest income. For you as the borrower, this competitive dynamic works in your favour, especially when you shop across multiple lenders rather than accepting the first offer.
On a 3,000,000 peso loan with 20 years remaining, moving from an 8.50% rate to 5.99% could reduce your monthly payment by over 3,000 pesos — adding up to more than 550,000 pesos in total interest savings over the loan term. Your actual savings will depend on your outstanding balance, remaining term, and the rate you qualify for. Use Nook's free calculator or speak with an advisor to get a personalised estimate.
Yes — Nook's service is 100% free to you as the borrower. Nook earns a referral fee from the bank when your loan is successfully placed, so there is no charge for the comparison, advice, or application support you receive. You get access to multiple verified lender rates and hands-on guidance through the entire process without paying a single peso in broker fees.
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