Page 1 of 3 123 LastLast
Results 1 to 30 of 81

Thread: Advice needed

  1. #1
    Join Date
    Apr 2011
    Posts
    73

    Default Advice needed

    Hi gurus and seniors,

    I'm quite new to property investment and would like to seek some advice from the old birds here.

    I have a family of 2 kids and currently staying in an HDB flat. We have saved up a bit and we're looking at buying a condo to bring up the kids (pool, security etc). Here's our situation:

    HDB MOP: 9 months to go to hit 5 years. We took up HDB grant during point of purchase.

    Current HDB financing: HDB loan at 2.6%

    Financial situation: Sufficient to pay up the balance of HDB loan and 20% of $1.2m+- condo (thereabouts)

    Preference: To keep the HDB and buy the condo

    I understand that we can only buy after the MOP is up. So can you all advice what's the best option for me now? Should I just clear up the HDB loan? And assuming I want to buy a 2nd residential property in future, can I use CPF funds to partially fund it?

    Or what would you do if you were in my shoes?

    All inputs appreciated. Thanks.

  2. #2
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,485

    Default

    If I will you this is what I will do.

    Go for the next cherry, look for the biggest one you can buy (EC).

    After 6 CM there are little meat left on the table, keep your cash and wait for the next cycle.

  3. #3
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,485

    Default

    5 October 2012

    The Singapore government on 5 October introduced a new round of cooling measures restricting home loans. Starting from 6 October, mortgages for HDB and private properties can only span 35 years, and those wanting loans longer than 30 years or beyond their retirement age of 64 will only be able to borrow up to 60 percent of the property price, the Monetary Authority of Singapore (MAS) announced. Previously there was no time limit on house loans.

    7 December 2011

    Additional Buyer's Stamp Duty for
    a stable and sustainable property market

    http://www.ura.gov.sg/pr/text/2011/pr11-162.html

    14 January 2011.

    The Government announced today the following measures to maintain a stable and sustainable property market:
    Increase the holding period for imposition of Sellerís Stamp Duty (SSD) from the current three years to four years;
    Raise the SSD rates to 16%, 12%, 8% and 4% of consideration for residential properties which are bought on or after 14 January 2011, and are sold in the first, second, third and fourth year of purchase respectively;
    Lower the Loan-To-Value (LTV) limit to 50% on housing loans granted by financial institutions regulated by MAS for property purchasers who are not individuals1; and
    Lower the LTV limit on housing loans granted by financial institutions regulated by MAS from 70% to 60% for property purchasers who are individuals with one or more outstanding housing loans2 at the time of the new housing purchase;

    30 August 2010.

    1 The Government announced today the following measures to maintain a stable and sustainable property market:
    Increase the holding period for imposition of Sellerís Stamp Duty (SSD) from the current one year to three years.
    For property buyers who already have one or more outstanding housing loans1 at the time of the new housing purchase:
    Increase the minimum cash payment from 5% to 10% of the valuation limit2; and
    Decrease the Loan-to-Value (LTV) limit for housing loans granted by financial institutions regulated by MAS to these buyers from the current 80% to 70%.


    19 Feb 2010

    Introducing a Sellerís Stamp Duty (SSD)

    Lowering the Loan-to-Value (LTV) limit to 80%

    1 Mr Mah Bow Tan, the Minister for National Development, announced today that the Government would take the following measures to ensure a stable and sustainable property market:

    Reinstatement of the Confirmed List for the 1st Half 2010 Government Land Sales (GLS) Programme.

    14 Sep 2009.

    Removal of the Interest Absorption Scheme (IAS) and Interest-Only Housing Loans (IOL), with effect from today, i.e. 14 Sep 2009.

    Non-extension of the Jan 2009 Budget assistance measures for the property market when the measures expire

    http://www.iras.gov.sg/irasHome/page04.aspx?id=10098

  4. #4
    Join Date
    Apr 2011
    Posts
    1,099

    Default

    You can use cpf as Lon as 50% of min sum is left in cpf. It's abt 69.5k incl oa plus sa

  5. #5
    Join Date
    Dec 2009
    Posts
    6,003

    Default

    Quote Originally Posted by pool100
    Hi gurus and seniors,

    I'm quite new to property investment and would like to seek some advice from the old birds here.

    I have a family of 2 kids and currently staying in an HDB flat. We have saved up a bit and we're looking at buying a condo to bring up the kids (pool, security etc). Here's our situation:

    HDB MOP: 9 months to go to hit 5 years. We took up HDB grant during point of purchase.

