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

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.

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    Discussion (3)

    What are your thoughts?

    Desmond

    Desmond

    07 Apr 2020

    Level 4ยทPeak Performance Coach at [email protected]

    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.

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      Tan Kel Vin

      Tan Kel Vin

      25 Mar 2020

      Level 6ยทFinancial 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.

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        Pang Zhe Liang

        Pang Zhe Liang

        25 Mar 2020

        Level 14ยทSenior 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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