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@HumdrumSingaporeanREACTS

Жыл бұрын

😯😯😯

Solid breakdown of the considerations in CPF usage! 👍🏼

Fantastic advices, especially number two! Keep on going 👍

Hi Chris, I appreciate your content as you always present clear and valuable information for us viewers , thank you for yr hard work synthesized for us!!!!!!

You can use partially cash and partially CPF to pay for your property instalment, if do not want to use full cash and at the same time to built your CPF.

Hi can you make videos abt Time deposit abt the interest rates which bank have the best rates

very valuable presentation thank you for financing our independence

Even if you decide to use CPF to finance the property, it's not a done and fixed deal as you still can VHR back to OA the principal plus accrued interest whenever you have some cash later. Or you could use that cash to pay down some bank loan outstanding, esp. with the bank fixed rate hitting 3% and probably higher in the next two years. Maybe you could consider doing a video on bank loans vs. HDB housing loan for new buyers? HDB 2.6% now seems more attractive in this current environment compared to a year ago.

@n-animetv1121

Жыл бұрын

One thing to be considered is the maximum contribution cap of 37,740 per year. For a 60k annual income person + 8k RSTU = 30.2k contribution, there isn't much room left.

woah what if i use endowus to invest my OA, do i also need to pay back the accured interest?

@HoneyMoneySG

2 жыл бұрын

No need for investments

Hi Chris! I was supposed to collect keys to my SBF flat today, but was told I cannot take a HDB loan because I have sufficient funds in OA to pay for the flat. I couldn’t decide if I should pay with CPF in full or not. Hence I postponed my key collection. Should I invest the funds in OA in t bills and take a HDB loan or should I just pay in full? Would the accrued interest be the same if I pay the HDB loan with CPF versus paying off the flat in full? Please help. Thank you!

@HoneyMoneySG

8 ай бұрын

I suggest you ask this question in my telegram group and the community will advise better. t.me/HoneyMoneySG

If you have money, dont touch your cpf, let it compound and really grow

Question 1: If u use CPF to pay for home loan, you will suffer 2 interests is it? bank loan interest + CPF accrued interest when u sell? double whammy. Question 2 : For those who dont have enough cash, but have enough CPF to pay off the home at once, then it is better to use CPF to pay off all at once compared to getting a bank loan and pay the home loan using CPF?

@DerrickTay88

Жыл бұрын

Q1: yup. In a way you need to pay for the bank loan interest of 2.6% and pay back the CPF accrued interest of 2.5%. But since the accrued interest technically is still your money, i would only consider the 2.6% to be lugi. Q2: yes it is definitely better IF the person is CPF rich and not cash rich. But in an ideal world, it would be better to transfer your OA to SA to earn the extra 1.5% (4% - 2.5%) interest, and then pay cash for mortgage installment. But honestly, how many people can afford to implement this method. However, what he said is not wrong too.

Side topic. If SSB % exceeds SA, would you still recommend early top up to achieve FRS?

@darrenkwok84

2 жыл бұрын

Wow capital guaranteed

@HoneyMoneySG

2 жыл бұрын

Top up CPF for the tax relief Buy SSB for the liquidity

@keithlee8511

2 жыл бұрын

Reaching the prevailing FRS in SA asap is a no-brainer. Based on historically projected 3% increment in FRS, your SA self-funds itself to reach the prevailing increased FRS every year until age 55. Your cohort's FRS is guaranteed to be reached. It's just peace of mind to get that out of the way.

lol finally someone nailed my thoughts ... i am definitely that person who wants this overpaid government to work for my 2.5% interest and not have to rely on my property to generate interest

I am 54 this year. Will use cash to buy my 2nd BTO without using my CPF.

Use cash obviously to avoid paying AI...but realistically, how many ppl have $150k & above lying idly around in their bank accounts? lol Maybe another strategy is to use CPF OA to finance your mortgage 1st & then do a Voluntary Housing Refund (VHR) later. If u do a VHR, u are also returning 2.6% interest cos of the HDB loan interest, slightly beefing up yr CPF OA upon VHR. Then do a transfer from OA to SA up to FRS Perhaps another discussion to be had is whether to go for a bank loan or HDB loan given current market sentiments lol

My cash is earning 4% pa. So I use CPFOA which earns 2.5% pa to pay my mortgage which is at 1.05% pa. Rule of thumb: Use interest rate to decide.

Have you decided?

@HoneyMoneySG

10 ай бұрын

Not yet. Will confirm when I collect keys in 2024

cash flow in king

😯😯😯

@HumdrumSingaporeanREACTS

Жыл бұрын

😯