    Current HDB financing: HDB loan at 2.6%

    Financial situation: Sufficient to pay up the balance of HDB loan and 20% of $1.2m+- condo (thereabouts)

    Preference: To keep the HDB and buy the condo

    I understand that we can only buy after the MOP is up. So can you all advice what's the best option for me now? Should I just clear up the HDB loan? And assuming I want to buy a 2nd residential property in future, can I use CPF funds to partially fund it?

    Or what would you do if you were in my shoes?

    All inputs appreciated. Thanks.
    $1.2 mil budget can only go for 99LH OCR now for 3 bedroom. Location is important. Keep e HDB.

  6. #6
    Join Date
    Nov 2008
    Posts
    3,812

    Default

    The MOST SOLID advice....


    Quote Originally Posted by Arcachon
    If I will you this is what I will do.

    Go for the next cherry, look for the biggest one you can buy (EC).

    After 6 CM there are little meat left on the table, keep your cash and wait for the next cycle.

  7. #7
    Join Date
    Dec 2009
    Posts
    6,003

    Default

    Quote Originally Posted by chestnut
    The MOST SOLID advice....

    Kids cannot wait. This is one of the upgraders' dream and the big push of OCRs' prices: to bring up kids in a secured environment with condo facilities for them to use. Best if of course, stay near to their parents and workplace also.

  8. #8
    Join Date
    Nov 2008
    Posts
    3,812

    Default

    Quote Originally Posted by hyenergix
    Kids cannot wait. This is one of the upgraders' dream and the big push of OCRs' prices: to bring up kids in a secured environment with condo facilities for them to use. Best if of course, stay near to their parents and workplace also.
    Understand... For investment or security?? He mentioned both.... Which takes higher priority??? Then decide accordingly...

    Honestly, to me Singapore already secure leh.... So it should be for kids to enjoy facilities... Just have to decide....

    So in this case, have to buy resale lor... If buy new launch or buc, still have to wait.


  9. #9
    Join Date
    Nov 2008
    Posts
    8,013

    Default

    As some already pointed out... you need at least $70k in your OA and SA cpf account in order to use it for 2nd property, regardless if you have paid up your HDB loan or not.

    Please bear in mind that you need to pay 40% LTV for 2nd property if your loan tenure exceeds 30 years with no outstanding loan (aka hdb loan for you) or beyond 65 years old, so if you only have 20%, can or not? Otherwise choose EC better... don't overcommit.
    Last edited by ysyap; 23-12-12 at 08:12.

  10. #10
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

    Default

    loan: 960K, 30yr (assuming <35yr old), sibor+1%

    sibor = 0.5%, IR=1.5% : $3313.15/month
    sibor = 2.0%, IR=3% : $4047.40/month
    sibor = 4.0%, IR=5% : $5153.49/month

    got to make sure hdb can always be rented out, else dual-key ec might be better choice... $1.2m can get a very very good ec....

  11. #11
    Join Date
    Dec 2009
    Posts
    6,003

    Default

    Quote Originally Posted by ikan bilis
    loan: 960K, 30yr (assuming <35yr old), sibor+1%

    sibor = 0.5%, IR=1.5% : $3313.15/month
    sibor = 2.0%, IR=3% : $4047.40/month
    sibor = 4.0%, IR=5% : $5153.49/month

    got to make sure hdb can always be rented out, else dual-key ec might be better choice... $1.2m can get a very very good ec....
    Quite solid foundation, particularly if both are working. HDB will enjoy good rental ahead.

  12. #12
    Join Date
    Feb 2009
    Location
    峨眉山
    Posts
    5,512

    Default

    wait the 9mths out, coz due to mop u cant pay up the loan n immediately buy pc rite.

    meanwhile juz pray no more cm next 9 mths. but i wouldnt bet on it. theres been talk next one will target ec and or concurrent hdb pc ownership.

  13. #13
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    another 用心良苦

    if u dun pay up HDB loan, 60% LTV for 2nd loan, if pay up HDB ... u give up your 2.6% privilege for 30y
    Ride at your own risk !!!

  14. #14
    Join Date
    Jan 2009
    Posts
    2,141

    Default

    If ur current HDB is in a good environment (new, near mrt, near schools, near parents, near public pool, near CC etc), you may consider staying in HDB, spend some money refurbishing/renovating you current HDB.

    Your condo purchase should be an investment, rent tat out. At 1.2mil, you prob can only get a new smallish 3bedders for staying (it is prob smaller than ur HDB).

