Asked 2d ago
Hello Anon :)
This depends on a whole lot of factors. Congratulations on saving so much and continuing to save 1.5k a month.
I am sorry about your situation. It must be frustrating for both of you to keep applying and getting rejected.
I am referencing this article written by a colleague.
BTO flats are usually highly sought after as a first home. They are also generally more affordable in comparison to HDB resale flats. Another factor is that they tend to appreciate in price after they hit the Minimum Occupation Period.
However, resale flats are also not the end of the world.
Resale flats aren’t ALWAYS more expensive than BTO flats.
The government is also providing the CPF Family Grant of $50,000 (if household incomes do not exceed $14,000) to cushion any potential price differences for resale flats.
Besides that, buyers of resale flats get to enjoy a further $30,000 under Proximity Housing Grant (PHG) if they live with or near their parents.
That is quite a bit of savings!
Also, since the Enhanced CPF Housing Grant has been introduced, couples get to enjoy higher housing grants, regardless of estate type (mature or non-mature estate).
This makes mature estates – a common estate type for resale flats – more accessible for home buyers.
With these grants and also the increase in income ceilings, it is also safe to say that there are steps to ensure that HDB housing is kept affordable and accessible.
So I would think that it'll be good for you to sit down and do the math with your partner and have a discussion about what both of you really want and can live with for the next few years.
Hope this helps!