Budget 2023: First-time families to receive more support to purchase flats
By Felicia Tan
/ The Edge Singapore |
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SINGAPORE (EDGEPROP) - First-time families will receive more support to purchase their Housing and Development Board (HDB) flats, whether it’s a build-to-order (BTO) or a resale flat, announced Finance Minister Lawrence Wong at the Budget 2023.
The move aims to support young couples better and help them realise their housing aspirations.
While the HDB has already set aside a bulk of BTO flats for first-time families, this is a “wide range”, notes Wong. (Find HDB flats for rent or sale with our Singapore HDB directory)
Moving forward, first-time families, that is, young married couples aged 40 years and below, will receive an additional ballot for their BTO applications. This will be implemented later in 2023, says Wong.
First-time families looking to purchase resale flats will now receive higher CPF housing grants.
The housing grants will be increased to $80,000 from $50,000 previously for those looking to buy four-room flats or smaller.
Grants will be increased to $50,000 from $40,000 previously for those looking to buy five-room flats.
In all, eligible families will be able to receive up to $190,000 in grants when purchasing their first resale flat, says Wong.
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