AskGuru Q&A Community

Hi,

Your current status:
OA: $180k
SA: $150k
Outstanding mortgage: $50k

1) If you wish to fully optimize your investment, it is best to settle an outstanding mortgage.
2) If there is no outstanding mortgage, your max loan can go up to 75% vs 45% if there is an outstanding mortgage. In other words, you can leverage 30% more.
3) Your SA will cover BRE. Thus you are able to use your OA to fund the next property.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Dear Sir/Mdm,

Your SA is able to cover the Basic Retirement Sum amount and therefore all your OA can be used towards the 2nd property purchase.

Please feel free to contact me if you need any other further assistance.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020
Visit my website to know me better: www.nicktan.com.sg

I was featured recently on Council for Estate Agencies (CEA) Newsletter:
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I have written a guide on buying Residential Property:
http://bit.ly/buypropertyguide

Testimonial from Satisfied Clients
“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)

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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

Yes you can and that's a really wise choice you're trying to make.

Feel free to contact me to discuss further.

Regards,
Teck Chuan
BBA (Finance), NUS
Marketing Director
ERA Realty Network Pte Ltd
Mobile: 91374602  Read More

Hi,

I think I may have answered one of your previous query too. Yes in this case, yes your SA is sufficient to cover the BRS of 93K. The CPF OA of $180k can be utilized fully for your 2nd property purchase since you are less than 55 years old. Do note ABSD of 12% applies, and your max loan is only 45% if there is presently an outstanding home loan.

I have worked with various clients who have purchased under construction projects as well and is familiar with the timelines and payment milestones. Happy to share the best approach and structure a proposal that meets your requirements and objectives.

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 Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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ERA Top 15 Achiever in April 2019 (Top 1% Company Level)
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ERA Top 510 Achiever in Year 2019 (Top 8% Company Level)

SMU BBM (Finance), Magna Cum Laude
Proactive. Sincerity. Feedback.

Contact: (+65) 97432395 
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I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

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Hi

Yes in case your SA is sufficient to cover the $93k BRS and you can fully utilise your OA to finance your second property. As I explained earlier, 12% ABSD applies for purchase of second property. I do provide 100% free service for purchase of private property for both resale and new developments. Do contact me at 93375051  for a free and non obligatory consultation on this.

Regards
Taufik Hussein
ERA Realty Network Pte Ltd Read More

Hi,

Happy New Year to you!

For second property purchase, you will need to set aside the Basic Retirement Sum before being able to use the balance from your CPF-OA for the property. For your case, yes, you can use the $180k from your CPF-OA for your second property.

Do take note that ABSD applies for second property purchase, and if your current property is still under loan, the maximum loan you can qualify for your second property will be at 45%. This means that you will need to fork out 55% as downpayment.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans.

Should you need require 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 in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More