facebookMy husband (27 year-old) just got PR last year & is drawing a $2.8K salary. I (25 year-old) earn $2.4K & may be out of job soon, how long should we wait before applying for a house? - Seedly

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Anonymous

07 Apr 2020

Property

My husband (27 year-old) just got PR last year & is drawing a $2.8K salary. I (25 year-old) earn $2.4K & may be out of job soon, how long should we wait before applying for a house?

It is also important to note that we do not have a lot of savings.

Discussion (3)

What are your thoughts?

A good rule of thumb is this:

  • Don't buy a house that is 5X of your total annual income

  • Have AT LEAST 6 months of emergency funds put aside before considering any large ticket purchase.

Tan Kel Vin

Tan Kel Vin

25 Mar 2020

Level 6·Financial YouTuber at Kelvin Learns Investing

When you buy a house, the cost is very huge, normally about 30% of the house price (lawyer fee, agent fee, downpayment), unless you can BTO or use grants.

The good thing about CPF is that you can use the money in it to pay for your house. If your CPF OA money is enough, you do not have to use cash to pay for monthly instalments.​​​

Pang Zhe Liang

Pang Zhe Liang

25 Mar 2020

Level 14·Senior Financial Services Consultant at AIA Singapore Private Limited

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will und...

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