If you're currently paying off a BDO home loan, you might be wondering whether refinancing to another bank could save you money — especially if your fixed-rate period has already repriced upward. The short answer is: yes, you can refinance away from BDO, and many Filipino homeowners are doing exactly that to lock in rates as low as 5.99% p.a. through Nook's partner banks.
This guide answers the most common questions about BDO home loan refinancing — from eligibility and fees to how long it takes and what documents you'll need. Nook's service is completely free for borrowers, so there's no cost to finding out whether a switch makes financial sense for you. See how BDO's current rates compare to refinancing alternatives or read on for answers to the questions we hear most often.
Yes, absolutely. Refinancing your BDO home loan to another bank is a straightforward and legal process in the Philippines. It involves taking out a new home loan with a different lender — such as BPI, Security Bank, Metrobank, or another Nook partner bank — to pay off your existing BDO balance. You then continue repaying the new lender, ideally at a lower interest rate.
The main requirement is that you are past your lock-in period with BDO. Most BDO home loans have a lock-in period of 1 to 3 years, during which prepayment penalties apply. If you refinance while still within the lock-in period, BDO may charge a prepayment penalty — typically around 2% to 3% of the outstanding loan balance. Once you're outside that window, you can switch freely. Check your loan documents or contact BDO to confirm your lock-in status before proceeding.
Through Nook, the best available refinance rate is currently 5.99% p.a. on a fixed-rate period. For context, BDO's own 1-year fixed rate for refinancing starts at 6.00% p.a. — so switching banks through Nook can get you a meaningfully lower rate depending on the lender and your profile.
Most Filipino homeowners who haven't refinanced in several years are paying between 7% and 10% p.a., particularly those whose loans have repriced after the initial fixed-rate period expired. Even moving from 7.5% to 5.99% on a loan of 3,000,000 over 20 years could reduce your monthly payment by approximately 2,700 pesos and save you well over 600,000 pesos in total interest over the life of the loan.
The rate you're offered will depend on factors including your loan-to-value ratio, income, credit history, and the lender's current promotions. Nook compares options across multiple partner banks to find the most competitive offer for your situation. See a full breakdown of BDO home loan rates for 2026 and better alternatives.
Your savings depend on three things: your current interest rate, your outstanding loan balance, and how many years remain on your loan. Here are illustrative examples to give you a sense of the potential:
Example 1 — Loan balance of 2,000,000, current rate 8.0%, 20 years remaining:
Current monthly payment: approximately 16,730
Refinanced at 5.99%, 20 years: approximately 14,310
Monthly savings: approximately 2,420
Total interest savings over 20 years: approximately 580,800
Example 2 — Loan balance of 4,500,000, current rate 7.5%, 15 years remaining:
Current monthly payment: approximately 41,740
Refinanced at 5.99%, 15 years: approximately 37,970
Monthly savings: approximately 3,770
Total interest savings over 15 years: approximately 678,600
These figures are illustrative and assume a fixed rate for the full term. In practice, rates reprice periodically. Still, locking in a lower rate for even 3 to 5 years delivers real savings. Use the BDO housing loan calculator to run your own numbers.
Refinancing involves some upfront costs, which is why it's important to calculate your break-even point — the number of months it takes for your monthly savings to outweigh the fees paid. Common costs include:
- BDO prepayment penalty: Applies only if you are still within your lock-in period. Typically 2% to 3% of outstanding balance. If you're outside the lock-in period, this is zero.
- New bank's processing fee: Usually 5,000 to 10,000 pesos, sometimes waived during promotions.
- Appraisal fee: The new bank will require an independent property appraisal. Typically 3,500 to 7,000 pesos depending on property location and size.
- Mortgage registration and notarial fees: Paid to the Registry of Deeds and a notary public. These vary but typically total 10,000 to 25,000 pesos.
- Documentary stamp tax (DST): 1.5 per 200 pesos of the loan amount, required for the new mortgage.
- Cancellation of old mortgage: A fee paid to release BDO's lien on your title, usually 5,000 to 10,000 pesos.
Nook's service itself is 100% free — we are compensated by the bank, not by you. Our mortgage specialists will give you a clear cost estimate before you proceed so you can make an informed decision.
