We received a letter from our bank informing us of an upcoming upward interest rate adjustment of our housing loan from 1.8% to 2.5%. Our monthly home loan instalment should be going up from S$3,300 to S$3,500. We took out a housing loan of S$750,000 about 8 years ago and the mortgage has gone down to S$585,000 currently.

It’s a quick snapshot of our debt situation. While I’m not going to justify our decision to purchase a Private Condo over an Exec Condo, Resale Flat and BTO Flat, the high level of debt we carry has been a persistent issue ever since we started work. It’s nice to have so many benefits staying where we are at that we will probably try to find a bigger Private Condo in the same area if we have kids. But saying it’s expensive is an understatement.

We like shopping for nice things,