A Singaporean In Australia

Wah then people like me die lor. CPF less than 13k. Didn't buy HDB, no safety net.

Aiyo, another one to Melbourne, siao liao, overcrowded soon.

Anyway, Nix is right, cross the bridge and burn it. Safety net are for people who haven't made up their mind to migrate, if you want to migrate, forget about safety net. Because that will be one of the reason for you to return to the greener side. Give up the downpayment, $5K can be easily recoup. Lessen any unforeseen problem in SG and concentrate on your life in Australia. The more you carry with you, the slower you will be able to move forward.

Finally, welcome to Melbourne, the four-season-a-day city in Australia.

Not sure if they'll know if rellies help 'clock' MOP...

-S

I think he said he paid 5% which is 25k. So that's what he'll forfeit if he gives up the flat. 25k is plenty.

Well, I was caught in the HDB ruffle when my wife and I migrate to Melbourne. HDB will ask you write in with the prove of Aust permanent visa doc, follow up with a stupid survey on why u are leaving SG. The survey is compulsory to HDB reply. After going through the bloody exercise which is geared for information collection, HDB reply is still NO as we stay 3 years out of the 5 years occupancy rule. Therefore, we rent out our place for last 2 years to our friends prior to selling it in 2013.

When we want to sell our house, there was a lot of kind advise from our family and relatives to hold the flat as our safety net. In the end, we still go ahead with the sales making a profit prior to the drop in the SG property prices. Part of the profit assist us to purchase a house in Melbourne. The rest of it is locked in the bloody CPF account until I give up my SG citizenship.

Frankly, a lot of SG like to hold on to HDB flat and complaint they are unable to buy a house in Aust. At the end of day, unless one is born with silver spoon, u can't had best of the both world.

Anyway ultimately you need to make the choice, initially this great move will be a struggle. Let me be frank with you. It is not easy don't expect a bliss. After 2 years, you will be more settled due to the fact that you are entitled to more centrelink payment which will easy up the family expenses if you managed the cashflow wisely.

Looking back, on my 3.5 years AUST journey. My wife did not regret especially my son is born in Melbourne with a rare heart condition with a right team of helpful public healthcare. My mum always said," If your son is born in SG, I think you will go broke due to the medical consultation." LOL

Good luck on your journey whom many has took!

If you should choose to continue with your BTO sales, you should like advised by like Nix said, get your parents to live in it while you rent out your parents place. Collect that rent as passive income in Australia. However , considering the quality of BTO these days, you might be better off throwing that 25k away...

This question depends how you weigh your opportunity cost and minimize your loss.

If the combined CPF-OA (i.e. combining yours and your hubby's) can sustain 5 years or longer period of HDB loan (including 2.67% interest), I suggest you keep this 5-room BTO because the end goal is the Capital Gain.

I presume your BTO price for Punggol 5-room is $350k, but market resale price in Punggol for 5-room is cushioning around $480k to $500k. Your projected valuation is $130k to $150k now, but this is gross. Nobody knows this projected valuation 5 years later, you better pray it is only getting better. If you want your projected valuation to increase, you must pray PAP wins GE 2016, so they let more foreigners come into Singapore to create over demand and under supply in the resale market.

Since your monthly HDB loan repayment is $1.2k, for the 1st 5 years 50% of $1.2k is paying loan, so you actually paid 60 months x $0.6k = $36k just on loan.

Therefore your estimated Capital Gain = Projected Valuation (assuming 5 years later is the same as now at $150k best case) - $36k of paid HDB loan interest = $114k.

The question is whether you are willing to forgo this estimated Capital Gain of $114k, 5 years later, assuming 5 years later is the same economical status as now.

If yes, you don't have to think so much, forfeit your $25k deposit, just go to Australi and start afresh.

If no, it doesn't matter whether you prefer to invite your parents to stay (so they can rent theirs) or leave it vacant.

You can go to HDB and declare both you and your husband will be working overseas, but once this is approved by HDB, your MOP will freeze 5 years count (i.e. wait until you return and start counting). Under this status, a special status, you can rent your property, but do note that you property tax will also be higher than those who didn't rent out (i.e. stay or leave vacant).

I presume your $150k that will be wiped out is manipulated, unless you are telling me your $150k is raw because this will determine if you are financially capable of keeping or losing your BTO HDB 5-room.

If your $150k is manipulated, hence you have the financial resource to hold 5 years, I would suggest you to keep your BTO.
If your $150k is raw, I think you better forfeit your $25k deposit because you have no resource to sustain 5 years.

Sometimes, the only way to leave is to burn the bridge and move forward. What are you waiting for?! Do you know there are many people who wish they could get at Aussie PR? The pass into the land of plenty (and I am not just talking about material things)

I'm Y, wrote to Nix on this. Thanks guys, decision is that we are forgoing the BTO and starting afresh in Melbourne. Wish us luck! :))