Special guest appearance in this video!! Don't get freaked out~! =P

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Should you pay your house with your CPF? Some people say do not but some say they really need.
I'd address "ACCRUED INTEREST" once and for all!

0:00 Why there are so many views?

0:56 You are age 30 and bought a HDB flat worth $500,000
At age30, 23% of your salary goes towards your CPFOA.
$4,000 per month income, your CPFOA will be $920.

You can use CPF to pay HDB loan 10% downpayment and stamp duty.
You can also use CPF to pay HPS premium and legal fees also.
Stamp duty quick formula 3% less $5,400

2:45 Why you should use CPF to pay for house
You may need renovation cost.
You may be keen on starting a business. I've setup an ice cream shop before called Munchymoo Ice cream but it failed.
You may be keen at FIRE Financial independence retire early. TO achieve FIRE at age40, you'd need to invest with as much of your cash as possible

4:25 Special guest appearance! =P

5:00 Transferring OA to SA at age of 30

6:15 Accrued interest, 3 reasons why it is a moot point
Accrued interest does not matter if you are not selling the house.
Case study of $59,600 used from CPFOA, what happens if you do sell.
Opportunity of earning the CPF interest is still there via property housing refund.

9:14 You are age 40 and bought a condo worth $1,000,000
Stamp duty is higher at 4% for amounts above $1m.
You'd have to take a bank loan. If you need your CPFOA for your house, you may be stretched financially and not on track for an easy retirement.

If you have excess cash in bank account now, that is good, deploy them towards the house and save your CPFOA.

Should you transfer OA to SA if you are age40?
Yes if it is far from the Full retirement sum (FRS).
Take note, it limits your tax relief via RSTU retirement sum topping up scheme.

#cpf #cpfforhouse #cpfsa #rstu #accrued interest #cpfinvestment

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