  15. #15
    Join Date
    Nov 2011
    Posts
    789

    Default

    Quote Originally Posted by pool100
    Hi gurus and seniors,

    I'm quite new to property investment and would like to seek some advice from the old birds here.

    I have a family of 2 kids and currently staying in an HDB flat. We have saved up a bit and we're looking at buying a condo to bring up the kids (pool, security etc). Here's our situation:

    HDB MOP: 9 months to go to hit 5 years. We took up HDB grant during point of purchase.

    Current HDB financing: HDB loan at 2.6%

    Financial situation: Sufficient to pay up the balance of HDB loan and 20% of $1.2m+- condo (thereabouts)

    Preference: To keep the HDB and buy the condo

    I understand that we can only buy after the MOP is up. So can you all advice what's the best option for me now? Should I just clear up the HDB loan? And assuming I want to buy a 2nd residential property in future, can I use CPF funds to partially fund it?

    Or what would you do if you were in my shoes?

    All inputs appreciated. Thanks.
    If I were u, I will not own a $1.2 mil condo by myself....I will find a partner, eg siblings, so tat I don't over commit..... tis strategy has proved successful for me! once u tasted success, u will be confident for ur third one

  16. #16
    Join Date
    Feb 2011
    Posts
    8,926

    Default

    b4 u rush out to buy your 1.2m condo (which most likely will end up as 1.4m) ... sing this song first see whether u get the hint

    春已走花又落,用心良苦卻成...
    Ride at your own risk !!!

  17. #17
    Join Date
    Jun 2009
    Posts
    2,511

    Default

    Hi.. I would strongly recommend you to buy.

    Do not procasinate and if you are comfortable paying off HDB and down 20% for the other unit, please go ahead.

  18. #18
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    No risk, no return la.

    I just want to add another point (the rest like Chestnut, Phantom, etc all all experts in this area) ... My other point is ... pls dont assume u will always be employed (if you are using your employment income to fund the purchase) ...

    Flower dont have 100 days of rosiness.

    DKSG

  19. #19
    Join Date
    Mar 2009
    Posts
    1,327

    Default

    Quote Originally Posted by pool100
    Hi gurus and seniors,

    I'm quite new to property investment and would like to seek some advice from the old birds here.

    I have a family of 2 kids and currently staying in an HDB flat. We have saved up a bit and we're looking at buying a condo to bring up the kids (pool, security etc). Here's our situation:

    HDB MOP: 9 months to go to hit 5 years. We took up HDB grant during point of purchase.

    Current HDB financing: HDB loan at 2.6%

    Financial situation: Sufficient to pay up the balance of HDB loan and 20% of $1.2m+- condo (thereabouts)

    Preference: To keep the HDB and buy the condo

    I understand that we can only buy after the MOP is up. So can you all advice what's the best option for me now? Should I just clear up the HDB loan? And assuming I want to buy a 2nd residential property in future, can I use CPF funds to partially fund it?

    Or what would you do if you were in my shoes?

    All inputs appreciated. Thanks.
    NOw is the time to sell residential(consider the CMs and other goverment policies AT THIS MOMENT, of course, the wondreful part is policy can be lifted in the future too), if want to buy for investment, consider other options(where there are not many present or future unforseen restrictions) such as commercial...

  20. #20
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    Quote Originally Posted by yowetan
    Hi.. I would strongly recommend you to buy.

    Do not procasinate and if you are comfortable paying off HDB and down 20% for the other unit, please go ahead.
    What if :

    1) Next CM curb renting out HDB, then have to stay HDB rent out PC ? Lose you objective of buying PC.
    2) Cant rent out PC (OCR PCs have this very big risk most people dont know).
    3) Lose job, if using employment income to fund PC.
    4) To play safe to mitigate above, leave $60K Over and Above Minimum Sum to fund instalments.

    In summary, if the figures quoted are cheongster numbers, then better not. Peace at home and with family more important. If the figures quoted have another $100-200K buffer, then I think can still cheong.

    DKSG

  21. #21
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    Quote Originally Posted by peterng8


    NOw is the time to sell residential(consider the CMs and other goverment policies AT THIS MOMENT, of course, the wondreful part is policy can be lifted in the future too), if want to buy for investment, consider other options such as commercial...
    This one I totally agree - the commercial part!
    But for residential, DONT SELL now ... refer to the Serpent thread for more info ... We are at the beginning of something now, dont sell resi ...

    At least rent to company, as long as company is doing well, it will be there for years and years. Tenants in residential are super fluid.

    Go Commercial!

    DKSG
    Last edited by DKSG; 23-12-12 at 11:11.