Most banks in the Philippines have a minimum loan amount for refinancing, which typically ranges from 500,000 to 1,000,000 pesos. In practice, refinancing becomes most financially worthwhile when your outstanding balance is at least 1,500,000 pesos — because the upfront fees are relatively fixed, and a higher balance means your monthly savings are large enough to recover those costs quickly.
For example, if you save 2,000 pesos per month and your total refinancing fees come to 40,000 pesos, your break-even point is 20 months — after which every peso saved goes straight back into your pocket. On a smaller balance, the same fees may take 4 or 5 years to recover, which may not be worth it depending on how many years remain on your loan.
Nook can help you calculate your break-even point for free. If refinancing doesn't make mathematical sense for your situation, we'll tell you honestly.
The refinancing process in the Philippines typically takes 30 to 60 days from the time you submit a complete application to the new bank. Here's a rough timeline:
- Weeks 1–2: Document collection, property appraisal, and submission of application to the new lender.
- Weeks 2–4: Credit evaluation and bank approval. BDO as a Nook partner bank typically approves within 30 days.
- Weeks 4–6: Loan release, payment to BDO to close your existing loan, and transfer of title annotation to the new bank.
Delays most commonly occur due to incomplete documents, title issues, or appraisal scheduling. Nook's team helps you prepare your documents correctly the first time, which significantly reduces the chance of delays. You will continue making your regular BDO payments throughout this process until BDO confirms the loan has been fully paid off.
The new bank will require a standard set of documents to evaluate your refinance application. These typically include:
- Valid government-issued IDs (2 copies)
- Filled-out loan application form
- Proof of income (latest payslips, ITR, or BIR Form 2316 for employed applicants; audited financial statements for self-employed)
- Certificate of Employment (for salaried employees)
- Latest Statement of Account from BDO showing your outstanding balance
- Original Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) — the new bank will coordinate with BDO to obtain this
- Latest Tax Declaration and real property tax receipts
- Vicinity map and photos of the property
- Marriage certificate (if applicable)
OFWs will additionally need employment contracts, proof of remittance, and a Special Power of Attorney (SPA) authorising a local representative. Nook provides a personalised document checklist based on your profile so nothing is missed.
Yes. Nook's partner banks — including BDO — accept applications from a wide range of employment types. BDO specifically accommodates private employees, government employees, BPO workers, OFWs and seafarers, self-employed individuals, and professionals such as doctors and lawyers.
For self-employed applicants, banks will typically require 2 years of audited financial statements and ITRs to assess income stability. For OFWs, a valid employment contract and proof of remittance history are key. Income requirements vary by bank — BDO's minimum monthly income requirement is 50,000 pesos — but Nook can match you with the lender whose criteria best fit your profile, especially if BDO's requirements don't align with your situation.
Refinancing does not damage your credit standing, provided the process is completed properly. When you refinance, your BDO loan is paid off in full — this is recorded as a completed, settled obligation, which is positive for your credit history. Your new loan with the refinancing bank then begins as a fresh account in good standing.
What can negatively affect your credit is if you miss payments on your BDO loan during the refinancing process. It is very important that you continue paying your BDO monthly amortisation on schedule until you receive written confirmation from BDO that the loan has been fully settled. Stopping payments prematurely — even when you believe the refinance is almost complete — can result in late payment charges and adverse credit reporting.
Nook's team will guide you through the transition to make sure there are no gaps in payment and no surprises.
Nook is the Philippines' first digital mortgage broker. We work with multiple partner banks — including BDO and several other major lenders — to find you the most competitive refinance rate for your specific situation. Instead of applying to each bank individually, you submit one application through Nook and we do the comparison and negotiation on your behalf.
Our service is completely free for borrowers. We are paid a referral fee by the bank that ultimately funds your loan — you pay nothing extra and the rate you receive is not inflated to cover our fee. There is no obligation, no upfront cost, and no pressure. If refinancing doesn't make sense for you right now, we'll tell you that too.
To get started, visit Nook's BDO home loan refinance page and submit a quick inquiry. A mortgage specialist will reach out to assess your loan, explain your options, and walk you through next steps — at no cost to you.
Note: Interest rates referenced on this page are indicative and subject to change. Please verify current rates with Nook or the relevant bank at the time of application.