Online Mortgage Broker Nook Launches In The Philippines, Taps Top Banks For Easier Loan Applications

Online Mortgage Broker Nook Launches In The Philippines, Taps Top Banks For Easier Loan Applications


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Recognizing the need for an easier and more efficient property loan application process in the Philippines, online mortgage broker platform Nook launches in the Philippines. The first in the country, it would enable Filipinos to conduct entire property search, do loan comparisons, and experience a seamless loan application process online.

With the increasing purchasing power of Filipinos and thousands of new residential options built each year, the property market is projected to see a continuous surge on both office and residential demand from locals and foreign nationals alike.

According to the numbers released by the Bangko Sentral ng Pilipinas (BSP) in the first half of 2019, there is an increase in the share of real estate loans to the industry total loan. Banks reported that over 73 percent of residential real estate loans (RREL) were used for the purchase of new housing units, wherein most RRELs granted in the National Capital Region were used for the acquisition of condominium units.

While data shows a growing residential property industry in the country, there is still a gap in bridging consumers to banks in terms of the loan application process. According to Nook, Filipinos still get intimidated to start their home loan search due to various reasons, including not knowing whether they are qualified to lend from any of the local banks for a housing loan.

Nook is designed to make applying for a home loan simpler and easier through its website, which allows users to evaluate the most optimal loan option for their target properties.

The company has partnered with the top banking institutions in the Philippines, including AUB, BDO, BPI Family Savings Bank, Bank of Commerce, CTBC, Chinabank, RCBC, and Security Bank, to give home buyers a wide array of financing options to match their needs. At the same time, Nook aims to be a new avenue for its bank partners to have a wider reach and make their offerings more accessible through the online platform.

“Applying for a home loan here in the Philippines can be a tedious and intimidating process. Before prospective clients even begin, they are already overwhelmed with the long list of requirements or the time they need to set aside to accomplish all the application steps. We aim to address this with Nook. We offer users an end-to-end platform, from property search to bank approvals, empowering more Filipinos to gain seamless access to financial options available to them,” Chris Elder, CEO of Nook, said.

Nook allows a potential borrower to find the right housing loan and assist them throughout the application process – thereby sparing them from having to go to different banks to compare what each one has to offer. Through Nook, one will be able to get a preview of the amount of monthly repayments they have to make, fees, and other requirements from each bank and get pre-qualified in just a few minutes.

The company will help clients in every step of their housing loan process, together with its Nook Home Loan Consultant, free of charge.

Nook also believes that this is an opportune time for the Philippines to adopt the trend and practices of the industry in countries such as Australia and the United States, where over 60% and 68% of borrowers respectively go through mortgage brokers instead of direct-bank applications to secure a housing loan.

In the US, financial institutions, including Bank of America and JPMorgan Chase, have unlocked their own digital mortgage lending platforms aiming to improve customer experience and reducing the possibility of fraud among borrowers.

“What Nook offers is direct access to bank partners for your home loans with the easiest application process you can get” Elder added. “It is time that the Philippines recognize how technology can transform the home loan process from application to closing.”

For more details and updates, visit Nook’s official website at

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