If you took out an SB Finance home loan, you may be paying rates designed for personal lending — not long-term mortgages. Refinancing to a mainstream bank through Nook could save you thousands every month.
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Why this matters
SB Finance — the consumer lending arm of Security Bank — offers home loan products, but its roots are in personal and salary loans. That heritage can show up in your interest rate. Many SB Finance home loan borrowers are carrying rates of 9% to 10% or higher, structured more like consumer credit than the competitive mortgage products offered by the country's major universal banks. If your loan has been running for a few years and your property has appreciated in value, there's a strong chance you now qualify for significantly better terms elsewhere. You can check current mortgage interest rates in the Philippines to see how your existing rate compares to what's available today.
Refinancing works by paying off your existing SB Finance balance with a new loan from a bank offering a lower rate — such as BPI, BDO, Metrobank, Security Bank's main mortgage arm, or RCBC. Because you're borrowing against real estate rather than your salary, lenders treat it as lower-risk and price it accordingly. The difference between a 9.50% consumer-style rate and a 5.99% mortgage rate on a 3,000,000 peso loan can translate to more than 5,000 pesos saved every single month. Over a 15-year remaining term, that's real money returned to your family's budget. If you're considering BPI or RCBC as your destination bank, Nook's guides on BPI housing loan requirements can help you understand what documents to prepare.
Nook is the Philippines' first digital mortgage broker, and our service is completely free to borrowers. We compare offers across our network of partner banks, handle the paperwork coordination, and guide you from application through approval — without charging you a single peso in broker fees. Whether your goal is a lower monthly payment, a shorter loan term, or simply moving your debt to a more reputable mortgage product, Nook can help you find the right fit. The process starts with a quick assessment of your property value and remaining loan balance, and we'll tell you honestly whether refinancing makes financial sense for your situation.
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, absolutely. As long as your property has a clean title and your loan balance is within the bank's lending limits, most major Philippine banks will consider refinancing your SB Finance home loan. The new bank essentially pays off your SB Finance balance and opens a new mortgage account with better terms.
Through Nook's partner bank network, the best available refinance rate is currently 5.99% per annum — significantly lower than the 9% to 10% range common with SB Finance home loans. Your actual rate will depend on your loan-to-value ratio, loan amount, and the fixing period you choose.
There are standard closing costs when refinancing, including documentary stamp tax, notarial fees, and the new bank's processing fee — typically ranging from 30,000 to 60,000 pesos depending on loan size. Nook's service itself is 100% free to you; we are compensated directly by the banks, not by borrowers.
From application to loan release, refinancing typically takes four to eight weeks in the Philippines. Much of this time is spent on property appraisal and title verification. Nook helps keep the process moving by coordinating directly with both your existing lender and the new bank on your behalf.
SB Finance may charge a pre-termination fee if you pay off your loan before the end of a fixed-rate period — typically around 2% to 3% of the outstanding balance. Nook will factor any exit penalties into your savings calculation upfront so you know whether refinancing still makes financial sense before you commit.
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