  22. #22
    Join Date
    Jan 2009
    Posts
    2,141

    Default

    Yup stay in HDB and prepare to grab a condo for investment.

  23. #23
    Join Date
    Nov 2008
    Posts
    3,812

    Default

    Property is only one form of investment.... There are many other forms... The issue is the homework involved. Hahahahahaha

    From 06 - 12, how many % did property go up? Look at ppi....

    Do u expect it to double in the next 6 yrs??? Hahahahahaha if it happens, not many people gonna afford OCR condos...



    All the big mney has been made.... To me, now is just hedging against inflation... So minimal growth. Hahahahaha

  24. #24
    Join Date
    Aug 2011
    Posts
    1,516

    Default

    No big money to be made in the property market. However do not foresee more than 20% price correction in future too due to CMs.

    This time round, government acted really fast.

  25. #25
    Join Date
    Mar 2009
    Posts
    1,327

    Default

    Quote Originally Posted by Rosy
    No big money to be made in the property market. However do not foresee more than 20% price correction in future too due to CMs.

    This time round, government acted really fast.
    yeah, IF price goes up, another CM comes in..so the price will be clamped..with more and more GLS and economy putting a braking action in further increase in expatriates..nothing to be cheerful about unless properties bought are at good location and not at RECENT price (referring to OCR)where a slight correction will burn you hard...

  26. #26
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    Quote Originally Posted by peterng8
    yeah, IF price goes up, another CM comes in..so the price will be clamped..with more and more GLS and economy putting a braking action in further increase in expatriates..nothing to be cheerful about unless properties bought are at good location and not at TODAY price where a slight correction will burn you hard...
    Like Office Boy said many many times since Oct 11, prices will continue to inch up 1% every month/quarter. So property is still a good investment.

    That is how property market supposed to be. Those days where prices up 25% a year, those are unsustainable and will result in crashes.

    And I think this 1% increase every month/quarter is what government is looking at ... if it goes below this, they always have a choice to roll back the CMs.

    DKSG

  27. #27
    Join Date
    Oct 2010
    Posts
    2,094

    Default

    Quote Originally Posted by DKSG
    This one I totally agree - the commercial part!
    But for residential, DONT SELL now ... refer to the Serpent thread for more info ... We are at the beginning of something now, dont sell resi ...

    At least rent to company, as long as company is doing well, it will be there for years and years. Tenants in residential are super fluid.

    Go Commercial!

    DKSG
    really piss off when they drop lease to 30 yr..
    I took the road less traveled by, and that has made all the difference.Ē - Robert Frost quotes (American poet, 1874-1963)

  28. #28
    Join Date
    Apr 2010
    Posts
    2,067

    Default

    Quote Originally Posted by chestnut
    Understand... For investment or security?? He mentioned both.... Which takes higher priority??? Then decide accordingly...

    Honestly, to me Singapore already secure leh.... So it should be for kids to enjoy facilities... Just have to decide....

    So in this case, have to buy resale lor... If buy new launch or buc, still have to wait.

    Security is one issue, another push to move into pte gated housing is no need see people kick soccer at void deck, play guitar at void deck, strangers loiting at void deck or along corridor.

  29. #29
    Join Date
    Feb 2009
    Location
    峨眉山
    Posts
    5,512

    Default

    Quote Originally Posted by phantom_opera
    b4 u rush out to buy your 1.2m condo (which most likely will end up as 1.4m) ... sing this song first see whether u get the hint

    春已走花又落,用心良苦卻成...
    Dont be so negative......... better to vested in something other than hdb sooner than later right?

  30. #30
    ikan bilis's Avatar
    ikan bilis is offline i'm Buaya ! Girls BEWARE !!...
    Join Date
    Apr 2011
    Posts
    1,385

Similar Threads

  1. Advice needed for a MTB
    By door in forum Singapore Private Condominium Property Discussion and News
    Replies: 27
    -: 02-07-13, 12:00
  2. Advice Needed Pls
    By aureus in forum Finance and Legal
    Replies: 4
    -: 25-07-12, 17:05
  3. Advice needed.
    By Estella83 in forum Singapore Private Condominium Property Discussion and News
    Replies: 77
    -: 10-04-12, 21:52
  4. Advice Needed
    By xtink in forum Singapore Private Condominium Property Discussion and News
    Replies: 9
    -: 02-02-09, 19:07
  5. Advice needed
    By rpik in forum Singapore Private Condominium Property Discussion and News
    Replies: 3
    -: 19-07-08, 15:57

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •