If you took out a BPI home loan when rates were higher, you could be paying thousands more per month than necessary. Nook compares BPI and 10+ other banks to find you the best refinance rate — completely free.
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Why this matters
BPI is one of the Philippines' most trusted home loan providers — but trust in your bank doesn't mean you're getting the best rate available today. Many BPI borrowers locked in their mortgage during a period of higher interest rates and have been quietly rolling over at rates between 7.5% and 9% without realising that the refinancing landscape has changed significantly. In 2026, the best available refinance rate through Nook is 5.99% p.a., and BPI Family Savings Bank — a Nook partner — currently offers fixed rates starting at 6.50% for a 5-year fix and 6.70% for a 1-year fix. If you're sitting on a rate above 8%, the math almost always favours making a move. You can use the BPI home loan interest rates guide to understand exactly what rate you might qualify for before you apply.
Switching banks sounds daunting, but refinancing through Nook simplifies the entire process. Nook is the Philippines' first digital mortgage broker — we handle the comparison, paperwork coordination, and lender negotiations on your behalf, at zero cost to you. BPI Family Savings Bank has a minimum monthly income requirement of P40,000, a maximum debt-to-income ratio of 40%, and accepts borrowers across employment types including private employees, OFWs, self-employed professionals, and government workers. Typical approval takes around 52 days from submission of complete documents. For a full breakdown of what you'll need to prepare, the BPI housing loan requirements checklist covers everything from ID requirements to income documents.
Before committing to any refinance decision, it's worth understanding the full cost picture. Refinancing does involve some upfront fees — typically bank processing fees, appraisal costs, and documentary stamp tax — which usually total between 1% and 2% of the loan amount. On a 3,000,000 loan, that's roughly 30,000 to 60,000 in one-time costs. But when weighed against potential savings of over 36,000 per year, most borrowers recover those costs within 12 to 18 months and come out well ahead over the remaining loan term. The key is to run the numbers for your specific situation, which is exactly what Nook helps you do. Note: Interest rates are subject to change — always verify current rates with your lender or broker before making a decision.
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 BPI home loan with any participating bank, including other banks where you may get a more competitive rate. This process is called external refinancing — your new bank pays off your outstanding BPI balance and you begin repaying the new lender at the agreed rate and terms. Nook can help you compare BPI and 10+ other banks side by side to find the best fit for your situation.
Through Nook, BPI Family Savings Bank currently offers a 1-year fixed rate of 6.70% p.a. and a 5-year fixed rate of 6.50% p.a. for refinancing. These rates are among the more competitive in the market and are available to qualifying borrowers with a minimum monthly income of P40,000. Always confirm current rates directly with Nook or the bank, as rates are subject to change.
BPI Family Savings Bank's typical loan approval timeline is approximately 52 days from submission of complete documents. This covers credit evaluation, property appraisal, and final loan offer. Applying through Nook can help streamline the process since our team ensures your documents are complete and correctly submitted before they reach the bank.
Refinancing typically involves a bank processing fee, property appraisal fee, documentary stamp tax, and registration fees — these generally total between 1% and 2% of the loan amount. On a 3,000,000 loan, expect roughly 30,000 to 60,000 in upfront costs. Nook's brokering service is completely free to you as the borrower, so there are no additional broker fees on top of standard bank charges.
It can still be worth it, but the calculation is tighter with a shorter remaining term. The interest savings are front-loaded in a mortgage, so if you're already well into repayment, a larger portion of each payment is going to principal rather than interest. That said, if you're paying above 8% and have 10 or more years remaining, the savings can still outweigh the upfront costs — Nook can run a personalised break-even analysis so you can make an informed decision.
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