A big but

(29-05-2023, 01:50 PM)Tee tiong huat Wrote:  A big but I don’t thibk it is enough still. Even 5 years later when our income increase I still think it’s bare minimum if not less to cover the $520K. Thinking of backing out and save a few bucks and BTO again next year or so. The chances of getting a unit again will be low but no choice. Great advise will be greatly appreciated

Here are what netizens think:

Pls don’t back out. Yearly house price is increasing. If u say u want to save more then apply again, it will be hard. No matter how hard to save cannot catch up with inflation. Therefore buy first, after 5 years if really very tight you can downgrade.

When i initially applied for BTO, i also didn’t had a high combined income (less than 5k too), which is similar to your situation. Hdb approved loan wasn’t at our full 90%. 5 years passed, income actually increased a lot higher and now our combined is sufficient to cover it. Use the 5 years n think how you’re going to improve yourself rather than think that you cannot make it.

When I first purchased my flat 5 years ago, my wife and my combined income was $5.9k. We bought a resale at 410k. 

At current moment our income can easily afford a 1.5m private property. My point is we always are too conservative about how much we will earn. I never thought I would be earning this amount right now as well. 5 years down the road, you’ll easily be able to afford the property and be glad that you didn’t cancel your BTO.

Secure already, just stick with it laa. Who ask you to choose a flat out of your price range. Getting a bto is like a lucky draw. Not many can get. Anyway, if yours is a 4 room in a nice location or a 5 room in a not so nice location, u can always rent out 1 or 2 room to help with the mortgage. 

The big problem is not enough loan to cover as much of the $520k. 2 solutions, first one, either you or your gf, apply for a better paying job for the short term to get a better loan quantum. If not, save as hard as possible for the balance of upfront cash/CPF. 

Worse case, get a short term loan from either parents. Or renting out 1/2 rooms, u can cover back......