A thread about HDB burdened and foriegn workers here...

I am going to open a thread about HDB burden bear by us and foriegn workers taking our jobs here in Singapore.

Found 1 interesting articles here worth reading.

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28 year old Singapore teacher burdened by hefty mortgage loan for HDB flat before marriage
March 24, 2010 by admin
Filed under Life Stories, Opinion

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Dear TR,

Thanks for publishing the article by Ms Judy Eng. (read article here) It really strikes a chord in my heart as I am in the same situation as her too. I am 28 this year now working as a teacher in a secondary school.

My fiancee just found a job in a GLC as an engineer after six months of looking for one. The pay isn’t fantastic as there is an abundance of foreign engineers in Singapore. He considered himself lucky to finally secure a full-time job after months of being on contract......... continue read from here

http://www.transitioning.org/2010/03/24/28-year-old-singapore-teacher-burdened-by-hefty-mortgage-loan-for-hdb-flat-before-marriage-temasek-review/

I shall copy and paste the article here for those lazy bastard who are too lazy to go to the oringal site and read.

Dear TR,

Thanks for publishing the article by Ms Judy Eng. (read article here) It really strikes a chord in my heart as I am in the same situation as her too. I am 28 this year now working as a teacher in a secondary school.

My fiancee just found a job in a GLC as an engineer after six months of looking for one. The pay isn’t fantastic as there is an abundance of foreign engineers in Singapore. He considered himself lucky to finally secure a full-time job after months of being on contract.

We are planning to get married in July and just bought a 4-room resale flat at Sin Ming. Guess how much it costs? You won’t believe it, we bought it at almost $500,000. No kidding, it’s true! All the flats in the vicinity cost above $500K. After paying about $30,000 in COV partially paid for by our parents, we do not have a single cent left for our wedding which we will have a simple afternoon tea buffet at our church instead of the traditional 8-course Chinese dinner.

I am really worried about our future. We earn barely $5,000 together and the mortgage loan already took up 30 percent of our income. We still have to cough out some cash after using up the entire CPFs. The moment I think of this, I lost all the mood already.

People used to say that marriage is the happiest moment in a girl’s life, but I am not looking forward to it. I feel very heavy, like a burden placeed on my chest, sometimes choking me, it is so suffocating. Can we buy a new flat? I do not wish to wait for another 3 to 4 years, anything can happen to our relationship during this period of time. It is a risk I cannot afford to take.

My hubby-to-be is burnt out everyday from work – OT, OT and OT and he is not paid for it. For me, my weekends are either burnt in school CCAs or marking the homeworks of my students. We hardly meet each other at all, sometimes just enough time to have a meal or catch a movie. Somehow I feel apprehensive startinig life together with another person, am I ready for it? I don’t think we can start a family, at least for the next three years or so. How to have children when we are not financially stable?

I will pay the loan mostly on my own as my hubby still have to pay for his student loan and car loan. I have only a few thousand dollars in my savings now and I wonder how long they can last me. What happens when there is an emergency? Or if we are retrenched? I dread to think of the worst…but women being women, they always think alot.

Every month, my pay gets used up almost immediately after it’s deposited into my POSB account – living expenses, allowances for parents, and now with housing loan, I really don’t know how far we can continue like this. Did we do our Maths before we make the purchase? Yes, but what can we do, the flats are expensive everywhere and we want to stay near our parents. Even 4-room flats in Jurong are calling above $400,000 nowadays! The prices are really going crazy, the agents told us that they will only go up in the future as the govt will never allow them to come down.

Sorry for the ramblings. There are so many things on my mind now, I can’t think or type clearly…..Thanks for providing me an outlet to vent my frustrations, who can understand what we are going through? Sigh, maybe I am one of those few unlucky souls.

Please edit and publish this rant of mine as you see fit. Thanks again for listening.

Sell the car!

Is this called Family Planning? and the person who wrote this story doesn't even do any family planning at all.

Just that resale flat alone at $500K is beyond both their reach when both are earning a total of $5K a month.

My friend who got married last year took up a flat in Sengkang for $330K. They had $200K in CPF, and both husband and wife earned total of $6K a month. He married at age 32. He could have stayed near his parents at Tampines if he was willing to go for $420K for a 5rm at Tampines. He chose not to as he said why burden yourself with loans?

What I can't stand is this part,
Did we do our Maths before we make the purchase? Yes, but what can we do, the flats are expensive everywhere and we want to stay near our parents. Even 4-room flats in Jurong are calling above $400,000 nowadays! The prices are really going crazy, the agents told us that they will only go up in the future as the govt will never allow them to come down.

