‘How I bought my first home’

A 28-year-old Melbourne woman reveals how she managed to purchase her first home despite the constant increases in interest rates.

For a while, Chantelle Vesuna wondered if she was ever going to make it to the first rung of the property ladder.

“I’ve always had an interest in property, which is I think what led me to my current career,” says the 28-year-old Melbourne property manager.

“But one huge obstacle has been the constant increases in interest rates.

“I’d walk into a bank to gauge an approximate borrowing capacity, then walk back in again after another interest rate rise and immediately lose about $40,000. It was maddening, you know, and just extremely defeating.”

Having moved back home with her parents at the start of the year in order to turbo-charge her savings, Ms Vesuna was acutely aware that the shifting goalposts might prevent her from being able to get into the market at all.

“I was so lucky to have my parents’ support,” she explains, “but there was a part of me that wanted to do it all on my own, I think perhaps I had a bit of an ego about it - I wanted to be a self-made woman.”

It was in the lead-up to another predicted rate rise that the property hopeful’s parents broached the subject of helping her with a deposit.

“Everyone was expecting another rate rise, but [the RBA] held them stable for a month,” she says.

“At this point my parents said to me, ‘look - enough is enough, now is the time to strike, and we’re happy to help you with a deposit in order to get you past this point - after that, the mortgage is all yours’.”

Chantelle Vesuna was able to put an offer in on a two-bedroom apartment. Picture: Supplied

While she was reluctant at first, Ms Vesuna’s parents reasoned that they wanted to help her achieve the goals she’d been working so hard at.

“They told me that when they — God forbid — pass away, it would be left to me anyway, and they wanted to have the enjoyment of seeing me happy and enjoying it while they were alive. I’m so incredibly grateful — and I really have to make this clear — I appreciate what a huge thing it is.”

Until this point, Ms Vesuna had been seeking out the advice of individual banks, and finding some of the processes and terminology overwhelming.

“It was actually Mum who suggested visiting Mortgage Choice,” she recalls.

“It was such a relief to have them in our corner. From the very first meeting, [my brokers] just made it very smooth sailing, and took the time to explain everything to me to ensure I was 100 per cent comfortable.”

Chantelle says she’s excited about the next phase of life as a homeowner. Picture: Supplied

With the top-up to her savings from her parents, Ms Vesuna was able to put an offer in on a two-bedroom apartment in Essendon and, after some back-and-forth, secured it via private sale.

“I knew from my friends’ experience that it would be difficult to get something at auction,” she explains, “so I set my sights on a private sale, and honestly it’s more than I expected to get.”

“My favourite thing about the apartment is that it has this huge city view,” Ms Vesuna says.

“At night time I can just look out and see that skyline, and it’s so beautiful. It’s just amazing to have a little place all of my own.”

Ms Vesuna says that while having a 30-year mortgage is “humbling,” she’s excited about the next phase of life as a homeowner.

“Probably one day in the future I’ll upsize to a family home, but for now I’m just so grateful to have a place, and it’s more than enough space for me. I’m just going to focus all my energy into renovating and forming the next step of my dream.”