PROSPECTIVE flat buyers could consider saving up their year-end bonus to take advantage of the property downturn to achieve the dream of home ownership.
The bonus amount may be a small sum relative to the SAR's high residential property values.
However, the Government's plans to extend preferential loans to first-time buyers will make it easier for the less wealthy to purchase a modest home.
From next year, first-time buyers can secure a maximum loan of $600,000, or 30 per cent of the price of the property, whichever is lower, from the Government under the Home Starter Loan Scheme.
Households earning $70,000 or less a month will be qualified to apply for the loan, if they have not owned property in the past five years and have net assets of no more than $1.2 million.
For instance, a household earning $70,000 a month is given a two- month year-end bonus amounting to $140,000.
By saving up the bonus, it will have at least $740,000 at its disposal, assuming it successfully secures the government loan.
