AskGuru Q&A Community

Hi,

Yes your basic retirement sum is met and you can use your OA fully for 2nd property. Once the hdb is fully paid off, your next property loan will be 80% max as well, subject to age income and credit profile. Do note 7% ABSD applies for 2nd property.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More

Dear Mdm,

Under current CPF regulations, you are required to set aside 1/2 the minimum sum or the basic retirement sum of $83,000 in your OA and SA before you can use the excess funds in your OA to fund your 2nd property purchase.

You should be in a good position for a 2nd property purchase since both of you have a combined sum of 190k in your SA. Once the basic retirement sum of $83,000 is satisfied, you may use 100% of your OA towards the property purchase.

You may also want to take into consideration the Additional Buyer Stamp Duty that is payable in your budget plan.

Please feel free to contact me so that I can understand your objectives better and provide you with further assistance. I will also be happy to share with you some of the projects that have good upside potential and are good investment products!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016/2017)
“Nick is a responsible, efficient and excellent salesperson. He has very good knowledge of the real estate market and I benefited a lot from his advice and sharing. He is extremely patient when guiding me through the buying process and I am happy to secure a dream house within my budget with his assistance. A highly recommended salesperson who made my house hunting journey a breeze.”
Ms Chia (Buyer)

“Nick provides a delightful customer experience from day one when I engage him as my agent to look for a flat of my choice to the completion of the deal. He is competent, resourceful and has a pleasant manner to work with. He is the Agent of my choice in dealing with properties and I would highly recommend him to others who would appreciate an agent that takes care and can give the customer a peaceful mind.”
Susana (Buyer)

“Nick is very pro-active in helping us to resolve whatever questions and problems that we encountered. All the issues are settled even before us having to request or ask for a second time. He was very frank and transparent with all the details, limitations and advantages that we wouldn’t have known. I think this is the most important virtue to be successful in this line. I will surely recommend him to anyone who needs his service because I trust that they will be equally satisfied!!”
Mr and Mrs Chan (Sold and Bought a property through Nick)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
Mr & Mrs Wong (Property Seller)

“Nick has conducted himself ethically and professionally when handling the sales of our property. Thanks to his patience and perseverance, we managed to secure a sales price beyond our expectations.
We are very happy and satisfied with his services and will definitely recommend him to our friends and family in the future.”
Mr & Mrs Tan (Seller of Inter-Terrace House) Read More

Hi Ms,

From the figures you have given, you have ample funds in both your SA set aside to meet the Half-Minimum Sum criteria. Hence, you will be able to utilise your full amount remaining in your CPF-OA for your next purchase.

However, do take note that you will be liable to pay an Additional Buyer Stamp Duty (ABSD) for your second property purchase. If both of you are Singaporean, you will be liable for 7% ABSD. It could be more if either of you is not a Singaporean and you're purchasing under joint-names.

Have you assessed and worked out all your options that are available to both of you? Do you know there are ways where you can save on paying this ABSD, and yet own a property for investment income?

Let me sit down with both of you to understand more before I come out with the most appropriate plan for both of you.

Should you need any further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good morning,

You have sufficient fund in your SA for the Basic Retirement sum. In the event that you utilize your OA to clear off the current mortgage, you will be eligible for 80% loan for your next purchase. However, do note that ABSD of 7% is payable by cash.

Do feel free to contact me should you require additional clarification.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More

Good day sir / madam

Kindly contact me joanne chia 8333 3327  for a no obligations chat for your property needs .

To avoid paying the 7% ABSD when buying a condo , you might want to sell your hdb while buying a condo concurrently .

My charges are 1% commission for exclusive selling rights ( sole agent ) to your hdb , or 2% for open listing (many agent) .

No commission chargeable when i serve private property buyers .
Please note 7% ABSD additional buyer stamp duty is payable when you buy a private property if you wish to keep your hdb .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More

Good day sir / madam

Your cpf SA exceeded the cpf minimum sum requirement for 2nd property , therefore your family can use cpf OA for 2nd property down payment and installments etc .

Kindly contact me joanne chia 8333 3327  for a no obligations chat for your property needs .

To avoid paying the 7% ABSD when buying a condo , you might want to sell your hdb while buying a condo concurrently .

My charges are 1% commission for exclusive selling rights ( sole agent ) to your hdb , or 2% for open listing (many agent) .

No commission chargeable when i serve private property buyers .
Please note 7% ABSD additional buyer stamp duty is payable when you buy a private property if you wish to keep your hdb .

Joanne chia
Chia_joanne@yahoo.com.sg
Hp 8333 3327  Read More

Good afternoon investor,

You will be eligible for max 80% bank loan because you wont have any outstanding loan.

But do take note that 7% additional buyer's stamp duty will be applicable to you as Singapore for your second property ownership.

As for usage of CPF OA funds, becasue both of you had utilised CPF OA funds in your HDB thus have to set aside basic retirement sum of $83k in CPF OA + SA individually first before you can use the excess CPF OA funds.

You stated $190k in both SA so if this amount is at least $83k in each account then all CPF OA funds can be utilised in the purchase.

Oh well do let me share with you on one of clients that I am helping them to upgrade or grow their property portfolio.

They will be selling their 4rm flat (havent fully paid) and intend to purchase an unit for own stay and the other for investment after a few rounds of detailed financial planning.

You might not believe. This plan will be funded entirely by their sale and they wont be coming out with any amount from their savings. They would have reserved funds up to 4 years to finance their homes even if they dont work.

Another clients of mine met me up on 8 august and had already committed to a condo purchase on 14 august even though their HDB sale will most likely ended up to be a negative sale. But with their HDB sale, they will have a reserved funds that can last them up to 3.5 years to repay the mortgage if BOTH of them never work.

I would or would not say this will be possible for you as well but with detailed financial planning, you will have a clearer picture what is feasible for you.

May I know when will be a good time to meet up?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

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