Most Filipino homeowners with a PHP-denominated home loan are paying 7% to 10% interest when they could be paying as low as 5.99% p.a. through Nook — the Philippines' first free digital mortgage broker.
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Why this matters
A PHP home loan refinance simply means replacing your existing peso-denominated mortgage with a new one at a lower interest rate. If your home loan was originated more than two or three years ago — whether with BDO, BPI, Metrobank, Security Bank, PNB, RCBC, or any other Philippine bank — there is a strong chance your current rate no longer reflects what the market can offer you today. You can check current mortgage interest rates in the Philippines to see how your rate stacks up against what lenders are offering right now.
Nook works differently from going to a bank branch yourself. Instead of applying to one lender and accepting whatever rate they quote, Nook submits your profile to multiple competing Philippine banks simultaneously, then presents you with the best offer available. The entire process is handled digitally, and Nook's service is completely free to borrowers — the bank pays a referral fee, not you. For homeowners considering which lender to refinance into, our BPI housing loan requirements guide is a useful starting point for understanding what documentation major banks typically require.
To qualify for a PHP home loan refinance, you generally need at least 20% equity in your property, a loan that has been active for at least one year, and a clean repayment history. Your property must be located in the Philippines and the loan must be peso-denominated. Beyond those basics, Nook's team will walk you through every step — from document preparation to loan release — so you never have to navigate the process alone.
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
Refinancing your PHP home loan means closing your current peso-denominated mortgage and replacing it with a new loan from a different — or sometimes the same — lender at a better interest rate. The goal is to reduce your monthly payment, lower your total interest cost over the life of the loan, or both. Your outstanding principal carries over, so you are not borrowing additional money.
The savings depend on the gap between your current rate and the new rate, plus your remaining loan balance and term. On a 3,000,000 peso loan with 20 years remaining, moving from 8.50% to 5.99% saves roughly 3,886 pesos per month — nearly 700,000 pesos over the life of the loan. Even a one-percentage-point reduction produces meaningful savings on larger balances.
Yes — Nook charges borrowers nothing for its mortgage brokering service. Nook earns a referral fee paid directly by the bank that wins your loan, which is a standard arrangement in the Philippine lending industry. You pay only the bank's own closing costs, which Nook will disclose and help you compare before you commit to anything.
Nook works with a panel of major Philippine banks including BDO, BPI, Metrobank, Security Bank, PNB, RCBC, UnionBank, Chinabank, EastWest Bank, and Robinsons Bank, among others. Because Nook submits your application to multiple lenders at once, you receive competing offers and can choose the one with the lowest rate and most favorable terms.
Most refinance applications processed through Nook take between four and eight weeks from submission to loan release, depending on the bank and the completeness of your documents. Nook's digital process and dedicated advisors help keep things moving efficiently, and you will always know where your application stands at every stage.
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