Should I make large financial decision after I have sign my job contract or after the probation period? - Seedly
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Anonymous

Asked 3w ago

Should I make large financial decision after I have sign my job contract or after the probation period?

I am preparing to purchase a house, but I have yet to find my first starting job. I am worried that after I received my first job and started working at the company, the company might not want to retain me for the position after the probation period.

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    Set aside emergency funds when doing anything.

    You don't know what will happen.

    The worse case is a pro-longed unemployment that causes you to not be able to pay your monthly installment.

    That's the worse it gets.

    So set aside 12 months of M.I be it in CPF or Cash.

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    I am starting my new job on 18 January 2021

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    I would strongly urge you to put your purchase on hold and consider your income options first. While more information is required before we can assess your situation, we are going to make some assumptions.

    In order to purchase your house, you must either be prepared to pay the entirety of the price by cash or through a loan. If you are not able to pay your loans, there's a chance you will lose your house. Given that you do not have a job yet, it is unlikely that you will qualify for a loan easily.

    If you are looking to purchase a house already, we can assume that you have the cash for upfront payment. Whether you are paying through CPF or cash, we have no clue.

    Currently, the interest rate is extremely low, you might be better off taking a loan and investing your money elsewhere.

    Do note that purchasing a house requires long term commitment and if you are purchasing for your own consumption, you are not purchasing an asset but a liability.

    If need be, please speak to a qualified financial advisor to assist you.

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    Always maintain your emergency savings and park your near-future big-ticket purchases in low/no-risk accounts.

    If you don't have any emergency savings or have not started saving up for your short-term goals, then no.

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    At least save up for down payment and all the fee. BTO normally take 3 - 4 years. Installment settle using OA.

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