For one Australian family, becoming mortgage-free won't come from things like cutting back on coffee runs or making a major lifestyle downgrade. Instead, they say, the answer is moving across the globe.
A couple from the Gold Coast said a relocation to Italy could let them own a home outright and make their income stretch more than it does in Australia.
Here's what to know
The Daily Mail reported that the family is aiming to settle in Lucca, Italy, in February 2027 with their two children. Krysti-Glory Gallo, who works in styling and design, and her husband, Ricardo Parata, who works in education, plan to trade their Gold Coast townhouse for a three-bedroom terrace in the historic Tuscan city priced at €205,000, or about $330,500.
The couple purchased their Gold Coast home in 2023 for $525,000 and believe it could fetch about $1 million when they sell in late 2026. Gallo said they still have about $600,000 left on the mortgage, which she calculated would amount to roughly $1.295 million over a full 30-year term.
They estimate that, once the Australian mortgage is cleared, about $450,000 in equity would remain — enough, they say, to purchase the home in Italy without taking out another loan. "We realised moving overseas was a better option than staying in Australia when my wage no longer covered our mortgage," Gallo told the Daily Mail.
The family said they bring in about $150,000 to $160,000 across three income streams but spend at least $120,000 a year. By comparison, they estimate they could live in Italy on about €45,000, or roughly $72,500, annually if they own their home there.
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More background
Despite Parata "working two jobs, one full time and the other means nights, weekends, and travel," Gallo said the family still checks their bank accounts before buying necessities.
In TikTok videos documenting the relocation under their username @the_italianproject, Parata said, "We aren't replacing our lifestyle for income reasons, we're replacing our lifestyle so we can actually enjoy our life."
According to the Daily Mail, the Lucca home matches their Australian townhouse in some ways, with three bedrooms spread across three floors, but it also has two bathrooms and a 323-square-foot (30-square-meter) garden. Gallo said, "We actually have more land in Italy now with a decent yard for our kids."
She said the move is also about family roots: both she and Parata are Italian, and they want their children to have a stronger connection to their heritage while also giving them the opportunity to become bilingual.
What can be done?
They said the home checked several practical boxes: it was move-in ready, near shops and a school, and only a short bike ride from the area they preferred.
As Gallo put it, "It was either continue to whinge about our situation or find a solution and the solution was in front of us the whole time."
Where can I learn more?
For Australians facing mortgage stress or anyone considering a move to save them money, these stories may offer more insight. They look at housing pressure, climate-linked displacement, upgrade financing, and rising ownership costs in Australia and the U.S.
• The Australia Institute says climate change is quietly driving higher food, energy, and housing bills.
• Across Australia, lower-income households are being pushed out of their homes as climate pressures intensify.
• In New South Wales, interest-free loans for solar aim to lower everyday household expenses.
• In California, insurance premiums are rising fast enough to reshape the cost of homeownership.
• Across California, wildfire risk is becoming a new wildcard in property values.
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