(Singapore, Feb 14, 2023) Starting from today, housing grants for first-timer families buying resale flats will increase by up to S$30,000 and the Baby Bonus Cash Gift will be increased by S$3,000, Singapore’s Deputy Prime Minister Lawrence Wong said in today’s budget speech.
For such families buying resale Housing Board flats that are 4-rooms or smaller, the CPF Housing Grant will go up by S$30,000, making the total grant S$80,000, said Wong.
First-timer families refer to those who have not had any housing subsidies before. Those, who are eligible for the grant, should not earn more than S$14,000 a month. Nor should they have any private property.
First-timer singles will also get larger grant amounts, but at half that of families.
The increased grant takes effect from this afternoon for resale applications submitted from 3.30pm. The additional grant amount will be credited to their CPF account from April onwards.
“Together with the Enhanced CPF Housing Grant and the Proximity Housing Grant, eligible families can receive up to S$190,000 in grants when buying a resale flat,” said Wong.
As to the stimulus for the young married couples, they currently receive S$8,000 each in Baby Bonus Cash Gift for their first and second child, and S$10,000 for their third child and beyond.
With the adjustments, parents of babies born on Feb 14 and afterwards will receive S$11,000 each for their first and second child, and S$13,000 for their third child and beyond.
The parents will be eligible for the Baby Bonus Cash Gift if they are lawfully married and the child is a Singapore citizen according to the scheme that was last enhanced in 2015.
“To all young married couples, whether you already have a newborn, or you’re expecting a baby, or you plan to have a baby, we have something to help you in your parenthood journey,” Wong said.
The enhanced Baby Bonus Cash Gift will be paid out from early 2024.
In addition to the Baby Bonus and housing grant, the new budget also includes higher cash payouts, higher CPF monthly payouts minimum and more CDC vouchers.
