If you took out a home loan with Tonik Bank, you could be paying more than you need to. Refinancing through Nook could save you over 58,000 pesos every year — and the whole process is free and done online.
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Why this matters
Tonik Bank entered the Philippine market as an exciting digital-first lender, but being digital doesn't always mean having the lowest home loan rate. Many Tonik borrowers locked in rates between 8% and 9.5% during their initial fixed-rate period, and as that period expires, they find themselves re-priced to variable rates that can climb even higher. If your current home loan rate is above 7%, there's a strong chance you're leaving real money on the table every single month. You can check where your rate stands against the market by reviewing current mortgage interest rates in the Philippines.
Refinancing means moving your existing Tonik home loan balance to a new lender offering a lower interest rate. Through Nook, the Philippines' first digital mortgage broker, you can compare offers from over a dozen banks — including BDO, BPI, Security Bank, RCBC, and more — all in one place, without filling out the same forms over and over. Nook handles the paperwork, coordinates with the banks on your behalf, and charges you absolutely nothing for the service. The bank pays Nook's fee, so your savings are 100% yours to keep.
The best refinance rate currently available through Nook is 5.99% per annum. On a 3,000,000 peso loan with 20 years remaining, dropping from 8.50% to 5.99% translates to thousands of pesos in monthly savings. Over the remaining life of your loan, that can add up to over 700,000 pesos — money that stays in your pocket instead of going to the bank. If you're curious about what documents you'll need to get started, the process is similar to a standard bank application; Nook's team will walk you through every step once you submit your details.
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. Refinancing from a digital bank like Tonik to a traditional bank is a straightforward process. Nook works with all major Philippine banks and can help you move your Tonik loan balance to whichever lender offers you the best rate and terms.
Some home loans include an early redemption or prepayment penalty, usually applied within the first few years of the loan. You should check your Tonik loan agreement for any such clause, and Nook's advisors can help you factor that cost into your overall savings calculation to make sure refinancing still makes financial sense for you.
The typical refinancing timeline in the Philippines is 4 to 8 weeks, depending on the bank and the completeness of your documents. Nook streamlines this by managing the coordination with the bank on your behalf, which significantly reduces back-and-forth delays.
You'll generally need proof of income (payslips or ITR), a copy of your existing loan statement, property documents such as the TCT or CCT and tax declaration, and valid government-issued IDs. The requirements are similar across most banks — for a detailed checklist, you can refer to guides like the BPI housing loan requirements guide as a useful benchmark.
No. Nook's service is completely free for borrowers. Nook earns a referral fee from the bank when your loan is successfully processed, which means you get expert guidance, bank comparisons, and full application support at zero cost to you.
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