Tonik Bank promises digital convenience — but are you getting the best rate? Switch to a 5.99% p.a. mortgage through Nook and put thousands of pesos back in your pocket every month.
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Why this matters
Tonik Bank made headlines as the Philippines' first digital bank, and it's easy to see the appeal — a slick app, no branch queues, and a fully online experience. But when it comes to your home loan, a great user interface doesn't always mean the lowest interest rate. Many Tonik home loan holders are currently sitting on rates of 8% to 9% p.a. or higher, which could be costing them tens of thousands of pesos a year compared to what's available in today's market. Before you assume your lender is giving you the best deal, it's worth checking what current mortgage interest rates in the Philippines actually look like right now.
Refinancing your Tonik home loan through Nook is just as digital and hassle-free as the experience you signed up for — but with a meaningfully lower rate. Nook compares multiple Philippine banks and lenders to find you the most competitive refinancing offer available, with rates starting at 5.99% p.a. On a 3,000,000 peso loan with 20 years remaining, the difference between 8.50% and 5.99% is over 3,000 pesos a month — money that stays in your household budget instead of going to your bank. And because Nook's service is completely free to borrowers, there's no downside to finding out how much you could save.
The refinancing process may sound intimidating, but Nook handles the complexity for you. From gathering your documents to liaising with lenders and managing your application, Nook's mortgage specialists guide you every step of the way. Whether you're considering moving to BPI, Security Bank, RCBC, or another major Philippine lender, Nook ensures you're matched with the bank offering you the best terms — not just the most convenient app. If you're curious about what other banks require during the application process, our guide to BPI housing loan requirements in the Philippines is a useful reference for understanding what to prepare.
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, you can refinance your Tonik home loan to any participating bank or lender in the Philippines. The process involves paying off your existing Tonik loan with proceeds from your new lender, who then takes over as your mortgage provider. Nook helps you identify the best refinancing destination based on your loan balance, remaining term, and financial profile.
Savings depend on your current rate, loan balance, and remaining term — but homeowners moving from rates of 8% to 9% p.a. down to 5.99% p.a. typically save between 2,500 and 5,000 pesos per month on a 3,000,000 peso loan. Over a 15 to 20 year term, that adds up to hundreds of thousands of pesos in total interest savings. Use Nook's free calculator to get a personalised estimate based on your exact numbers.
The typical refinancing timeline in the Philippines is 4 to 8 weeks from initial application to loan release, depending on the lender and how quickly documents are submitted. Nook streamlines the process by preparing your application properly from the start, reducing delays caused by incomplete paperwork. Your Nook advisor will keep you updated at every stage so there are no surprises.
There are standard third-party costs associated with any refinancing — such as appraisal fees, notarial fees, and registration charges — which typically total between 30,000 and 80,000 pesos depending on your loan size and location. However, Nook's brokerage service is completely free to you as the borrower; Nook is compensated by the receiving bank, not by you. Your Nook advisor will give you a full breakdown of expected costs upfront before you commit to anything.
Most lenders will require a government-issued ID, your latest income documents (payslips, ITR, or audited financial statements for self-employed applicants), a copy of your existing loan statement from Tonik, and your property title and tax declaration. Your Nook advisor will provide a complete, lender-specific checklist once you're matched with the best refinancing offer. Having these documents ready early is the single biggest way to speed up your approval.
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