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During his Budget 2023 speech, Deputy Prime Minister (DPM) and Finance Minister Lawrence Wong announced more help would be given to first-timer families and young couples looking to purchase an HDB flat.
The support given to this specific group ranges from an additional ballot for their Built-To-Order (BTO) flat applications as well as an increase in the CPF Housing grant for first-timer families purchasing resale flats.
This is on top of cooling measures implemented to moderate demand in the resale market.
There will also be more BTO projects over the next few years to further ease the demand and prices of resale flats.
"We will do more to support the housing aspirations of young Singaporeans," said Wong.
Support for first-timer applicants
Wong acknowledges that the bulk of the BTO flat supply has been set aside for first-timers, and priority is given to their flat applications.
However, Wong noted that the first-timer category covers many applicants.
Hence, greater priority and support should be given to a specific group of Singaporeans looking to purchase their first home, said Wong.
According to a press release by HDB, greater priority will be given to first-timer families with children and young married couples aged 40 and below buying their first home.
"We will do more to help such families secure their BTO flats in a timely manner, including by giving them an additional ballot for their BTO flat applications," stated Wong.
This will be implemented later in 2023, and more information will be provided by the Minister for National Development at the Committee of Supply.
CPF Housing Grants
Wong also announced an increase in the CPF Housing Grant by up to S$30,000 for eligible first-timer families purchasing 4-room or smaller resale flats and S$10,000 for those purchasing 5-room flats or larger ones.
He noted that young families are willing to buy resale flats for their first homes, but some resale prices can be too high.
Eligible first-time homebuyers who submit their resale application on or after 3:30 pm, Feb. 14, 2023, will qualify for the increased grant.
They will receive the additional grant amount from April 2023 onwards.
With the Enhanced CPF Housing Grants, the Proximity Housing Grant and CPF Housing Grant, eligible first-timer families purchasing resale flats will receive up to S$190,000 in housing grants.
First-timer singles purchasing resale HDB flats will also benefit from the increase in the CPF Housing Grant.
The grant will increase up to S$40,000 for those buying 4-room or smaller resale flats and S$25,000 for those purchasing a 5-room resale flat.
Together with the Enhanced CPF Housing Grant and the Proximity Housing Grant, eligible first-timer singles will receive up to S$95,000 in housing grants.
Top photo via Unsplash