Time to take the property plunge

[novice_investor]

Hi, my wife and I have decided to take the condo plunge and have secured a mortgage rate at an unbelievably low 1.2%. Our agent advises use that unlike rates in the West, the government in Singapore normally manages its rates below 1% so there is little chance of paying higher than we have agreed. We are also safe as we are just getting a mortgage of 70% and will get the rest from family and short terms credit card loans.

Anyway, this post isn't to ask for advice, its really to make other expats aware of the opportunities here, which we think are so much better than elsewhere. Its a safe place to put your savings, thats for sure. Given that property is cheap and rates are so low its just a no brainer.

[Kubes.SG]

Golly Gosh.   Let me repeat your claims:   

housing is cheap - false - it is the 2nd highest in the industralized world
Govt manages rates - false - the MAS does supposedly independently
rates usually below 1% - false - don't recall them being ever below 1%
never pay more than 1.2% - false - you are on an introductory rate it will go up.
you are safe - false - you retards are borrowing from short term credit cards at 25% per annum.
you are safe - false - your relatives can still sue you
you are safe - false - housing prices have peaked, they are starting a rapid 2yr decline this quarter and you entire equity will be negative by year end.

Look it is clear you are stupid agent or developer desperately trying to talk up the market.  Piss off as you have missed the boat.

[OBvious]

windup..or troll re broker

[novice_investor]

I actually posted in good faith and didn't expect or deserve such a hostile response. I assume you are both the kind of people who aren't able to afford a property and get jealous when they see more successful people moving on in life.

And why would it not be safe? Interest rates have never been more than 1% or so here and prices have been rising every month for years, just a small blip a few years ago, nothing more.

For those that can afford it I recommedn buying. For those like Kubes all I can say is give it time and start from the groud floor when you are ready to take the plunge.

[sparkling]

Hi novice_investor

I can see that you are new.

Just to fill you in, Kubes is a regular here and he has always been like this. Moreover, he has claimed to be super knowledgeable, super experienced and super rich.

Hope you have a good day.

[anon]

I remembered my mortgage was 3.9% back in 2005... good luck

[to op]

Kubes is a sad jaded little person with a negative view on everything.

That said almost everything he wrote here is correct.

if you think rates will stay at current level you are nuts. There is also a ton of supply coming.

However all this notwithstanding if you finance your downpayment with credit cards you are stupid beyond belief. It would appear in reality you are the one who can't afford to buy and will likely bankrupt yourself doing it this way.

[Misnomer]

You should 've called yourself smartaleckknowitall_investor.

Your next post here: "I've done a terribly dumb thing, I bought at peak and now I'm underwater, please, what can I do, help me  ".

P.S. Why credit card debt? Couldn't find a loan shark?

[novice_investor]

Singapore real estate investment has yielded an average annual return of 20%, thats a fact. Another fact is that mortgage rate are only 1%. You do the math.

[the windup the pitch!]

good one
haha

[novice_investor]

good one
haha

As they say, you can lead to a horse to water...

Im just telling you the facts and you don't get it, amazingly stupid people. Or just too poor to afford property so you pour scorn over someobody trying to help. Well, I can afford to buy and I will, whether you like it or not.

[Silly nonsense]

This is surely a wind up or some silly agent trying to drum something up.  If not why oh why would you believe an agent?  And why oh why would you finance the purchase of property with help from relatives and short term credit card loans?  You are a fool!

[Afford it?]

The OP can not even afford the deposit without resorting to relatives and expensive credit card loans - I think it is he who is poor and can not aford it.

If he is so well off how come he has not been able to save up a deposit?

Either an agent or a potless fool who might just get bit on the arse sooner than they think

[Agent007]

Expensive credit cards? that's a joke. Several banks will give you 100 to 120k at 4% for 12 months which is not bad if you are struggling to put together a deposit. Rates will rise to 24% after the 12 months so make sure you repay on time. Others are offering zero% for up to 20k over 6 months. Kubes is a wanker and knows nothing about Singapore property. Prices will continue to rise and there will be a shortage not an over supply.

[Laughing now]

Expensive credit cards? that's a joke. Several banks will give you 100 to 120k at 4% for 12 months which is not bad if you are struggling to put together a deposit. Rates will rise to 24% after the 12 months so make sure you repay on time. Others are offering zero% for up to 20k over 6 months. Kubes is a wanker and knows nothing about Singapore property. Prices will continue to rise and there will be a shortage not an over supply.

This guy (if he is for real) can not save up a deposit so how the heck is he going to pay 120k back on credit cards in a year and service the mortgage?

Then he is stuck with the 24% plus the mortgage and still has to pay relatives back.

Get real idiot