Most Filipino homeowners are paying 7% to 10% interest on their housing loan — when the best refinance rate available today is just 5.99% p.a. Nook finds you the lowest rate, completely free.
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Why this matters
Refinancing a housing loan in the Philippines means replacing your existing home loan with a new one — ideally at a lower interest rate — so your monthly amortisation drops and you keep more of your money every month. With rates from major banks like BDO, BPI, Metrobank, Security Bank, and others constantly shifting, many Filipino homeowners who took out a loan three to five years ago are now locked into rates well above what the market offers today. The difference between 8.50% and 5.99% on a ₱3,000,000 loan over 20 years is not a rounding error — it is tens of thousands of pesos a year that belongs in your pocket, not your bank's.
The refinancing process in the Philippines involves submitting documents like your latest loan statement, proof of income, and property title to a new lender, who pays off your old bank and issues you a fresh loan at better terms. The challenge is that every bank has different requirements, processing times, and rate structures — and most borrowers simply do not have the time to apply to five or six banks simultaneously. That is exactly what Nook does for you. As the Philippines' first digital mortgage broker, Nook submits your application across multiple lenders at once, compares their offers side by side, and recommends the deal that saves you the most. The service is 100% free to you as the borrower. If you want a clear overview of the full process, our guide to refinancing your home loan in the Philippines walks through every step in plain language.
Timing matters when you refinance. Most Philippine banks impose a lock-in period of one to three years, during which early repayment or refinancing carries a penalty — typically 1% to 3% of the outstanding balance. If your lock-in has expired, or is about to, now is the ideal window to act. Interest rates in 2026 remain competitive, and locking in a sub-6% rate today protects you against future rate increases on repricing dates. Whether your loan is with a universal bank, a thrift bank, or Pag-IBIG, Nook can assess your current loan and show you exactly how much you stand to save. For a deeper look at which lenders are offering the sharpest deals right now, see our 2026 guide to the best banks to refinance a home loan in the Philippines.
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 means taking out a new home loan — usually with a different bank — to pay off your existing one, ideally at a lower interest rate. In the Philippines, your new lender settles the outstanding balance with your old bank, and you then make monthly payments to the new lender under improved terms. The process typically takes four to eight weeks from application to loan release, depending on the lender and how quickly you submit documents.
The most competitive refinance rates currently come from banks like BPI, Security Bank, Metrobank, RCBC, and Chinabank, with the lowest available through Nook sitting at 5.99% p.a. Rates vary based on your loan amount, remaining term, income profile, and the property's appraised value, so the best bank for one borrower may not be the best for another. Nook compares live offers from multiple lenders at once so you can see exactly which bank gives you the biggest saving.
On a ₱3,000,000 loan with 20 years remaining, moving from 8.50% to 5.99% saves roughly ₱3,856 every month — that is over ₱46,000 a year and nearly ₱700,000 over the life of the loan. Your actual savings depend on your current rate, outstanding balance, and remaining term. Use Nook's free calculator or apply online to get a personalised savings estimate based on your specific loan.
Your existing bank may charge an early repayment or pre-termination penalty if you are still within your lock-in period, which is typically 1% to 3% of the outstanding balance. On the new loan, you should also budget for processing fees, appraisal fees, documentary stamp tax, and registration costs — these usually total between 1% and 2% of the loan amount. Even after accounting for these costs, most borrowers who have passed their lock-in period recover the switching costs within 12 to 18 months of lower payments.
Nook's service is genuinely 100% free for borrowers — there is no application fee, no consultation charge, and no hidden cost at any stage of the process. Nook earns a referral fee from the bank that approves your loan, similar to how travel aggregators are paid by airlines and hotels. This means Nook's incentive is to get you approved at the best possible rate, because that is how the platform earns and how borrowers come back and refer friends.
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