Blame everyone except themselves. For sure, she is definitely not a Maths Teacher and I wonder why Temasek Review bothered to post such a story.

As far as I know, not ALL 4-room flat cost 500k.

Why must they buy the 500k and complain?

If even 300k is still too costly for them, they still can get 3-room flat less than 300k.

pocoyo said:

As far as I know, not ALL 4-room flat cost 500k.

Why must they buy the 500k and complain?

If even 300k is still too costly for them, they still can get 3-room flat less than 300k.

Click to expand...

The Blame Game

1. Husband cannot fight against Foreigners and get a perm job for 6 months. Blame foreigners.

2. Pay not fantastic. Blame foreigners.

3. In a hurry to buy a new flat, scared that if wait 3-4 years the relationship cannot withstand the test of time. It is a risk she cannot afford to take.

4. Husband do a lot of OT, not paid for it. She has to do CCAs and mark homeworks also complain.

5. She pays most of home loan, while the hubby pay student loan and car loan. Can't sell car?

6. No kids but must stay near parents. MUST. Cannot stay in cheaper alternatives. Start blaming agents, blame HDB, but why don't do financial calculation as to whether they can afford?

The last part is classic. Writer wrote that she can't think and type clearly because of this issue and yet Temasek Review is publishing this. OMG.

silverfox@ said:

The Blame Game

1. Husband cannot fight against Foreigners and get a perm job for 6 months. Blame foreigners.

2. Pay not fantastic. Blame foreigners.

3. In a hurry to buy a new flat, scared that if wait 3-4 years the relationship cannot withstand the test of time. It is a risk she cannot afford to take.

4. Husband do a lot of OT, not paid for it. She has to do CCAs and mark homeworks also complain.

5. She pays most of home loan, while the hubby pay student loan and car loan. Can't sell car?

6. No kids but must stay near parents. MUST. Cannot stay in cheaper alternatives. Start blaming agents, blame HDB, but why don't do financial calculation as to whether they can afford?

The last part is classic. Writer wrote that she can't think and type clearly because of this issue and yet Temasek Review is publishing this. OMG.

Click to expand...

But the truth is still the same, housing in Singapore is damn expensive!!!
Don't deny sia...!!!

cheowyonglee said:

But the truth is still the same, housing in Singapore is damn expensive!!!
Don't deny sia...!!!

Click to expand...

No one is denying that housing is expensive, but she obviously did not do financial calculation on whether she and her hubby can afford $500K HDB flat with a total of $5K a month.

If there is no proper financial planning, even if its $200K, she would have problems financing her house with a total monthly income of $5K.

Well she is definitely not teaching english either;( errors in her English that are gross! And I thought moe boasts that teachers are adequately paid?

i

silverfox@ said:

Is this called Family Planning? and the person who wrote this story doesn't even do any family planning at all.

Just that resale flat alone at $500K is beyond both their reach when both are earning a total of $5K a month.

My friend who got married last year took up a flat in Sengkang for $330K. They had $200K in CPF, and both husband and wife earned total of $6K a month. He married at age 32. He could have stayed near his parents at Tampines if he was willing to go for $420K for a 5rm at Tampines. He chose not to as he said why burden yourself with loans?

What I can't stand is this part,
Did we do our Maths before we make the purchase? Yes, but what can we do, the flats are expensive everywhere and we want to stay near our parents. Even 4-room flats in Jurong are calling above $400,000 nowadays! The prices are really going crazy, the agents told us that they will only go up in the future as the govt will never allow them to come down.

Blame everyone except themselves. For sure, she is definitely not a Maths Teacher and I wonder why Temasek Review bothered to post such a story.

Click to expand...

We all know what will come out of this.

Divorce.

silverfox@ said:

No one is denying that housing is expensive, but she obviously did not do financial calculation on whether she and her hubby can afford $500K HDB flat with a total of $5K a month.

If there is no proper financial planning, even if its $200K, she would have problems financing her house with a total monthly income of $5K.

Click to expand...

What to do these people have sniffed the 'purple haze' of 'SWISS STANDARD OF LIVING' assesTS ENHANCEMENT & MORE GOOD YEARS!.

They even got intoxicated by the mantra of 'UPGRADING', is drunk with the adulation of the MIW's; and is now in a FIXED.

They have sunked into the hell, the only salvation they have left is to sell everything & migrate.

:p

silverfox@ said:

If there is no proper financial planning, even if its $200K, she would have problems financing her house with a total monthly income of $5K.

Click to expand...

don talk cock lah. if you don earn enough even financial expert cannot plan for you.