Could I use the money contributed voluntarily to my CPF?

The General Election has generated much more interest in the CPF:

YT:
hmmm.....if I already use the cpf for my first hdb. Now, I got cash to top up my OA. Can I use the OA to buy my second property.....say, a condo?

AK:
Yes, of course, You could use the money in your CPF OA for purchase of a second property. It doesn't matter how the money found its way into the OA.

You could do Voluntary Contributions to max out the annual Contribution Cap, you could do it and see the money flowing into your OA, SA and MA. If your MA is maxed, then, the money flows only into your OA and SA.

I think this gives those who think they might need their CPF-OA money for purchase of a second property (or for some other purposes) some flexibility while earning higher interest. If they decide not to, then, simply keep the money in their CPF accounts and the money goes towards retirement funding. For people who have decided that they want to make contributions to their CPF for retirement funding purposes, then, it is probably better to do a MS Top Up to their SA which also gives them income tax relief for the first $7K contributed per year.

The CPF is a self-help institution. If we are able to help the system to help ourselves, we should give it serious consideration.

Important note:"If you have already used CPF for a property and wish to use CPF for your second property, you can only use the excess CPF Ordinary Account savings for your second property after setting aside half of the prevailing Minimum Sum in your Special and Ordinary Accounts. The total CPF allowable for your second property is also capped at 100% of the Valuation Limit."(Source: http://www.moneysense.gov.sg/)

Related post:
Should a 20 yo do a VC or MS Top-Up?