Government Home Grants For First Time Buyers

Government Home Grants For First Time Buyers – The increase in the CPF housing allowance is specifically targeted at qualified first-time home buyers with income below S$14,000 for families and S$7,000 for singles, says MND.

SINGAPORE: The government is “aware” of the potential impact of increased Central Provident Fund (CPF) housing subsidies on a buoyant resale market, the Development Ministry said on Thursday (Feb 16). National (MND).

Government Home Grants For First Time Buyers

“This is why the subsidy increases are not targeted at all resale buyers, but specifically targeted at qualified (first-time) home buyers with income below S$14,000 for families and S$7,000 for singles, through the CPF housing grant.” the Ministry announced.

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“About a third of resale home buyers have received the CPF housing grant in the past two years.”

Deputy Prime Minister and Finance Minister Lawrence Wong announced in the 2023 Budget Statement on Tuesday that the CPF Housing Subsidy will be increased from A$50,000 to A$80,000 for families eligible for first-time buyers to resell a housing board of four rooms or less. (HDB) flat.

For such families buying a resale flat of five rooms or more, the amount will increase from S$40,000 to S$50,000.

The subsidy amount for eligible single first-time buyers of a resale flat of four rooms or more will increase to S$40,000 and to S$25,000 for a resale flat of five rooms.

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MND estimates that the increase will benefit more than 10,000 early adopter households in the first year of implementation.

Following Tuesday’s announcement, real estate analysts said the move could stimulate further demand for resale HDB flats.

Mr Lee Se Teck, senior director of research at Huttons, said transaction volume in the HDB resale market could increase to between 26,000 and 28,000, up from an earlier projection of 24,000 to 26,000.

Sales price growth could increase by 8 to 10 percent, he said, up from his previous projection of 5 percent.

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PropNex Realty CEO Ismail Ghafoor said the increase in subsidy amounts could further stimulate demand for resale housing, keeping resale prices firm.

“Sellers who raise their asking prices risk exiting the market as buyers remain price conscious, with high interest rates and uncertainties in the global economy,” it added.

While that was the slowest increase since 2022, it was also the 11th consecutive quarter in which the resale price index increased. The index, which reflects general price movements in the resale market, rose to 171.9.

“We recognize that the increase in sales prices has caused some anxiety among these (first-time) home buyers,” MND said.

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“While we have decided to respond with two rounds of cooling measures in December 2021 and September 2022 and we see early signs of moderation, these measures will take time to work their way through the market.”

Last September, the government introduced a series of property cooling measures, including a 15-month waiting period  for private homeowners who want to buy HDB resale flats.

The measures include tightening the limits on the maximum loan amount. For HDB loans, the loan-to-value limit has been reduced from 85% to 80%.

“The government will continue to closely monitor the resale market to ensure it is in line with economic fundamentals and will act decisively if necessary,” the ministry said on Thursday.

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“Further details of the housing policy changes to be announced in Budget 2023 will be shared in the MND Supply Committee debate.

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We know that switching browsers can be a hassle, but we want your CNA experience to be fast, secure, and the best. First-time buyers of HDB flats with two, three or four rooms for resale can now get $80,000, up from $50,000 previously. PHOTO: FILE ST

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Singapore: First-time home buyers will get more help, with the housing subsidy increased by $30,000 for families buying units of four rooms or less and by $10,000 for those buying units with five rooms or more.

An additional build-to-order (BTO) ticket will be issued to families with children and young married couples aged 40 and under buying their first home, as the government moves to help more Singaporeans own their property to help them

These measures are intended to support the housing aspirations of young Singaporeans, Deputy Prime Minister and Finance Minister Lawrence Wong said in his budget speech on Tuesday.

He noted that some Singaporeans are willing to buy resale apartments for their first home, but today they find resale prices too high.

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Under the Central Provident Fund’s revised housing subsidy, families buying two- to four-room HDB resale flats for the first time can receive US$80,000, up from US$50,000 previously. Those buying units with five or more bedrooms can receive $50. , 000, more than 40 000 dollars.

To be eligible for the grant, families must be at least two Singaporean citizens or one Singaporean and one Singaporean permanent resident. They must not have received housing subsidies in the past, not have a monthly income of more than $14,000, and not own or have an interest in private property in the last 30 months prior to submitting an apartment application.

Individual first-time buyers of HDB resale flats will also receive a higher CPF housing allowance of up to $40,000 for units with four rooms and below, up from the previous $25,000. Those buying five-bedroom units can get $25,000, up from $20,000.

First-time singles apply to Singapore citizens aged 35 and over who have not previously received housing subsidy, do not have a monthly income of more than US$7,000 and have not owned or had an interest in private real estate in the past 30 months. before flat application.

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Eligible buyers who submit their resale applications after 3.30pm on Tuesday will be entitled to the enhanced subsidy. The additional amount will be credited to your CPF account from April 2023.

Those who submitted applications before 3.30pm on Tuesday but are still waiting to be completed are also eligible for the top grant. In a Facebook post on Tuesday, National Development Minister Desmond Lee said this would make it more convenient for those who would otherwise cancel their application and reapply – the bear.

First-time buyers of HDB resale flats can also take advantage of the enhanced CPF Housing Grant, which offers up to $80,000 in subsidies for families and $40,000 for singles, as well as a Neighborhood Housing Grant of up to $30,000 for families and $15,000 dollars for singles. .

In total, first-time families can receive up to $190,000 in grants when purchasing a resale property. First-time singles can receive up to $95,000 in scholarships.

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Noting that the government has implemented cooling measures to ease demand in the resale market, Mr. Wong said the commencement and completion of more BTO projects in the coming years will further facilitate demand and flat resale prices.

Currently, the bulk of BTO’s supply goes to first-time families, who have priority for their flat application. At least 95 percent of the supply of four-bedroom apartments and above BTO in both mature and non-mature properties is reserved.

However, Mr. Wong noted that the first-time category covers a wide range of applicants, including those who already own their own home but have never received housing subsidies.

“Given this wide range of early applicants and the current BTO supply constraint, we need to identify specific groups and provide more support,” said Mr. Wong.

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So the focus is on families with children and young married couples age 40 and under buying their first home, he added.

“We will do more to help these families secure their BTO housing in a timely manner, including giving them an additional ballot for their BTO housing applications,” he said.

Commercial manager Iqbal Mohammed, 38, who bought a two-bedroom HDB resale flat in Punggol for $310,000 under the bachelor scheme, said the top grant of $40,000 came at the right time. “The price of a two-bedroom is a bit expensive, but due to the current market trend, this is probably the cheapest I can get in this area.” That is why I am happy with the increased amount of the subsidy, as it helps to reduce my monthly repayment,” he said.

Information security consultant Joseph Chong, 32, said the additional grant amount would allow him to take out a smaller loan and leave more CPF savings for future retirement.

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He and his wife are buying a four-room HDB resale flat in suburban Canberra for $600,000 and are eligible for an enhanced subsidy of $80,000. They will receive more than $100,000 in grants to buy their first home after they tap into the enhanced CPF housing grant. “Although we were concerned about the increase in resale prices, we decided to go ahead with a resale flat instead of waiting for a BTO flat as it is a better rental alternative. The grants make a difference to us because we can keep some money in our CPF accounts instead of wiping it out.

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