Hi everyone! Any advice here? Been together with my gf for more than 3 years and she has already started work for more than a year while I’m in my final year.
However, she kept wanting me to marry her and get a resale flat. The thing is, I haven’t started work and her pay and cpf isn’t enough to pay back the HDB loan if we are to get a resale now.
I always tell her about the financials and how much money is needed to get married, repair and renovate a resale house, and how much it cost to get a resale mature estate.
She doesn’t seems to care and don’t think about the money aspect. She feels money will drop from the sky, money is not an issue, and I just want to wait because I don’t want to marry her.
I do but I get stressed out over money issues. Haven’t start work yet, how to afford? I’m from a low income family, how can I even ask my parents to help me with financials when I want them to retire when I graduate this year? Help…
Here are what netizens think:
Hi! Just to share with you my personal experience! I’m in the same situation as you but opposite. I’m working for a year already while my gf is in final year. We decided to buy a resale and we just did! So I’m just going to share with you a few reasons for you to digest! No right and wrong but yeah~~~
1) you being a student while she worked for a year already qualifies both of you for the enhanced cpf grant! By the time you join her in the workforce, if your total combined income is more than 9k, you are not eligible for the grant. This grant ranges from 5k to 80k depending on combined income.
2) for resale flats, there are 2 other grants which is proximity grant and family grant. Now, there’s a difference between resale and bto’s proximity grant. Resale’s proximity grant is in terms of money while bto’s is in terms of additional ballot.
3) total grant receive can be up to 180k. Now all these grants will need to be paid back into your own cpf account in future with accrued interest. (You gotta find out by yourself by calling HDB/CPF)
4) now, only your gf is eligible to take a loan to purchase the house. With only her income, the maximum loan she can take will be way lower as compared to a couple that’s both working. What does this means? This means if you loan lesser, your monthly installment is lesser. Just as an example, if your loan amount only entitles you all to get a 3 room flat (inclusive of grants), every month, each of you may just have to pay 400-600 monthly installment. If both of you decided to get it when both of you are working, loan amount will increase which means there might be a chance you all can get a 5room flat. But monthly installment for each of you may double. So it’s really up to both of you to plan your finances.
5) it is possible to not use a single cent while getting resale if you don’t aim for too big a house as your first house (due to grants and loans).
6) there’s a lot to consider but last but not least, you 2 have to come to an agreement whether to purchase and think about the finances if you do purchase it now. Will she be willing to pay the monthly installment by herself first till you get a job? Are you all willing to renovate the house slowly? Because renovation is another huge cost! Also, getting resale means you 2 have to ROM within half a year upon getting the keys.
Personally, we decided to get because for long term wise, we calculated it and we would be having an advantage by taking the grants early. But, it’s really a committment and a lot of planning is involved. So yup! Discuss with her and understand if her reason she suggested this is because she have calculated everything and it’s feasible or if it’s just her want? Feel free to research using HDB website or spam call them to understand. That’s what we did