umm... normaldude, under these circumstances, I feel that buying a home may not be the best decision for you at this moment. No, don't get upset yet I have my reasons.

First, you are capable of making extra repayment, but you want to take the longest available loan term, means you probably have additional income.

Second, despite having that additional income, you are not opting for a lower margin of financing. Which means you are probably sticking out everything you have on this house.

Third, your gf is still studying, so if anything happens to your income, both of you might endure some serious financial hardship. Even after after she starts working, she might not like her job and might want to switch, I'm sure you don't want her to be stuck in a job she hates right?

But since you already booked the house (does this mean you paid 10%?), I guess you're stuck with it. However DON'T put your gf's name on the S&P, you can always change it later, because if anything happens, she could be held liable too, and it could make selling the house in the future harder since you need both parties to sign. What you can do is buy MLTA or MRTA. I know you trust your gf, but this is the smart thing to do. Next, is your house a completed property or still under construction? If it is still under construction, you can get a higher margin from CTB and SCB (up to 89%). Or you can try getting your parents to fork out the additional 5% if possible, international banks are far more efficient and have better facilities.

Remember, this is a serious investment for at least 5 years or even 30 years, so you need to have as many safety nets as possible. So you'll need to make smart choices with your money.


p.s. I wonder if I can make money dispensing advices like these

This post has been edited by spanker: Apr 19 2006, 09:59 AM

As long as the BLR doesn't jump a lot in the next 5 years, he's in good shape, since he's thinking about making additional payments (he was asking for withdrawal facilities after all). After the minimum holding period, he can always refinance, even if the BLR shoots up.

As the matter of fact, yes. I see people refinancing from one bank to another and save money all the time when I was working in mortgage sales. (why else would they refinance?)