You're playing a dangerous game. Definitely overleveraged and high risks. Better for you to sell your
hdb flat and use the proceeds to pay for downpayment of a $1.2m condo so your loan will only be $500k. If you lose your job, you won't be do worried. Don't be too confident of your high salary as it may not last long.
Quote:
Originally Posted by Unregistered
Married couple, 39 & 34 years old. Spouse is currently not working. Two young kids, one more on the way end of this year.
- Annual income ~$210K pa.
- Annual expenses ~$60K pa.
- Holidays $10,000 pa
- Mortgage paid up
- Car paid up (left 5+ years)
- Life Insurance paid up
- Medical Insurance covered by company
Net worth
- Equity on apartment $720K
- Cash and CPF savings $630K
- Total net worth $1.35m
Have been thinking of a condo purchase at 2.2mil to cater for growing family. 1st apartment is in spouse's name, so this one will be in mine. Once we move, we expect to rent out the first apartment for 3.3K pm.
Would we be over-leveraged? We appreciate good, sound advice. Thanks! |