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How much are you earning per annum?

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  #3051 (permalink)  
Old 30-10-2013, 05:04 PM
chor10
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A typical mass market condo in the suburb is going for about $1mil now. Assuming a loan of 800k over 30 years with current interest rates of 1+%, it is only $2.7k mthly instalment to be split between a couple.

Owning a condo just means each husband/wife can afford $1.3k payments every month, any deg grad can do that as evidence by the fact so many youngsters with a few years working in mediocre jobs are also buying condo.

Nothing against them as it is the lifestyle they want, but thinking buying a condo is a sign that you made it into the upper class society in Singapore is ludicrous. All it says is that you can afford $1.3k of monthly payments to the banks. If frugal enough even an average poly grad couple in their early 30s can afford.

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  #3052 (permalink)  
Old 30-10-2013, 05:27 PM
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28yo
42k pa
no savings at all!

anyone same as me?

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  #3053 (permalink)  
Old 30-10-2013, 07:01 PM
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You are downplaying people's achievements. You make it sound so easy to own a condo. In today's world, there is no job stability, I wouldn't take a 80% loan and certainly not a 30 year loan. Crazy. You can get retrenched in your 40s, then how? Interest rates rise and rise, then how? I would only buy a condo if I can put a downpayment of 70% and loan only 10 years or less. If I don't have such a means, I would rather play safe and stick to a cheap BTO flat and stay there till I retire. Only the high flyers with lots of cash and CPF and don't need much loan should buy a condo. For poly grad, forget about a condo at all. Don't listen to this stupid guy.

Quote:
Originally Posted by chor10 View Post
A typical mass market condo in the suburb is going for about $1mil now. Assuming a loan of 800k over 30 years with current interest rates of 1+%, it is only $2.7k mthly instalment to be split between a couple.

Owning a condo just means each husband/wife can afford $1.3k payments every month, any deg grad can do that as evidence by the fact so many youngsters with a few years working in mediocre jobs are also buying condo.

Nothing against them as it is the lifestyle they want, but thinking buying a condo is a sign that you made it into the upper class society in Singapore is ludicrous. All it says is that you can afford $1.3k of monthly payments to the banks. If frugal enough even an average poly grad couple in their early 30s can afford.

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  #3054 (permalink)  
Old 30-10-2013, 09:51 PM
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How come like that?

Do you know where the money went to? Knowing what you spent on is the first step to controlling and managing your finance.

At 28, I saved enough to buy my first (2nd hand) Honda civic. So in a way, I was like you, zero savings but with a car to drive my parents around.

Now at 56, I am into my 9th car. This will be my last car however. 9 cars and zero savings except in CPF and HDB flat

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28yo
42k pa
no savings at all!

anyone same as me?
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  #3055 (permalink)  
Old 30-10-2013, 10:46 PM
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You are downplaying people's achievements. You make it sound so easy to own a condo. In today's world, there is no job stability, I wouldn't take a 80% loan and certainly not a 30 year loan. Crazy. You can get retrenched in your 40s, then how? Interest rates rise and rise, then how? I would only buy a condo if I can put a downpayment of 70% and loan only 10 years or less. If I don't have such a means, I would rather play safe and stick to a cheap BTO flat and stay there till I retire. Only the high flyers with lots of cash and CPF and don't need much loan should buy a condo. For poly grad, forget about a condo at all. Don't listen to this stupid guy.
Nobody is asking you what you want to do. The above poster is just reporting the fact that many low paying youngsters can afford condo as well because the monthly payments are manageable. Do you even understand what is being discussed or just want to argue for the sake of argue?

I work in a stat board and about 1/4 of my non-scholar colleagues who are at my level earning 4-6k are married and stay in a condo. A condo is easily affordable for most PMETs honestly, just that some are more conservative and choose HDB even if they can afford while others go for leverage and stretch their finances for a condo.

