Singapore’s very high household debt

dancingshoes · Sep 29, 2015

Several years of extremely low interest rates have resulted in a credit surge for Singapore, and some households have taken on a significant amount of debt in order to catch up with the country’s housing boom.

https://sg.finance.yahoo.com/news/heres-silver-lining-behind-singapore-041000982.html

knowwhatyouwantinlife · Sep 29, 2015

On the surface yes in reality no...let's say biggest debt is in housing and it's a condo...downpay for one mil condo is 200k for first property 400k for second...as long as you borrow but the property can be sold at par than there is no actual debt becos u can always downgrade to punggol hdb almost fully paid

Leongsam · Sep 29, 2015

Greed is good.

halsey02 · Sep 29, 2015

Leongsam said:
Greed is good.

Yup, Greed is good, when one is greedy, soon, every thing is gone, when everything is gone, one becomes hungry:

Then " Stay Hungry, Stay Foolish". that is the 70% who voted... :biggrin:

yahoo55 · Sep 29, 2015

dancingshoes said:
Several years of extremely low interest rates have resulted in a credit surge for Singapore, and some households have taken on a significant amount of debt in order to catch up with the country’s housing boom.

https://sg.finance.yahoo.com/news/heres-silver-lining-behind-singapore-041000982.html

Residential property demand have crashed because the market is very overpriced. Mortgage rates are climbing and will be returning back to the normal 4% level, and the economy is heading for a recession.

Many highly indebted Sinkie households will be unable to pay their mortgages and other debts within the next few years.

BuiKia · Sep 29, 2015

I dun see how young couple can afford a 5-room 600K BTO flat unless they topup with cash every month.

The HDB prices should be at its peak hampered by CPF ceiling and low income of the average sinkies.

MovieStar · Sep 29, 2015

my hdb also expensive...

knowwhatyouwantinlife · Sep 29, 2015

That's y the cow promoted, if all can manage who will stay in punggol and Jurong west

zeebjii · Sep 29, 2015

knowwhatyouwantinlife said:
On the surface yes in reality no...let's say biggest debt is in housing and it's a condo...downpay for one mil condo is 200k for first property 400k for second...as long as you borrow but the property can be sold at par than there is no actual debt becos u can always downgrade to punggol hdb almost fully paid

What if you cant sell the property at par? What if have to sell at a loss of 200k?

kopirui · Sep 29, 2015

knowwhatyouwantinlife said:
That's y the cow promoted, if all can manage who will stay in punggol and Jurong west

you forgotten can stay at planet MAR

rushifa666 · Sep 29, 2015

As in right now, when private property is worth shit? Who can sell? You want to take the losses? Bank interest is only set to increase.

garlic · Sep 29, 2015

knowwhatyouwantinlife said:
On the surface yes in reality no...let's say biggest debt is in housing and it's a condo...downpay for one mil condo is 200k for first property 400k for second...as long as you borrow but the property can be sold at par than there is no actual debt becos u can always downgrade to punggol hdb almost fully paid

lol... most absurd ever heard to explain away debt. So, if one guy pays full cash on a $1m condo, and one guy borrows $800k after 20% downpayment for same condo, you can say that both have no debts? You are property agent is it?

winnipegjets · Sep 30, 2015

Don't worry ...we have the world's most expensive government ...they are all super brains and will tackle this issue headon if it is a problem. That they are doing nothing indicates that it is not a problem.

Keep borrowing and live like your ministar.

eatshitndie · Sep 30, 2015

don't worry. sinkies are rich and have much time to waste waiting in long lines for expensive dim sum. mortgage payment can wait too.

frenchbriefs · Sep 30, 2015

sinkies are rich now,iv read salary.sg.hundreds of pages full of sinkies with high six and seven figures networths,many of them with children,many of them with wives,many of them with 2nd and 3rd properties after their hdb flat.

maybe this country is doomed,but we must do our part to plunder it as much as we can and join the ranks of the first class passengers onboard the titanic lifeboats before the ship goes down.

xebay11 · Sep 30, 2015

frenchbriefs said:
sinkies are rich now,iv read salary.sg.hundreds of pages full of sinkies with high six and seven figures networths,many of them with children,many of them with wives,many of them with 2nd and 3rd properties after their hdb flat.

maybe this country is doomed,but we must do our part to plunder it as much as we can and join the ranks of the first class passengers onboard the titanic lifeboats before the ship goes down.

Yah sinkies are rich.

halsey02 · Sep 30, 2015

MovieStar said:
my hdb also expensive...

Holey cow $8 says it is affordable, with a $1,000 salary you can own one...why complain, why worry...now he is going to say $8 a month, you can afford to travel by bus & train....affordable!...why complain, you have been given your wishes recently & did you wish for PAP..well!....'your wish is their command'....don't complain! enjoy!

BuiKia · Sep 30, 2015

frenchbriefs said:
sinkies are rich now,iv read salary.sg.hundreds of pages full of sinkies with high six and seven figures networths,many of them with children,many of them with wives,many of them with 2nd and 3rd properties after their hdb flat.

maybe this country is doomed,but we must do our part to plunder it as much as we can and join the ranks of the first class passengers onboard the titanic lifeboats before the ship goes down.

No point buying all 2nd or 3rd property in Singapore. When market crash, all down together.

knowwhatyouwantinlife · Sep 30, 2015

BuiKia said:
No point buying all 2nd or 3rd property in Singapore. When market crash, all down together.

Should have second round of ft influx

Black Swan · Sep 30, 2015

BuiKia said:
No point buying all 2nd or 3rd property in Singapore. When market crash, all down together.

I came across IRAS stat that less than 4% of S'pore pop (income and/or prop tax paying) owns a 2nd property (including commercial prop). The perception that many singaporean has a 2nd property as investment is misplaced.

Singapore’s very high household debt

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