CPF Accounts Value thread

[binbeto]

madguy .... stop it... don't be a cock and make urself sound stupid. you do not live in this world on your own. i have father, mother, grandfather, grandmother, brother, sister, son, daughter, grandson, granddaughter. i can use any of their names to get another account. i dont have to just use my own name.

gosh... most of the conditions are so easy to achieve to me that it is almost risk free.

my month expenditure is more than 2k on cards.2 uob1 and 1 maybank only gives me 1.5k. i still have to find another card to settle my 500 extra. on months that me expenditure are low, i buy vouchers.

at dbs, i just need to spend $1 on credit card and i have dividends for 10 out of the 12 months. my salary goes there.

at maybank, i have my home loan and giro to pay my uob card.

at uob, i giro in my maybank card, income tax, property tax....

please lah, these account way superior to cpf oa. it is when all these accounts are full that i pump money into my oa. i take uob and dbs to be as safe as cpf. some people may look down on maybank, but my home loan is with them. if they go bust, the deposits can be offset by the home loan.

the next account that i am targeting is citi maxigain

you seriously have a one track mind. you must learn how to think out of the box. the numbers that i quote is for my case. it is up to you whether to believe or not

For bank loan , we really can use loan to offset our deposit with them if they go bust?

 

[Toni90]

For bank loan , we really can use loan to offset our deposit with them if they go bust?

Can not lah. Deposit gone but loan take over buy other bank. Still have to pay.

 

[dork32]

For bank loan , we really can use loan to offset our deposit with them if they go bust?

dont know leh. i think can. few banks have gone bust in sg

 

[SKenny]

OA S$185k
SA S$138k
MA S$48k

Age 43 years after selling my investment condo. May do some OA to SA transfers.

Nice CPF.

I agree that you should do some OA to Sa transfer.

 

[SBC]

Nice CPF.

I agree that you should do some OA to Sa transfer.

Great advice by the master.

 

[SBC]

Paid about 290k on my property. Outstanding loan is 780k.

Current accrued interest is 22.5k. Hope this accrued interest will be not be a drain to me. Hope I can afford to stay in this property.

 

[lifeafter41]

Paid about 290k on my property. Outstanding loan is 780k.

Current accrued interest is 22.5k. Hope this accrued interest will be not be a drain to me. Hope I can afford to stay in this property.

How many more years to go?

 

[SBC]

How many more years to go?

28 years to go till age 75.

 

[BBCWatcher]

Current accrued interest is 22.5k. Hope this accrued interest will be not be a drain to me. Hope I can afford to stay in this property.

The accrued interest is owed to yourself. There’s an opportunity cost to using your own funds, including Ordinary Account funds. The government wants you to think twice about that reality before buying housing.

If your property equity represents substantially all of your net worth, or if the remaining debt overhang is unsustainable, then you’ve probably bitten off more than you can chew. “Unsustainable” means, for example, that your household income from employment cannot support at least mortgage repayment at normal pace plus day-to-day consumption needs. The mortgage interest rate could increase or decrease, but that’s all true of your employment income.

There are quite a few people who buy too expensive a property with too big mortgages in the circumstances. I don’t have enough information to reach even a tentative conclusion whether that’s what you’ve done.

 

[starlight318]

28 years to go till age 75.

How come can loan till 75?

 

[OngHuatHuat]

Actually the difficult part is how to sustain that income for many years.
Sometimes there is always a risk to take if you aim high.

The accrued interest is owed to yourself. There’s an opportunity cost to using your own funds, including Ordinary Account funds. The government wants you to think twice about that reality before buying housing.

If your property equity represents substantially all of your net worth, or if the remaining debt overhang is unsustainable, then you’ve probably bitten off more than you can chew. “Unsustainable” means, for example, that your household income from employment cannot support at least mortgage repayment at normal pace plus day-to-day consumption needs. The mortgage interest rate could increase or decrease, but that’s all true of your employment income.

There are quite a few people who buy too expensive a property with too big mortgages in the circumstances. I don’t have enough information to reach even a tentative conclusion whether that’s what you’ve done.

 

[OngHuatHuat]

55 years old can take out OA to partially pay down loan already, then 65 years old onwards can have cpf life.

28 years to go till age 75.

 

[dork32]

How come can loan till 75?

my home loan is also till 75. you can report some forms of passive income. i reported my rental. they allowed me to extend till 75

 

[dork32]

Actually the difficult part is how to sustain that income for many years.
Sometimes there is always a risk to take if you aim high.

who cares about sustaining income till 75? as long as the loan is below 2.5%, i will max out my loan.

 

[BBCWatcher]

Actually the difficult part is how to sustain that income for many years.
Sometimes there is always a risk to take if you aim high.

Right, agreed, and that’s why you don’t want to cut it too close (either too much housing or too soon) and why genuine insurance necessities are important (DII for example). The government’s minimum prudential requirements should not necessarily (or often) be what you actually do.

 

[BBCWatcher]

who cares about sustaining income till 75? as long as the loan is below 2.5%, i will max out my loan.

Provided there’s no prepayment penalty and you have savings reliably earning 2.5% (with low or zero volatility principal) to back it, sure, agreed. Enjoy the party however long it lasts.

 

[dork32]

Provided there’s no prepayment penalty and you have savings reliably earning 2.5% (with low or zero volatility principal) to back it, sure, agreed. Enjoy the party however long it lasts.

most fixed home loans have a lock in period. after the lock in period there is no penalty.

2.5% is very reliable. cpf oa

 

[cal3135]

Bro likely u able to afford. Question is
•do u want to retire early or work till 70s or even 65

•u have other savings for retirement plan apart from your 1M property

•during your retirement, do u want to continue staying 1M condo or unlock the $$$ from the property

Paid about 290k on my property. Outstanding loan is 780k.

Current accrued interest is 22.5k. Hope this accrued interest will be not be a drain to me. Hope I can afford to stay in this property.

Posted with xsmax HardwareZone Forums app

 

[SBC]

Bro likely u able to afford. Question is
•do u want to retire early or work till 70s or even 65

•u have other savings for retirement plan apart from your 1M property

•during your retirement, do u want to continue staying 1M condo or unlock the $$$ from the property

Posted with xsmax HardwareZone Forums app

1. Tough to control on my end. Job mkt is very different these years.
2. Do have other cash saving: 120k, stock at least 200k (cash, cpf and SRS)
3. Will hope to retire at my current place. Ability to stay depends very much of above 2 factors and the drain of my kids education funding.

To plan/fund kids education, I have a few insurance policies for myself and kids.
Insurance expenses are also a key component in my monthly your cash flow.

I am allocating a cautious portion of cash to fund my mortgage to strike a balance of returns and sustainability.

 

[lifeafter41]

28 years to go till age 75.

28 years is a long long time....
Since you mention it, you Are 47/48 to be exact

Hopefully this is your 2nd or 3rd property so you should be fine....