Philippine banks are still quoting home loan rates of 7% to 10% — but the lowest refinance rate available right now is 5.99% p.a. See how much you could save by switching.
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Why this matters
If you took out a home loan in the Philippines more than two or three years ago, there is a strong chance your current interest rate no longer reflects what the market can offer. Most Filipino homeowners are still locked into rates between 7% and 10%, often because refinancing feels complicated or they simply do not know where to start. Nook changes that. As the Philippines' first digital mortgage broker, Nook compares live offers from BDO, BPI, Metrobank, Security Bank, RCBC, UnionBank, Chinabank, PSBank, EastWest Bank, PNB, and more — all in one place, at no cost to you. The lowest rate currently available through Nook is 5.99% p.a., and qualifying borrowers on a 3,000,000 loan could reduce their monthly payment by more than 4,500 pesos.
The comparison process is straightforward. You share your current loan details — outstanding balance, remaining term, and your existing bank — and Nook's platform surfaces the most competitive refinance offers available to you right now. There is no obligation, no upfront fee, and no need to visit multiple bank branches. Because Nook is compensated by the banks, not by borrowers, the service is completely free for homeowners. If you want to understand the full process before you begin, the complete guide to refinancing through a Filipino mortgage broker walks you through every step in plain language.
Refinancing makes the most sense when the rate difference is at least 1.5 to 2 percentage points and you plan to stay in your home for several more years. On a 3,000,000 loan at 8.50%, dropping to 5.99% saves roughly 819,000 pesos over a 20-year term — a meaningful amount that could fund a child's education, pay down other debt, or simply give your household more financial breathing room each month. To see a full breakdown of which banks are currently offering the best refinance terms, visit our 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
The lowest refinance rate currently available through Nook is 5.99% p.a., though the specific bank offering that rate can change as lenders update their pricing. Because rates shift frequently, the most reliable way to find the lowest offer for your specific loan profile is to run a comparison through Nook, which checks live offers from over a dozen banks simultaneously.
Savings depend on your outstanding balance, remaining term, and the gap between your current rate and the new rate. On a 3,000,000 loan with 20 years remaining, moving from 8.50% to 5.99% reduces your monthly payment by around 4,552 pesos — adding up to over 819,000 pesos in total interest savings over the life of the loan.
No. Nook's mortgage comparison and brokering service is 100% free for homeowners. Nook earns a referral fee from the bank when a loan is successfully facilitated, which means there is no cost, no hidden charge, and no obligation for you as the borrower.
Most banks in the Philippines will refinance home loans with an outstanding balance of at least 500,000 pesos, and many have higher minimums around 1,000,000 to 1,500,000 pesos. Loan terms typically range from 10 to 25 years, and the maximum term offered will depend on your age at the time of application — most banks require the loan to be fully paid before the borrower turns 65 or 70.
From application to loan release, refinancing in the Philippines typically takes between 30 and 90 days depending on the bank and how quickly documents are submitted. Nook helps streamline the process by guiding you through the requirements and coordinating directly with the lender, which can significantly reduce back-and-forth delays.
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