Me, 38. Wife, 36. We live in a $450k flat, with o/s mortgage of $150k. We are the process of saving more cash before we upgrade to a $1m condo. Our plan is to sell our flat and get net cash proceeds of $300k and pay down another $300k in cash so that our loan is only $400k. I think this is prudent as our combined income is not much, only about $120k pa. We don't dare to take up so much loan, we have seen relatives got into big trouble when they took so much loan and when they suddenly lost their jobs, they had to move from a condo back to a 3 room flat. They might as well did not upgrade in the first place. Big loss of face.