Quite surprising in this day & age still got people fantasize staying in condo means you have made it big. Maybe during the 1980s yes, but now is so common it means nothing.
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  #3056 (permalink)  
Old 30-10-2013, 11:38 PM
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Those youngsters earning $4k pm, for couple $8k pm, if they buy a condo, most likely they have profited from selling BTO flat and stay in ECs. I don't think they take $800k mortgage loans. This is financial suicide.

Quote:
Originally Posted by Unregistered View Post
Nobody is asking you what you want to do. The above poster is just reporting the fact that many low paying youngsters can afford condo as well because the monthly payments are manageable. Do you even understand what is being discussed or just want to argue for the sake of argue?

I work in a stat board and about 1/4 of my non-scholar colleagues who are at my level earning 4-6k are married and stay in a condo. A condo is easily affordable for most PMETs honestly, just that some are more conservative and choose HDB even if they can afford while others go for leverage and stretch their finances for a condo.

Quite surprising in this day & age still got people fantasize staying in condo means you have made it big. Maybe during the 1980s yes, but now is so common it means nothing.
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  #3057 (permalink)  
Old 31-10-2013, 09:43 AM
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Originally Posted by Unregistered View Post
28yo
42k pa
no savings at all!

anyone same as me?
I used to be like you too. Just rem that nothing comes for free. Continue to work hard, stay humble, live simply and save hard too. If you have no savings, then you need to examine why. Is it school loan? Is it lifestyle?

If your expenses are too high, either cut your expenses or increase your income. I did so by doing part time work in the past.

Do not wear a hat that is too big for your head. In the end, the hat will cover your eyes.
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  #3058 (permalink)  
Old 31-10-2013, 09:56 AM
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Those youngsters earning $4k pm, for couple $8k pm, if they buy a condo, most likely they have profited from selling BTO flat and stay in ECs. I don't think they take $800k mortgage loans. This is financial suicide.
Not really. My colleagues who stay in condo are already intent to stay in government for the rest of their lives.

Paying instalments of 1.3k with a 4k salary only requires $400 top up in cash after using CPF. Public sector annual increase also about 4-5% on average quite stable, bonus 4-5 months and no major screw up eventually can retire at 10k salary.

The risk of being fired in government is relatively low definitely not financial suicide lah. A lot of young civil servants, esp teachers & jr officers / mid specs in uniform groups, are buying condos but I've never heard any of them going about boasting and acting as if having a condo is your ticket to high society. Most are just buying it as a form of retirement savings on top of CPF.

Good or bad decision I don't know, but just wanted to highlight that buying a condo is very common in the public sector among junior staff, those who think living in a condo is a sign of financial elitism had better wake up their idea.
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  #3059 (permalink)  
Old 31-10-2013, 11:24 AM
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29yo here making 110k pa

aim to buy a 900k condo in 2016. on my own

i figure that taking a $700k loan will be relatively safe given my expected pay then
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  #3060 (permalink)  
Old 31-10-2013, 11:45 AM
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Originally Posted by Unregistered View Post
Not really. My colleagues who stay in condo are already intent to stay in government for the rest of their lives.

Paying instalments of 1.3k with a 4k salary only requires $400 top up in cash after using CPF. Public sector annual increase also about 4-5% on average quite stable, bonus 4-5 months and no major screw up eventually can retire at 10k salary.

The risk of being fired in government is relatively low definitely not financial suicide lah. A lot of young civil servants, esp teachers & jr officers / mid specs in uniform groups, are buying condos but I've never heard any of them going about boasting and acting as if having a condo is your ticket to high society. Most are just buying it as a form of retirement savings on top of CPF.

Good or bad decision I don't know, but just wanted to highlight that buying a condo is very common in the public sector among junior staff, those who think living in a condo is a sign of financial elitism had better wake up their idea.
dun talk rubbish plz. u jealous that others are buying condo and u cannot afford due to low pay thats why keep trying to downgrade others? try n work harder to upgrade ur hdb instead of insult others here
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