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-   -   CPF OA (https://forums.hardwarezone.com.sg/money-mind-210/cpf-oa-5901410.html)

wisely98 14-09-2018 09:56 AM

CPF OA
 
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

henrylbh 14-09-2018 10:58 AM

Quote:

Originally Posted by wisely98 (Post 116496735)
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

You con your mum?

wisely98 14-09-2018 11:15 AM

Quote:

Originally Posted by henrylbh (Post 116497680)
You con your mum?

willing seller, willing buyer :s13:

[[ForeverAlone]] 14-09-2018 11:31 AM

OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,

luvalist 14-09-2018 11:40 AM

Wow u gain a flat AND cash *clap* congrats

henrylbh 14-09-2018 12:09 PM

Quote:

Originally Posted by wisely98 (Post 116497985)
willing seller, willing buyer :s13:

You call that willing seller, willing buyer? How can it be when one party is dumb :s13:

henrylbh 14-09-2018 12:12 PM

Quote:

Originally Posted by [[ForeverAlone]] (Post 116498248)
OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,

Definitely less than 2 weeks upon receipt.

JuniorLion 14-09-2018 12:17 PM

Too fast to judge people, ain't we?

Sinkie 14-09-2018 12:53 PM

Quote:

Originally Posted by wisely98 (Post 116496735)
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

You born in 98?? How u accumulate so much oa? I think u need to be 35 to take over the hdb ba.

ocs_woodlands 14-09-2018 12:55 PM

Quote:

Originally Posted by [[ForeverAlone
];116498248]OT here since talk about CPF .


one of my relative happen RIP ,

his close one got the CPF letter claim the decreases money in his CPF will be transfer deposit to her bank account , she has send back the form , and CPF acknowledge it send her letter claim will be credit

but so far haven't

it take so long ?? it like been already 2 weeks ,

Ermm..... Have you lost your way?

This is money mind not edmw..:D

wisely98 14-09-2018 01:57 PM

Also let's say, I use OA to fully fund this purchase. At 65, if i choose the lease buyback scheme:

1. I suppose I can get the full proceeds in cash, since I already met the FRS?

2. What happens to the accrued interest portion on the OA used? Any ruling saying that this portion must be repaid?

[[ForeverAlone]] 14-09-2018 03:28 PM

Quote:

Originally Posted by henrylbh (Post 116498886)
Definitely less than 2 weeks upon receipt.

:eek: sure or not

I just call my relative , she claim CPF letter stated Aug 27

till now she haven't received it in her bank account . kinda like past 2 weeks

Sinkie 14-09-2018 03:30 PM

Quote:

Originally Posted by [[ForeverAlone]] (Post 116502019)
:eek: sure or not

I just call my relative , she claim CPF letter stated Aug 27

till now she haven't received it in her bank account . kinda like past 2 weeks

Don't anyhow spread fear with your imaginary relatives la

dork32 14-09-2018 07:36 PM

Quote:

Originally Posted by wisely98 (Post 116496735)
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?

you are a wise guy.

your cpf is useless money. it is trapped there till god knows when. so use it to buy the hdb.

your mom's cpf is real money. you can withdraw it anytime. if the money is stuck in the hdb, release it.

what you do is correct.

but i have never transferred hdb before. dont know what is the cost of the transfer

i have done transferring of private property before. it is very painful. kena 3% stamp duty + lawyer fees on both sides

rrr2015 14-09-2018 08:15 PM

i thought loan amt + accured interest needs to put back into her OA but RA met she can withdraw freely

also by doing so, your OA no longer earns 2.5% + start accumulating accured interest instead

the transfer will involved some transaction charges as well
Quote:

Originally Posted by wisely98 (Post 116496735)
hi guys, just for discussion sake.

Objective: Take out maximum CPF OA (for whatever reasons)

Situation: To take over mom's flat. My SA met the current FRS. OA = $380k. My mom's RA met the Retirement Sum for her cohort. She used her OA to pay loan for flat. Current OA+accr interest is $100k. She sells flat to me for $350k.

Now, for me, i can fully pay the flat using my OA, as for her, she can get $350k in cash (correct me if i'm wrong). Assuming she doesn't keep a single cent, theoretically she can return the $350k to me and by doing so, I have "taken out" my CPF OA.

Does it work this way?



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