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Hi,

You need to set aside basic retirement sum first before you can use any excess CPF OA for 2nd property. Its 7% Additional Buyer Stamp Duties for SC 2nd property, and if 2nd housing loan, max loan of 50%, and minimum cash of 25% of purchase price.

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 ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

Email: Ivanng10@gmail.com
Contact: (+65) 97432395 
Facebook Page: www.facebook.com/ASAProp
Website: http://www.ivanng10.com/clientreviews
(Client's Testimonials)

**Note: We are not prompted when you respond here, hence please get in touch directly. Look forward to hear from you soon! **

-- HDB BTO 4rm Sellers Mr. Farvin & Ms. Sel --

Ivan was the first agent that we met up with and right from the offset we had good vibes as he has a friendly personal approach, detailed working style and focuses on building the long-term relationship.

Our unit comes with its challenges but Ivan remained positive and had no qualms committing to our plans right from the start. It took only 6 weeks of aggressive marketing for him to secure a good offer which was a pleasant surprise in the end.

Ivan was always responsive and we had no worries to pass him the house keys. The whole process was transparent and hassle free, and he was always thinking from our point of view on how to make life easier for the client. He is a committed professional and has fast execution, so we felt assured that things are done well and we can entrust the sale process entirely to him.

--- HDB Flat Upgraders Mr. & Mrs. Lee ---

We decided to engage Ivan as our agent as we were impressed with how he answered the enquiries on property guru website.

He has helped us to find our ideal unit and also sold our current unit. He was very patient and never pushy when we were looking for our ideal unit. He would tell us that it is always important to find a unit that we really liked.

When it comes to selling of our unit, he was always prompt in arranging for viewings and he also tried his best to arrange and consolidate the viewings due to our time constraints. He is a reliable and prompt agent and is always willing to clarify any concerns and questions that we have.

Thanks Ivan! :)

-- HDB 5-rm Sellers Mr. & Mrs. Ting --

We have engaged the services of Ivan Ng for sale of our property at Pandan Gardens. He is professional and systematic in his marketing approach.

He is hardworking and committed to his work. He puts in great efforts in arranging clients for viewings and kept us updated thereafter. He is ever ready to help and guide us whenever the need arises.

He provided us with sound and useful advice as well as closely follow through from the start till the smooth sale of the property within a short period of time.

Thanks, Ivan. Keep up the good work! Read More

Dear Sir/Mdm,

You can ONLY use your OA account for your 2nd property. However, there is certain requirement to fulfill before you are able to utilize the funds in your OA account.

You will need to set aside half the prevailing minimum sum which is $83,000 in your OA and SA accounts before you can use the excess amount in your OA. For example, if you have 50k in your OA and 50k in your SA account, you can only use 17k in your OA account towards your 2nd property.

As for the 2nd property, yes, ABSD of 7% is applicable on top of the normal stamp duty. For loan, it depends on whether you have an existing mortgage loan. If you do not have any outstanding loan, you will be able to loan up to 80%. However, if you have, then only 50% loan is applicable.

Owning a 2nd property requires meticulous planning. Please feel free to contact me so that I can draw up a financial plan for you and also share with you which are the projects with good potential upside and good rental returns!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nick-tan.com

Testimonial from Satisfied Clients (2016/2017)
“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)

“We are very grateful to Nick for his extensive marketing efforts. With his comprehensive marketing plan, he helped us to achieve a record selling price within 2 weeks of listing our property for sale! We highly recommend his service to anyone who is keen to sell their properties.”
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

Hi,

I think you're confused about the cost and financing involved in getting a 2nd property.

Firstly, you can only use your CPF-OA after setting aside the "Half Minimum Sum". You will not be allowed to use any monies from your CPF-SA for any property.

Also, Seller Stamp Duty (SSD) is not applicable for Purchase. You will only pay SSD upon the sale of your property if it's held for less than 3 years.

Additional Buyer Stamp Duty (ABSD) will be applicable for second property purchase. The rate will depend on your Citizenship status, with Singaporeans currently set at 7%.

As for loan, if your current property is still under mortgage, you will only be able to loan up to a max 50% for your second property, with up to 25% of Cash downpayment.

Apart from these, do take note that Total Debt Servicing Ratio (TDSR) applies. Before jumping into any purchases, it will be wise for you to speak to a mortgage banker to ascertain the amount of loan you're eligible for.

Lastly, there are a few ways and strategies to own a 2nd property that I would love to share with you. These strategies may let you enjoy some "savings" from the purchase.

Should you need any 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 and your partner in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More

Good evening buyer,

Do take note of these cooling measures for purchase of second property:

1) 7% additional buyer's stamp duty as Singaporean. Seller's stamp duty is applicable if you sell a property within 3 years of ownership.

2) need to set aside basic retirement sum of $83k in your CPF OA + SA before you can use the excess CPF OA funds if you have utlilised CPF OA funds in current property. You can only use CPF OA funds to finance a property.

3) you can only take up max 50% bank loan if you still have outstanding loan.

By the way, do let me share with you what I had done for one of my clients.

They will be selling their 4rm flat (havent fully paid) and intend to purchase an unit for own stay and the other for investment after a few rounds of detailed financial planning.

You might not believe. This plan will be funded entirely by their sale and they wont be coming out with any amount from their savings. They would have reserved funds up to 4 years to finance their homes even if they dont work.

Another clients of mine met me up on 8 august and had already committed to a condo purchase on 14 august even though their HDB sale will most likely ended up to be a negative sale. But with their HDB sale, they will have a reserved funds that can last them up to 3.5 years to repay the mortgage if BOTH of them never work.

I would or would not say this will be possible for you as well but with detailed financial planning, you will have a clearer picture what is feasible for you.

May I know when will be a good time to meet up?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

(M): +65 9111 5171 
(E): yt.tan91115171@gmail.com
(W):www.yttan.com
(FB): www.facebook.com/yttanassetprogessor

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