Mid 30s couple, combined income $120k pa. 2 small kids.
Residence: 5 room
HDB flat worth $700k, mortgage outstanding $200k.
Plan: Sell flat for $700k, use net proceeds of $500k as 50% downpayment of a $1m condo in a high class condo along the prestigious Upper Bukit Timah precinct. Mortgage loan of $500k to be paid over 25 years. We look forward to upgrading our lifestyle and social status.