Melb family reveal move back in with mum, plan to use RBA rate cut to help upgrade their home

Herald Sun

22-05-2025

Noelle and Matthew Wallace, as well as their daughter Mia, 3, are selling their Mentone unit as they look to step up the property ladder. Picture: Jason Edwards.
An interest-rate cut this week is set to bring relief to thousands of Melbourne households struggling with mortgages.
But for Mentone's Wallace family a cheaper rate on their loan is the signal to ramp up their savings as they plan to upgrade from their first home, bought in 2016.
Noelle and Matthew Wallace are currently selling the 5/35 Como Pde East, Mentone, home where they have been raising daughter Mia, 3, and have moved back in with Mr Wallace's mother to maximise their chance to save once they don't have a mortgage.
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It's a rare, but effective move that should also help ensure buyers can inspect the property more conveniently — and will hopefully help them make a six-figure upgrade to their home.
The family bought the home in 2016 and the unusual inclusion of a back yard had helped make the apartment a great space to entertain friends and family — while its location close to the beach and local cafes and shops had been invaluable.
But with Mia growing they have Obrien Real Estate's John Rombotis helping them to sell at the start of an interest rate cutting cycle they believe offers a rare instance of botha good time to buy and a good time to sell, perfect for an upgrade.
The 5/35 Como Pde East, Mentone, property is quite different to what most people would expect for an apartment.
The backyard features its own rock garden, a very rare addition for a unit.
'We had been looking at interest rates, seeing them start to stabilise and plus with the potential for them to drop, we saw that as offering a great sellers market and also for buying, so we hope to be in a good position both ways,' Ms Wallace said.
'But we have been thinking about it from about this time last year.
'And we are back to saving as we try to finalise our purchasing plans, though we had been getting ahead of our mortgage as well.'
Even after an interest cut, the family will be putting any saved money from their mortgage aside to help facilitate their next purchase.
'Even $50 could be making a huge difference,' Ms Wallace said.
A light and bright kitchen has comfortably catered to the family of three.
Moving out of the home has meant that it can be perfectly staged at all times, which would have been challenging with a young daughter living in it.
They're aiming to be into their next home in no more than 12 months time, but are hoping to move fairly quickly with the expectation home values could rise as rates fall.
'We definitely feel like we have timed it and it's starting to feel like there's some hope coming, and that people are more confident,' Ms Wallace said.
Mr Rombotis said the pair were not alone, but those thinking of selling a home today would need to think carefully about how quickly they could move as a sale without a quick follow up purchase could cost them if prices rose rapidly.
The agent is anticipating three rate cuts before the end of this year, and said by the time the third hits buyers would no longer be 'window shopping'.
The main bedroom comes with an ensuite bathroom and neutral colour scheme.
However, for affordable homes with unusual features, like the Wallace's supersized apartment back yard, the ability to concentrate first-home buyers could allow them to catch the first wave of any improvements, with first-home buyers tipped to be among the first to respond to rate cuts.
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