Buying a house in Singapore just got a little harder.
The new round of property cooling measures has taken effect from 30 September 2022 and they are intended to encourage sustainable conditions in the heated property market by tightening borrowing and moderating demand.
The cooling measures come after interest rates have risen significantly and are likely to continue rising, the Monetary Authority of Singapore (MAS), Ministry of National Development (MND) and Housing Development Board (HDB) said in a joint statement.
Aspiring home buyers are now scrambling to find out if they are affected by the new changes. Most importantly, they want to know if their plans are affected.
Here's a breakdown of what the cooling measures are. You may wish to assess your home purchase in relation to the latest cooling measures as well as your financial plan.
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Happy to have a chat if you need help reviewing your financial plans including the best options for you to purchase a home.
Let us all make wise financial decisions to protect our financial health.