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Morning Teresa,

To purchase a new EC, you can buy at lower price but it takes time to built. Nobody can tell how's the market will be like, in the future. It's a calculated risk though.
Paying off your current loan will give you a cash balance of $220k, will allow you to purchase a unit of $1.1m max. If you are taking a 60% loan, you can purchase a unit of $550k.
The question boils down to: how much liquidity do you have and what is the purchase for the second purchase? This will help determine the size, location and pricing, which will in turn gives light to your installment payment as the bank will grant a max of 25 to 30 year loan quantum.

FYI
Mike Lim
 96929209 
ERA Read More

Hi Teresa,

There are several school of thoughts now. Some would advise to ride on the current low interest rates to mortgage existing property to free up some cash for your next purchase. With 1 unit being rented out, that should be sufficient to service your loan for the 2nd unit while you continue to service the loan on existing property, but different people will be suited for different options. Talk to a qualified banker to explore the various options. No one plan suits all people.

Regards,
Geryl LIM
Real Estate Consultant
CEA Reg R014783H
Mobile: +65-81577565 
Email: lim.geryl@yahoo.com.sg Read More

Hi,

Regard to your question. Why not you just drop me an email at ot1984pierre@gmail.com or Contact me @ +65 8 2 7 9 8 3 2 7

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