Tonik Bank was a bold choice for a home loan — but bold doesn't always mean cheapest. Switching to a traditional bank through Nook could save you over 58,000 pesos every year.
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Why this matters
Tonik Bank made waves as the Philippines' first all-digital bank, and their home loan product attracted borrowers who wanted a fast, app-based experience. But digital convenience comes at a cost — Tonik's home loan rates have typically sat higher than what established traditional banks can offer, especially for borrowers who have built up equity and maintained a clean repayment record. If you took out your Tonik home loan in the last two to four years, there's a strong chance you're now eligible for significantly better terms elsewhere. You can check current mortgage interest rates in the Philippines to see exactly how much the market has moved.
Refinancing from a digital lender to a traditional bank like BPI, Security Bank, or BDO isn't as complicated as it sounds. The process involves paying off your Tonik loan with a new loan from a traditional bank at a lower fixed rate. Traditional banks have been competing aggressively for refinance business, and rates as low as 5.99% per annum are now available through Nook — a sharp contrast to the 8% or higher that many Tonik borrowers are currently paying. The key eligibility factors are straightforward: your property must be titled, your loan-to-value ratio should be 80% or below, and you need to demonstrate stable income.
Nook acts as your digital mortgage broker throughout the entire process — comparing offers from multiple traditional banks on your behalf and handling the paperwork coordination at zero cost to you. There are no broker fees, no hidden charges, and no obligation to proceed until you've seen real offers in hand. For borrowers considering BPI as a destination bank, our BPI housing loan requirements guide walks you through exactly what documents you'll need to prepare. The average Nook refinance takes four to eight weeks from application to loan release.
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. Tonik home loans are standard mortgage products secured against your property title, which means any licensed Philippine bank can refinance them. The receiving bank simply pays off your Tonik balance and issues you a new loan under their own terms — the property title is then transferred to the new bank as collateral.
Tonik Bank, like most Philippine lenders, may impose a prepayment or early termination fee if you refinance within a fixed-rate lock-in period — typically the first one to three years of your loan. You should check your loan agreement for the exact fee schedule, but in most cases the long-term interest savings from refinancing far outweigh any one-time penalty you pay upfront.
Through Nook, qualified borrowers are currently accessing rates as low as 5.99% per annum from traditional Philippine banks — compared to the 8% to 9.5% range that many Tonik home loan borrowers are sitting on today. Your exact rate will depend on your loan amount, remaining term, loan-to-value ratio, and the income documents you can provide.
From submitting your application through Nook to receiving your new loan release, the process typically takes four to eight weeks. The main steps are document gathering, bank credit evaluation, property appraisal by the new bank, and title transfer — Nook coordinates all of these on your behalf so you don't have to chase multiple parties yourself.
Nook's service is genuinely free for borrowers — there are no application fees, broker commissions charged to you, or hidden costs. Nook earns a referral fee from the bank that ultimately approves your refinance, similar to how a real estate agent is paid by the seller rather than the buyer. You see the same or better rates than going directly to the bank, with the added benefit of having multiple lenders compared simultaneously.
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