Obviously you don't much about the property market. In 2006, you can get a 3 bedroom condo for only $400k plus. They could have easily upgraded from their
HDB flat to a condo as the price difference in 2006 is not so much. Don't act clever if you don't know.
Quote:
Originally Posted by Unregistered
Another csb spotted.
1) 45 yo couple (assuming you and spouse are same age) HH income at 150kpa can finish 3br condo loan? Kidding who?
You go look At the SRPI. Assuming yours is 99LH 1200sf (in 2006, the size of 3 bedders is at 1200sf) condo on the outskirts 10 yo the purchase price would have been (in 2006 - I am being kind because 2006 was the bottom of the cycle) about $720k ($600 psf). Working backwards with an annual increment of 4%, your HH income would have been only $100k a year at 35 yo. If you took an 80% loan, your loan would have been $576k. If we use a tdsr benchmark of 60%, your total loan repayment for BOTH condo and car would have been capped at $60k a year.
The average car loan repayment quantum per month is about $1000 translating to $12k a year. That leaves you with $48k pa for your mortgage repayment. 10 years of $48k (WITHOUT even considering interest) is only $480k. You will still have at least $100k of loan left and that is without even considering interest!
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