Australian Family Trades Gold Coast Home for Mortgage-Free Italian Life Amid Rising Costs
A family of four is relocating from Australia to Italy, citing the high cost of living and the prospect of owning a home outright as primary motivators.
An Australian family is preparing to leave the Gold Coast for Italy, driven by the rising cost of living in their home country and the opportunity to achieve a mortgage-free lifestyle. Krysti-Glory Gallo, a styling and design professional, and her husband, Ricardo Parata, an education worker, began their search for a home in Italy late last year.
The couple plans to move into a three-bedroom terrace house in the historic Tuscan city of Lucca in February 2027. The property, which cost €205,000 (approximately $330,500), is expected to allow them to eliminate their mortgage debt. They currently owe around $600,000 on their Gold Coast home, which they purchased in 2023 for $525,000 and anticipate selling for approximately $1 million in late 2026.
"We realised moving overseas was a better option than staying in Australia when my wage no longer covered our mortgage," Ms. Gallo stated. The total cost of their current mortgage over 30 years was projected to be about $1.295 million. After selling their Gold Coast property and paying off the existing mortgage, the couple estimates they will have around $450,000 in equity.
"We now take that equity to another country (Italy), have zero mortgage, and have 100 per cent equity from day one," Ms. Gallo explained, adding that this move would provide a more comfortable financial situation. Despite earning between $150,000 and $160,000 annually and having three income streams, the family's expenses were around $120,000, leaving little room for savings or discretionary spending.
They estimate that living in Italy, with a mortgage-free home, would allow them to live on approximately €45,000 (about $72,500) per year. Mr. Parata emphasized that the move is primarily about enhancing their quality of life, not solely income. "We aren't replacing our lifestyle for income reasons, we're replacing our lifestyle so we can actually enjoy our life," he said in a series of TikTok videos detailing their relocation.
Their new Italian home is similar in size to their Gold Coast townhouse, featuring three bedrooms and two bathrooms spread over three levels. It also includes a 30-square-meter garden, which Ms. Gallo considers an upgrade. "We actually have more land in Italy now with a decent yard for our kids," she noted.
The Lucca property, located a suburb away from their initial preferred area, was attractive due to its proximity to shops, amenities, and a local school. Ms. Gallo mentioned that the home has been fully renovated, including roofing, plumbing, electrical, and heating systems, though they plan to update its aesthetics. She estimated that completing similar renovations themselves in Italy would cost around €70,000 (approximately $112,746).
Ms. Gallo expressed anticipation for a less rushed family life in Italy. "At the moment, no matter what we have done to simplify our life, it just never seems like we have a minute spare to breathe and our time together is rushed," she said. The family also hopes to travel to other European countries on weekends, noting that flights to destinations like the UK, Germany, and Greece could cost the same as filling up their car's fuel tank in Australia.
While the children were initially hesitant, Ms. Gallo believes they are beginning to understand the benefits, including experiencing the other half of their cultural heritage. Both Ms. Gallo and Mr. Parata are of Italian descent, and they hope their children will gain dual citizenship and become bilingual, opening up future opportunities.
