Don't say I say, a combined income of $100k pa (or roughly $6.6k pm assuming 2 months bonus) is really low for a couple at late 40s. That is $3.3k pm per person. If one of you were to stop work or lose your job, you will immediately face problem meeting the loan payment.
If both of you are salaried workers, at your late 40s you have no much upside in your career. I give you at most one more promotion in your job, but that's not going to increase your salary much.
Another thing, you can do a quick check with the banks to see how much loan you can take for the EC based on your income and age. You will probably not be able to loan the amount you need.
So staying put in your
HDB is your only option.
Quote:
Originally Posted by Unregistered
Couple in our late 40s, earning a combined income of $100k pa. We are in the middle income group in Singapore. We bought our 4-room flat direct from HDB, many years ago at a low price. Now, we have paid it up. We own a small car, just nice for our family of four. Our savings in CPF OA and cash is $100k in total. We have no loans. No other assets.
Do you think we can afford to upgrade to an EC? We need to take a new mortgage if we upgrade. Or should we just be happy and stay put at our flat (currently worth $400k)?
Any advice? Thank you. |