Essential Advice for First-Time Home Buyers in Singapore

With the Monetary Authority of Singapore urging households to carefully evaluate their ability to handle mortgage payments, first-time home buyers face significant financial considerations. As debt levels have increased since before the Covid-19 pandemic, what should prospective homeowners know about financing their first property?

In this episode of Prime Time, Rachel Kelly and Shehzad Haque speak with Professor Sumit Agarwal, Low Tuck Kwong Distinguished Professor of Finance, Economics, and Real Estate at the National University of Singapore. Professor Agarwal provides valuable insights for first-time buyers on managing mortgage obligations and making informed financial decisions.

Assessing Your Mortgage Affordability

Professor Agarwal discusses the importance of thoroughly assessing your financial situation before committing to a mortgage. He offers advice on how to calculate what you can realistically afford, considering current debt levels and potential future changes in interest rates.

Managing Increased Household Debt

The conversation also covers strategies for managing increased household debt and maintaining financial stability. Professor Agarwal provides tips on budgeting, saving, and planning for unforeseen expenses to ensure that you can comfortably meet your mortgage obligations.

This episode is a must-listen for anyone looking to buy their first home in Singapore, offering expert guidance on navigating the financial challenges of home ownership.