Young, Thrifty and Debt-Free: This Couple Paid Off Their 470k Bishan Flat In 2 Years

[TerrexLee]

You probably already know this, but property is expensive in Singapore. Homes can cost anywhere from hundreds of thousands for HDB flats to millions of dollars for private condos and landed homes. So for many of us, buying a home is our biggest single expense and our home loan (or mortgage) repayments the biggest liability in our lives.


Let’s not talk about the Crazy Rich Asians. Say you’re an Average Joe: Even if you buy a modest under-500k HDB flat - assuming you take 75% to 90% in home loans to finance it - you’re looking at mortgage repayments of at least $1,200 each month (depending on the interest rate and tenure). Considering the median salary of Singaporeans is $4,563 (Ministry of Manpower, 2019), that’s about a quarter of our monthly income!

Most of us take decades to pay off this debt, but not Clara Lim, 34, and her husband, Jon Phay, 37. Yes, it’s not uncommon to hear of couples who pay off their homes by their mid-thirties, but what’s interesting is that unlike couples who marry early in their twenties and live frugally for the next 10 years, Clara and Jon actually only tied the knot and bought their Bishan HDB flat two years ago.

So how did the couple manage this feat at such a young age? After all, Clara and Jon both hold pretty average-earning jobs as a writer and engineer respectively.

Well, first of all, Clara and Jon most definitely didn’t save hundreds of thousands in two years. The saving up took place before they bought the property.

In fact, with their savings combined, they actually had just about enough to pay for their $468,000 resale flat in full at the point of purchase. They only took up a home loan because Jon wanted to utilise his CPF funds while he continued working.

Clara’s savings: $120,000

Jon’s savings: $80,000

Combined CPF OA: $191,000

CPF housing grants: $70,000

Given this, you’d expect that the couple must have spent their entire twenties staying home and eating cup noodles, but that was not the case.

More at https://shrtcô.de/bLddD

 

[Patriotmissile]

Some chings paid off 85 mil in 1 shot.
Hugo paid off 700k for his useless kid. So?

 

[laksaboy]

This was an old article from 2020. It was also posted at around the same time on Fuckwarezone.

What is your agenda?

https://www.sammyboy.com/threads/yo...off-their-470k-bishan-flat-in-2-years.294689/
hxxps://forums.fuckwarezone.com.sg/threads/young-thrifty-and-debt-free-this-couple-paid-off-their-470k-bishan-flat-in-2-years.6399686/

 

[count dracula]

This was an old article from 2020. It was also posted at around the same time on Fuckwarezone.

What is your agenda?

https://www.sammyboy.com/threads/yo...off-their-470k-bishan-flat-in-2-years.294689/
hxxps://forums.fuckwarezone.com.sg/threads/young-thrifty-and-debt-free-this-couple-paid-off-their-470k-bishan-flat-in-2-years.6399686/

what is your agenda in posting the edmw url? oh i forgot, grandpa's faggot grandson was paid to spam its links here

 

[eatshitndie]

most important is to pay for a top of the line king sized bed so tantric sex can be more comfortable and last longer.

 

[sweetiepie]

KNN my uncle say lansai lah KNN at 37 is not young anymore and onlee has 80k in savings and 100k cpf and yart pole cheng toi.
My uncle at 37 haven't become wise man already has more than that

 

[sweetiepie]

most important is to pay for a top of the line king sized bed so tantric sex can be more comfortable and last longer.

My uncl3 think Tantric sex is not carried out in bed . Can ask @zhihau

 

[eatshitndie]

My uncl3 think Tantric sex is not carried out in bed . Can ask @zhihau

in india it’s done anywhere, especially on carpets or mattresses on the floor. but in sg, can always modify to have it on modern 21st century beds. don’t have to follow traditions and ancient authenticism. for a madam teo, can do in a bathroom or bomb shelter. even more shiok.

 

[zhihau]

My uncl3 think Tantric sex is not carried out in bed . Can ask @zhihau

You are right! Tantric sex is best anywhere when you open your mind to it!

 

[syed putra]

Its good to see after having tried many others, the couple decided each other as a life long partner.

 

[red amoeba]

The joke is on them. They seriously think they own the flat ?

 

[rushifa666]

I can do that too. She open leg i collect moneh. No need to work

 

[k1976]

You probably already know this, but property is expensive in Singapore. Homes can cost anywhere from hundreds of thousands for HDB flats to millions of dollars for private condos and landed homes. So for many of us, buying a home is our biggest single expense and our home loan (or mortgage) repayments the biggest liability in our lives.


Let’s not talk about the Crazy Rich Asians. Say you’re an Average Joe: Even if you buy a modest under-500k HDB flat - assuming you take 75% to 90% in home loans to finance it - you’re looking at mortgage repayments of at least $1,200 each month (depending on the interest rate and tenure). Considering the median salary of Singaporeans is $4,563 (Ministry of Manpower, 2019), that’s about a quarter of our monthly income!

Most of us take decades to pay off this debt, but not Clara Lim, 34, and her husband, Jon Phay, 37. Yes, it’s not uncommon to hear of couples who pay off their homes by their mid-thirties, but what’s interesting is that unlike couples who marry early in their twenties and live frugally for the next 10 years, Clara and Jon actually only tied the knot and bought their Bishan HDB flat two years ago.

So how did the couple manage this feat at such a young age? After all, Clara and Jon both hold pretty average-earning jobs as a writer and engineer respectively.

Well, first of all, Clara and Jon most definitely didn’t save hundreds of thousands in two years. The saving up took place before they bought the property.

In fact, with their savings combined, they actually had just about enough to pay for their $468,000 resale flat in full at the point of purchase. They only took up a home loan because Jon wanted to utilise his CPF funds while he continued working.

Clara’s savings: $120,000

Jon’s savings: $80,000

Combined CPF OA: $191,000

CPF housing grants: $70,000

Given this, you’d expect that the couple must have spent their entire twenties staying home and eating cup noodles, but that was not the case.

More at https://shrtcô.de/bLddD

Like that ….all ammo emptied Liao?
Any more powder left?