Sayang Neutral Newbie August 1, 2011 Share August 1, 2011 maybe they buy without taking any loan? not uncommon in my work place because we know how volatile it can be. Annual pay are still ok if you include bonuses. possible to get >150k for <35yrs in good times for diploma or la sup general degree holders but then they are certainly not guaranteed and layoff common. I know the couple well enough to know, house and car loan was taken.. and quite high too.. at least 80% WIfe earns more so pays for most of the loans, house and 2 cars.. but its tough.. scenario here is rather sad.. 34yo, earning 5k annual package not over 70k, but have to pay for 2 conti cars , condo , maid and daily expenses.. In her line and industry, not many high earners, possibly hit ceiling at 7k, she's in accts, cost dept in local co. partner earns lesser than half this amt She really cannot afford to take a break..esle who will feed the family?? so unless she jump ship to big MNC with fat bonus.. esle.. she have to slog for the next 20years with min savings. ↡ Advertisement Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 I know the couple well enough to know, house and car loan was taken.. and quite high too.. at least 80% WIfe earns more so pays for most of the loans, house and 2 cars.. but its tough.. scenario here is rather sad.. 34yo, earning 5k annual package not over 70k, but have to pay for 2 conti cars , condo , maid and daily expenses.. In her line and industry, not many high earners, possibly hit ceiling at 7k, she's in accts, cost dept in local co. partner earns lesser than half this amt She really cannot afford to take a break..esle who will feed the family?? so unless she jump ship to big MNC with fat bonus.. esle.. she have to slog for the next 20years with min savings. aiyo, i also got fren earns 6k+ a mth, wife earns 8k+, have two cars, bought a 4 million semi d and borrowed 3 million from the bank...the only reason...parents rich...sigh so have rich parents is really good Link to post Share on other sites More sharing options...
Wt_know Supersonic August 1, 2011 Share August 1, 2011 (edited) $14k income can borrow $3M moreover got current outstanding loan ? ok. you have said it .... rich parent asset as collateral and guarantor? aiyo, i also got fren earns 6k+ a mth, wife earns 8k+, have two cars, bought a 4 million semi d and borrowed 3 million from the bank...the only reason...parents rich...sigh so have rich parents is really good Edited August 1, 2011 by Wt_know Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 $14k income can borrow $3M moreover got current outstanding loan ? ok. you have said it .... rich parent asset as collateral and guarantor? Asset Based Lending, Income => MI Link to post Share on other sites More sharing options...
Throttle2 Supersonic August 1, 2011 Share August 1, 2011 I know the couple well enough to know, house and car loan was taken.. and quite high too.. at least 80% WIfe earns more so pays for most of the loans, house and 2 cars.. but its tough.. scenario here is rather sad.. 34yo, earning 5k annual package not over 70k, but have to pay for 2 conti cars , condo , maid and daily expenses.. In her line and industry, not many high earners, possibly hit ceiling at 7k, she's in accts, cost dept in local co. partner earns lesser than half this amt She really cannot afford to take a break..esle who will feed the family?? so unless she jump ship to big MNC with fat bonus.. esle.. she have to slog for the next 20years with min savings. So you are telling me that total income $10k per month can support all this? a bankrupt waiting to happen is all i can say. Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 So you are telling me that total income $10k per month can support all this? a bankrupt waiting to happen is all i can say. these people really dunno how to think Link to post Share on other sites More sharing options...
Throttle2 Supersonic August 1, 2011 Share August 1, 2011 these people really dunno how to think oooi, can you change a nice avatar? thank you Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 oooi, can you change a nice avatar? thank you something wrong with mcf or my comp, sometimes I see rachel ngan, sometimes I see rosie huntington, so who you want!? dun tell me jessica alba hor, she so passe leow Link to post Share on other sites More sharing options...
Turbonetics 2nd Gear August 1, 2011 Share August 1, 2011 well, apparently the banks did loan them.. car loan , thats not too much an issue, the car is the collateral.. House loan.. well, the couple combi income is less than 8k take home. maybe even 6k. but they got a loan and now stay in a condo worth 1.2M. (bought when it was 800k though) so, banks do loan, if you have a good credit history, never mind income bracket low. On the other hand.. a funny story is.. I have difficulty getting a credit card a many years back, even though I earn well above the requirem. Annual 60k once upon a time, cos I never applied a CC and never had any credit history, so most banks did not want to approve my CC application. so daring,maybe their parents supporting them partially? i really can't imagine. i don't even dare to think of hiring a maid,still have to think of her daily expenses too. does your couple friends has got kid(s)? Link to post Share on other sites More sharing options...
