Australia's largest stock trading and investment forum Australia's #1 stock forum

If you think about it one would quickly come to the conclusion...

First 41 Last

Share
Profile

Follow
Infose

5,236 Posts.

35

06/04/21

18:12

Post #: 52279990
Share

Originally posted by Infose: ↑

"Singaporian can use their CPF (equivalent of super) to fund their property purchase."'

I am not sure if the CPF scheme is equivalent to our super as it is a social security savings scheme designed to provide:
1) a roof over the head, 2) basic health care cover, and 3) retirement income.

"The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence for their retirement years.

Through lifelong income, healthcare financing and home financing, we aim to enable Singaporeans to have a secure retirement.

You can learn more about our CPF schemes below.

Housing Scheme

The CPF Housing Scheme enables CPF members to use their CPF Ordinary Account savings to buy HDB flats, or to buy or build private residential properties in Singapore.

MediSave

MediSave is a national medical savings scheme which helps CPF members put aside part of their income into their MediSave Accounts to meet their future personal or approved dependant’s hospitalisation, day surgery and certain outpatient expenses.

CPF LIFE

Provides CPF members with a monthly payout for life when they reach their payout eligibility age."

Apart from these three basic schemes there are many others designed to improve or complement.
https://www.cpf.gov.sg/Members/Schemes

Now, what is said about the housing scheme is this: "The CPF Housing Scheme enables CPF members to use their CPF Ordinary Account savings to buy Housing and Development Board (HDB) flats.buy or build private residential properties in Singapore."

Note the reference to ORDINARY ACCOUNT savings, which i presume to be an ordinary savings account paying a rate of interest or rates of interest enhanced with extra subsidies payed by the government, with the funds deposited into these accounts most likely being employed in the financing of the building of new units, All very similar to the way a building society operates.

"building society; plural noun: building societies

a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses"

Expand

If you think about it one would quickly come to the conclusion that it would not make sense to use one's super funds to buy his own home, unless one could be required to pay rent to oneself upon reaching retirement.
Upvote

Reply

There are more pages in this discussion • 68 more messages in this thread...

First 41 Last

If you think about it one would quickly come to the conclusion...

Featured News

Could commodities be set for a long-awaited rebound?

Are there gains to be made with the grocery giants?

Stocks to cherry pick in a property market bull run

Going to Rio - Wealth Within's 'Hot Stock' pick for this week

Chariots of fire on pole to meet resurgent US lithium security focus.

The good oil on the ASX

Chris Judd's Talk Ya Book: Furnishing a short position on TPW

1970s on repeat, but there's a silver lining!

Crypto world awaits overnight Bitcoin halving event

Wholesale distributor tops Wealth Within's weekly picks

Featured News

If you think about it one would quickly come to the conclusion...

Featured News

Top Stories

Could commodities be set for a long-awaited rebound?

Are there gains to be made with the grocery giants?

Stocks to cherry pick in a property market bull run

Going to Rio - Wealth Within's 'Hot Stock' pick for this week

Chariots of fire on pole to meet resurgent US lithium security focus.

The good oil on the ASX

Chris Judd's Talk Ya Book: Furnishing a short position on TPW

1970s on repeat, but there's a silver lining!

Crypto world awaits overnight Bitcoin halving event

Wholesale distributor tops Wealth Within's weekly picks

Featured News