Budget 2023: First-time homebuyers to get up to S$30k in increased CPF housing grants, additional BTO ballot

Renald Yeo

Published Tue, Feb 14, 2023 · 04:22 PM

Singapore Budget 2023

FIRST-TIME homebuyers in Singapore will benefit from an increase of up to S$30,000 in Central Provident Fund (CPF) Housing Grants when buying resale HDB flats, while specific groups applying under the Build-To-Order (BTO) system will receive an additional ballot for their applications.

The measures will “do more” to support the housing aspirations of young Singaporeans, Finance Minister Lawrence Wong said during his Budget speech on Tuesday (Feb 14).

For eligible first-timer families buying a two- to four-room resale flat, the CPF Housing Grant will be increased from S$50,000 currently, to S$80,000. For homebuyers purchasing a five-room or larger resale flat, the grant amount will increase from S$40,000 currently, to S$50,000.

Given the current tightness in BTO supply, the government will also identify and provide more support to specific groups, Wong said, adding that they will be given an additional ballot for their BTO flat applications.

These groups include first-timer families with children, as well as young married couples aged 40 and younger who are purchasing their first home.

At present, first-timer homebuyers receive two ballot chances, while second-timer applicants get one ballot chance.

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The increased grant amounts kick in for eligible homebuyers who submit their resale applications on or after 3.30 pm on Feb 14, and they will receive the additional grant amount from April this year.

First-timer singles buying a resale flat will also benefit from the increase to the CPF Housing Grant. The grant amount, which is half of that for families, will increase from S$25,000 currently, to S$40,000 for singles buying a two- to four-room resale flat. Singles buying a five-room resale flat will enjoy a higher grant amount of S$25,000, an increase of S$5,000.