facebookI (M, 27) am employed while my gf earns an unstable income (freelancer). Will it reduce our chance to get the BTO? And on average, how much should we have in savings before applying? - Seedly

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Anonymous

18 Aug 2020

Property

I (M, 27) am employed while my gf earns an unstable income (freelancer). Will it reduce our chance to get the BTO? And on average, how much should we have in savings before applying?

Discussion (1)

What are your thoughts?

Aidan Neo

Aidan Neo

18 Aug 2020

Financial Services Consultant at Manulife Financial Advisers

In terms of balloting, it will not reduce your chance to get the BTO since they even allow students to ballot with appropriate declaration.

However, whether is it affordable to you and your gf finances would be another question. You can actually do up some calculation to project the numbers or back calculate to know which range of price will not be overstretch. But of course, if you and your gf are willing to commit and overstretch, then there is no obligation on that. Just to ensure you can fulfil the initial 5%+5% and any deficit from the max loan HDB can give you, both are payable by CPF or cash. Let's not go to the amout needed for renovation and etc first.

Just be careful because any backing out at different period will induce unnecessary fees which can amount to several thousands. Therefore, no point wasting such money for nothing. Hope this clarifies for you. If you need help on the projection, feel free to reach out to me here!

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