First timer, cannot get BTO/EC

[Solid_snape]

Hi all, me and my Gf, 27 and 26 are first time applicants looking for our first home. We are in the sales line with high commission and low basic(2k)
Our combined income averages out to be about $15k per month. Have read the guidelines and we've pretty much given up on trying for a BTO. We are looking at EC or resale recently but are wondering if we would qualify for EC or is our only choice resale.

Has anyone successfully appealed before or any advise would be appreciated ?

 

[henrylbh]

Hi all, me and my Gf, 27 and 26 are first time applicants looking for our first home. We are in the sales line with high commission and low basic(2k)
Our combined income averages out to be about $15k per month. Have read the guidelines and we've pretty much given up on trying for a BTO. We are looking at EC or resale recently but are wondering if we would qualify for EC or is our only choice resale.

Has anyone successfully appealed before or any advise would be appreciated ?

Leave BTO flats and EC to those earning less as they have no choice. You have choice of resale flats and private prop.

 

[viix]

Go for a private condo, with your earnings and haircut, your loan can still go very high.. no problem buying 2 mil properties.. save up for the 20% downpayment (which shouldn't be difficult based on your monthly) since CPF might be low.. Don't see why you can't..
With what both of you are taking in, you can probably invest in property..

Leave the HDB and ECs to those who are struggling to achieve what you are achieving

 

[spiritGate]

But their income is high is due to commission, very risky though. But if u have sufficient savings like 300k++ or more, then hoot private condo liao. In any case if u face any down period low or no sales, at least ur saving can support

Sent from sent from gagt using GAGT

 

[tqx]

can try appealing since your income is not stable , if borderline may still pass

 

[Solid_snape]

Thanks all for the input so far.

The reason why we are not considering Pte is because we will be overly stretched to outlay such a huge down payment. Also due to the unstable nature of our income we feel unsafe making the commitment.

Hence we are actually trying to see if there's any possibility of trying for a EC..

 

[Advancer]

Take the first step by visiting show flats. Then explain your situation to the agent and let them try to do everything for you.
They will try hard to earn your money anyway.

 

[spurman]

Hey ts... your combined can easily take home 12k a month lar.

Maybe 2k to spend on cars. The rest 5k maybe for makan. Grooming. Give parents. Travel. Etc. Save 5k a month. Save 60k a yr. Save 300k in 5yrs liao. Your situation is so good and u r so young. Gotta be envy among your peers rite.

So whats the proble to consider resale or wait to buy condo later on in life

 

[outrun100]

First, are you cash king? Buying EC doesn't come cheap for first timer.
When i first approached the banker early this year (before the new limit), i was given max loan amount of $680k with income max limit 12k. Looking at 1mil EC, I'll need to take out $300k or more which i gave up this thought eventually.
You have to check with your banker for the rough figure before you decide, just a phone call to them will get your answer.

Cheers~

 

[p00p00]

To appeal u can go visit ur MP and ask them write u a letter to hdb. You can mention that ur income is dependent on sales commission and is not stable. Getting an EC near to ur parents also increases the chance of ur appeal.

Lastly, if you have fixed expenses that u need to settle montly (give allowances to parents), thereby reducing ur income to 14k and below, u can also mention it.

 

[havetheveryfun]

Hey ts... your combined can easily take home 12k a month lar.

Maybe 2k to spend on cars. The rest 5k maybe for makan. Grooming. Give parents. Travel. Etc. Save 5k a month. Save 60k a yr. Save 300k in 5yrs liao. Your situation is so good and u r so young. Gotta be envy among your peers rite.

So whats the proble to consider resale or wait to buy condo later on in life

Bcoz human nature is greedy, when u know other PPL can get a flat for much cheaper of cos will buay song

 

[doody_]

Taking a resale is better, less cash needed and you can pay it off faster. Usually the problem with EC is the high downpayment. You may be high income but not necessarily high savings. An EC will cost around 700-800k, 5% downpayment in cash and 15% in CPF/cash. That works out to 140k-160k in cash+CPF combined, and this is only for the bare house. Don't forget furniture.

 

[Solid_snape]

Thanks all for the advise!

The market conditions are not very good at the moment anyway so I guess we will wait until at least next year before we decide. Most probably will try for a resale unless we spot a good bargain!