YellowFlash Clutched August 1, 2011 Share August 1, 2011 Asset Based Lending, Income => MI which bank? asset based lending usually 60% 3m out of 4 is 75% financing, almost near max of how much 1 can borrow. DSR for both of them probably exceeded by quite a fair bit. installment wise for 3m loan base on current interest is ard 10k est (current int rates). how are they going to live with 4k or less disposable income? maybe family rich, bank lend base on relationships with parents (private banking etc) but i think the couple is living above their means if they are servicing the loan themselves. Link to post Share on other sites More sharing options...
999 3rd Gear August 1, 2011 Share August 1, 2011 aiyo, i also got fren earns 6k+ a mth, wife earns 8k+, have two cars, bought a 4 million semi d and borrowed 3 million from the bank...the only reason...parents rich...sigh so have rich parents is really good Which bank? Ice cream stick bank only quote me 1m loan verbally with 2/3 ur fren combi pay. Link to post Share on other sites More sharing options...
Ithunk 1st Gear August 1, 2011 Share August 1, 2011 10k of cos can buy M3, it's just a matter of whether you want to or not brand new now $330k, assume put 30k downpayment, interest 1.88% borrow for 8yrs - each month installment 3.5k only. more than enough a lot of ah sia kias in this world no need to give parents money, if not married, also no need to pay any bills. 10k take home 9k confirm enough, what's there not to believe? furthermore, his friends might have bought it during low COE Cayman don't even need to calculate, it's much cheaper than M3 but I must say AVP 6k+ is a bit low, which bank is it? 10k is just enough to get a lamborghini...but have to give another 5 to 10k for allowance saw a silver lamborghini at bw automobile at katong....exquisite car Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 Most banks asset bank lending between 60 to 75% just find the one can can do 75% if you really need a 75% one I can find the banker for you via pm as for ice cream stick bank I know they can really match valuation and do high loans, if they dun dare to lend you so much it probably means you are quite stretched Link to post Share on other sites More sharing options...
Ithunk 1st Gear August 1, 2011 Share August 1, 2011 (edited) adding to that saw a rich man negotiating with the car dealer....lol he seems quite pissed....then he say like 10 20k let u earn i think hes a big company boss or something anyway i was there looking at cars.... installment for those cars are at least 6 to 7k Edited August 1, 2011 by Ithunk Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 which bank? asset based lending usually 60% 3m out of 4 is 75% financing, almost near max of how much 1 can borrow. DSR for both of them probably exceeded by quite a fair bit. installment wise for 3m loan base on current interest is ard 10k est (current int rates). how are they going to live with 4k or less disposable income? maybe family rich, bank lend base on relationships with parents (private banking etc) but i think the couple is living above their means if they are servicing the loan themselves. Yes parents are multi millionaires and definitely has money elsewhere Link to post Share on other sites More sharing options...
YellowFlash Clutched August 1, 2011 Share August 1, 2011 (edited) Most banks asset bank lending between 60 to 75% just find the one can can do 75% if you really need a 75% one I can find the banker for you via pm as for ice cream stick bank I know they can really match valuation and do high loans, if they dun dare to lend you so much it probably means you are quite stretched lowest that i know of is 70% for asset based lending for one of the local bank... Edited August 1, 2011 by YellowFlash Link to post Share on other sites More sharing options...
YellowFlash Clutched August 1, 2011 Share August 1, 2011 Which bank? Ice cream stick bank only quote me 1m loan verbally with 2/3 ur fren combi pay. general guideline 9-10 times annual pay without other loans...assuming you don't have a FIR (father is rich) Link to post Share on other sites More sharing options...
Sabbie Clutched August 1, 2011 Share August 1, 2011 lowest that i know of is 70% for asset based lending for one of the local bank... You mean highest? I know of local bank that can do 75% ↡ Advertisement Link to post Share on other sites More sharing options...
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