If you have a Sterling Bank home loan, you could be paying far more than necessary. Refinancing to a rate as low as 5.99% p.a. could save you thousands of pesos every single month.
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Why this matters
Sterling Bank borrowers on older fixed-rate or repriced variable loans are often locked into rates of 8% or higher — rates that made sense at the time but now look expensive compared to what the market offers today. If your loan has been running for a few years and you haven't reviewed your rate recently, there's a strong chance you're overpaying. Refinancing means moving your outstanding loan balance to a new lender at a lower interest rate, which directly reduces your monthly amortisation and your total interest cost over the life of the loan. You can check how your current rate stacks up by reviewing current mortgage interest rates in the Philippines.
Nook is the Philippines' first digital mortgage broker, and we make refinancing straightforward and completely free for borrowers. We work with a panel of leading Philippine banks — including BDO, BPI, Security Bank, Metrobank, and more — to find the most competitive refinancing offer for your specific situation. Instead of approaching each bank individually and filling out multiple applications, Nook handles the comparison and paperwork on your behalf. There are no broker fees, no hidden charges, and no obligation to proceed until you're fully satisfied with the offer presented to you.
The process typically takes four to eight weeks from application to loan release, and most homeowners with a good repayment history and sufficient remaining loan balance are eligible to switch. If you're also exploring what different banks require to process a refinance, our guide to BPI housing loan requirements in the Philippines gives a useful benchmark for the kind of documents and criteria lenders typically look for. The sooner you start, the sooner your monthly savings begin.
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, as long as you meet the receiving bank's eligibility criteria, you are free to refinance your Sterling Bank loan with another institution. Most major Philippine banks accept refinancing applications from borrowers of other banks, including Sterling Bank. Nook can help you identify which banks are most likely to approve your application and at what rate.
Savings depend on your outstanding balance, remaining term, and the rate difference between your current loan and your new offer. On a 3,000,000 peso loan with 20 years remaining, moving from 8.50% to 5.99% could reduce your monthly payment by over 4,500 pesos — that's more than 54,000 pesos saved every year. Use Nook's free calculator to get a personalised estimate based on your actual loan details.
Not necessarily. When you refinance, the new loan is based on your current outstanding balance, and you can choose a term that suits your goals — whether that's maintaining your current remaining term or adjusting it. Many borrowers keep a similar term to maximise monthly savings, while others shorten it to pay off their home faster. Nook will walk you through your options before you commit to anything.
The typical refinancing timeline in the Philippines is four to eight weeks from the time you submit a complete application to the release of funds to settle your existing Sterling Bank loan. The exact duration depends on how quickly you provide the required documents and how fast the receiving bank processes your application. Nook actively follows up with lenders on your behalf to keep things moving.
Yes, Nook's service is 100% free for homeowners. Nook earns a fee from the bank when your loan is successfully placed, which means you get expert mortgage advice and full application support at no cost to you. There are no broker fees, no consultation charges, and no surprises — just a straightforward process designed to get you a better rate.
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