Structure
The right structures will very often save us fees. We get to change many things when we inevitabily refinance, because the additional fees that banks charge to change details, can be saved.
Property Structure
HDBs
Starting out in life, most of us will have to consider the purchase of a HDB property because as Singaporeans, it has always been our birthright.
Regulated prices, heavily subsidized by Grants and a higher Loan-to-Value (LTV).
Which is a very convenient combination where downpayment for HDB properties can be paid for in Grants + 5% Cash or CPF
A piece of advice is to wallop, squeeze blood from rock, get every grant that's possible with the idea that you'll only get this once.
Grant money will go into your CPF monies upon the sale of the property. Which you can eventually use to afford your first Private Property.
Unlike what many uneducated people would lead you to believe, CPF money is NOT monopoly money. It's pretty cool. I made a video.
It is a previlge to own a HDB but they do not make it easy with their strict criterias for grants and long waiting times of 3-5 Years for BTOs
The solution to that problem is the Parenthood Provisional Housing Scheme (PPHS) with Dirty cheap rental rates
For the informed, HDB is a wonderful tool to set up roots in a world where property prices are in the millions.
conditions for owning the property. Are also strict. But Singapore's goal is a society of home owners. And what's written in HDB's website is a guideline.
Because HDB cares
Vulnerable groups in society such as the financially-challenged and the elderly can depend on HDB for extra help reach them thru their feedback form or to call them at 64901111 to get a human to help you thru the process.
Writer's note:
Honestly I can vouch for how much they helped. I was supposed to be homeless 3x when I was growing up. Thank you HDB.