Hi Min,
Yes, you can use the $30k in your CPF to pay for the downpayment. As you had mentioned the 15% downpayment, I presume that you are taking bank loan to buy the HDB resale flat. You cannot do contra if you are taking bank loan. You can do contra only if you area taking HDB loan.
For bank loan, usually we suggest buyer to apply for bridging loan, meaning that bank will loan you the $67.5k first with interest and you will repay this amount after you have your CPF refund after selling your house. However, if you choose not to take bridging loan or do contra, you will need to pay the $67.5k in cash. Not to forget you still need to pay the balance 5% (for bank loan only) and COV in cash. This means that you will need at $100k cash by my estimation.
Hope I had answered your question.
Feel free to contact me if you required any assistance.
Johnny Goh
Dennis Wee Realty Pte Ltd
Mobile:
90906267 Email: johnnygohmh@dwg.com.sg
Website: johnnygohproperty.com
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