Thousands of Filipino homeowners with Metrobank home loans are overpaying every month. Refinancing to a Nook partner bank at 5.99% p.a. could cut your monthly payment by tens of thousands of pesos a year.
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Why this matters
Metrobank is one of the Philippines' most established banks, and many homeowners originally took out their home loan there for good reason — trusted brand, wide branch network, and competitive rates at the time of signing. But home loan rates change, and the rate you locked in three, five, or even ten years ago may now be significantly higher than what's available in the market today. Based on publicly available information, Metrobank's standard home loan rates typically range from 7.50% to 10.00% p.a. depending on the fixing period and your loan profile — though these figures are approximate and subject to change, so always verify directly with the bank. If your current rate falls anywhere in that range, there's a strong chance refinancing could save you a meaningful amount every month. You can get a clearer picture of what refinancing involves by reading our full Metrobank home loan refinancing rates and process guide.
Refinancing works by replacing your existing Metrobank home loan with a new loan from a different lender — ideally one offering a lower interest rate. Through Nook, the Philippines' first digital mortgage broker, you can compare verified offers from multiple partner banks without paying a single peso in broker fees. Nook's service is 100% free to borrowers. The potential savings are real: on a ₱3,000,000 outstanding balance with 20 years remaining, moving from 8.50% to 5.99% p.a. could reduce your monthly payment by nearly ₱4,000 — that's over ₱47,000 back in your pocket every year. Before you apply, it's worth reviewing the full eligibility and document requirements so you know exactly what to prepare.
The refinancing process in the Philippines typically takes four to eight weeks from application to loan release, depending on the bank and how quickly documents are submitted. Key steps include submitting your application and supporting documents, property appraisal by the new lender, credit evaluation, and finally loan release and title transfer of the mortgage. Nook guides you through every step, liaising with the bank on your behalf so you don't have to chase paperwork or decode banking jargon on your own. Please note that all interest rates referenced on this page are based on publicly available information and are subject to change — always confirm current rates with your chosen bank or through a Nook advisor before making any financial decisions.
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
Yes, you can refinance your Metrobank home loan with any bank that accepts refinancing applications, including BDO, BPI, Security Bank, RCBC, and other Nook partner banks. The new bank pays off your outstanding Metrobank balance and takes over the mortgage on your property. This is a completely standard and legal process in the Philippines.
Based on publicly available information, Metrobank's home loan rates are generally estimated to range from around 7.50% to 10.00% p.a. depending on the loan amount, fixing period, and borrower profile. These figures are approximate and subject to change, so you should contact Metrobank directly or speak with a Nook advisor to get an accurate, up-to-date rate for your specific situation.
Refinancing does involve some one-time costs, typically including a property appraisal fee, documentary stamp tax, registration fees, and sometimes a mortgage redemption insurance premium — these can range from roughly ₱50,000 to ₱150,000 depending on your loan size and the bank. However, if your monthly savings are significant, most borrowers recover these costs within one to two years. Nook's advisory service itself is completely free to borrowers.
Some banks, including Metrobank, may charge a prepayment or early settlement fee if you pay off your loan within a fixed-rate lock-in period — this can typically be around 2% to 5% of the outstanding balance. You should review your original loan agreement or contact Metrobank directly to confirm whether a penalty applies and what the exact amount would be. A Nook advisor can help you factor this into your overall savings calculation.
The refinancing process typically takes between four and eight weeks from the time you submit a complete set of documents to the new lender. This includes the bank's credit evaluation, a fresh property appraisal, loan approval, and finally the release of funds and transfer of the mortgage. Nook helps manage the process on your behalf, which can significantly reduce delays caused by incomplete paperwork or back-and-forth with the bank.
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