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Why not wipe out CPF OA to $20k during key collection to reduce the hdb loan?

Great sharing Chris! Nice to have a real life example to provide a better gauge for the public. 2 points to note are: 1) CPF OA contribution drops (23% -> 21% ->19% and so on with the different age groups, hence a little clarification will be great for new homeowners. 2) Many new homeowners tend to look to get more mature estates BTO/SBF/OBF that are above their comfort range (700-800k and above) and they are exhausting almost 100% of their monthly OA savings for the full 25 years period to repay the 25-year loan (i.e. exhausting each month's CPF OA contribution to clear the housing loan without using cash popup even if their salary cap hits the 6k/month per person down the years), which may affect their retirement plans in the future.

Great Video! Was thinking about this the last few days. Just wanted to clarify, as my wife does not have CPF, including down payments, based on your video's example for a 4 rm HDB, I need ([5% downpayment $20K] + [20% Downpayment $60K] + [12 months mortgage buffer $20K]= $100K Correct? On top of that I thought worth mentioning, HLE is calculated based on current amount in OA, so the lower the current OA amount, the lesser HLE achievable. Kindly correct me if I'm wrong, because i got this results based on playing around with HDB HLE calculator. So if couples want a higher HLE for a bigger house, they need more money in OA. PS: also posted this question in your telegram group, but scared it gets drowned out since your group so active, so commented here as well.

@HoneyMoneySG

Жыл бұрын

I don't think HLE is based on CPF OA, it's a pure income+credit report assessment

hello Chris, If i use ALL my CPF OA to settle a hdb property upon key collection without getting a bank loan, and then sell it in 5 years, how much interest I should be paying back to CPF? is there a formula for this? Thanks

@HoneyMoneySG

Жыл бұрын

Every one's number is different

If I already own a property what is stopping me from putting all my OA into SA until I hit FRS?

@kenneth.lim3390

Жыл бұрын

If you wanna do CPFIS OA investments to potentially make more than 4% p.a., you will need above 20k in OA to do so.

@kitsura

Жыл бұрын

Queuing for tbill at the branch is more painful than surgery without GA. Don't want to do it too many times...

@kenneth.lim3390

Жыл бұрын

@@kitsura OA can be used to invest in equities via index funds too, not just T-bills. Of course, this does come with risk and depending on how close you are to retirement, it may not be feasible. That said, that would allow you to potentially make more than the 4% p.a. that transfering to SA will make you.

Hey Chris, if e.g. I have 100k OA and 100k SA now, should I transfer my OA to SA to hit the FRS? if you have a video for this please link it and I'll be glad to watch it, but I can't find it. Thanks!

@HoneyMoneySG

Жыл бұрын

Will do a video on this.

@SethCrescent

Жыл бұрын

@@HoneyMoneySG appreciate it! I'm also concerned about RSTU cash top up because the top up + interest cannot be withdrawn at 55yo. So my plan is just transfer from OA to SA, albeit a much slower route to reach FRS (the 100k OA and 100k SA was just an example, I'm far from that). Would be great to hear your opinion on this.

Hmm why do you talk about rounding off to $20K in OA as buffer for property repairs/maintenance when OA funds cannot be tapped on for such purposes? I'm not objecting to rounding off for computation simplicity but the rationale you suggested doesn't quite make sense

@HoneyMoneySG

Жыл бұрын

Yes, it's a mistake. I meant it to be the safety buffer

huh how to use cpf oa for repairs and maintenance?

@HoneyMoneySG

Жыл бұрын

Said wrongly, should be Extra Buffer

How do you get $6522 monthly salary for 23% OA when the cap for cpf contribution is $6000

@AkshayMishra204

Жыл бұрын

Didn't he say combined income?

@Dual2Blader

Жыл бұрын

Listen properly

@teyxingtuan4551

Жыл бұрын

now the cpf contribution is adjusted to 8k if not mistaken

Nowadays fresh grad combine income like $20k

@clhk12

Жыл бұрын

lame la , earning 3k plus 17k from father mother doesn't count

@sek898

Жыл бұрын

@@clhk12 lmao 20k. avg fresh grad usually 3.5k - 4k. first class honours get 5k+