An Australian family is preparing to leave the Gold Coast for Italy, saying the move could help them escape rising living costs and become mortgage-free.
Krysti-Glory Gallo, a stylist and designer, and her husband, Ricardo Parata, who works in education, started looking for an Italian home late last year as they searched for a more affordable and enjoyable way of life.
The couple found a €205,000 property—worth approximately $330,500—in the historic Tuscan city of Lucca. They plan to move into the three-bedroom terrace with their children, aged seven and 11, in February 2027.
Ms Gallo told Daily Mail that relocating was a “no-brainer” after the family faced the prospect of continuing to repay the $600,000 mortgage on their Gold Coast home.
“We realised moving overseas was a better option than staying in Australia when my wage no longer covered our mortgage,” Ms Gallo said.
The pair bought their Gold Coast property for $525,000 in 2023 and expect to sell it for close to $1 million later in 2026.
Ms Gallo said paying off the loan across its full 30-year term would have brought the total cost of the mortgage to around $1.295 million.
After selling the property and clearing the outstanding debt, the couple estimates they will be left with approximately $450,000 in equity.
Krysti-Glory Gallo, a stylist and designer, and her husband Ricardo Parata, who works in education, began searching for an Italian home late last year as Australia’s rising living costs became increasingly difficult to manage
“We realised that no matter how much equity we had in our home, we couldn’t access its benefits while the cost of living continued to climb,” Ms Gallo said.
She said the family could use the expected $450,000 profit to purchase a similarly sized home in Italy instead of remaining in their Gold Coast property.
“We can take that equity to another country, have no mortgage and own 100 per cent of the property from day one.”
According to Ms Gallo, the move would also put the family in a far more secure financial position.
“Ricardo is working two jobs—one full-time role and another that involves nights, weekends and travel—yet we still check our bank accounts before buying essentials.”
“We could either keep complaining about our circumstances or look for a solution. In the end, the solution had been right in front of us all along.”
The couple said they have three sources of income between them and earn roughly $150,000 to $160,000 a year. Even so, their annual spending reaches at least $120,000.
By owning a home in Italy, they estimate the family could maintain its lifestyle on about €45,000, or approximately $72,500, a year.
Ms Gallo said moving to Italy would give the family greater financial breathing room and a more comfortable lifestyle
In a series of TikTok videos detailing their relocation journey, Mr Parata said the move was about improving the family’s quality of life rather than earning more money.
“We’re not changing our lifestyle simply to earn more money. We’re changing it so we can finally enjoy our lives,” he said.
“The income is just another bonus.”
‘One thing I will add is that Italian incomes are a lot less than Australian incomes, but when cost of living is a lot less, you can do more with your income.’
Their Italian home will be ‘like for like’ with their Gold Coast townhouse, with three bedrooms and two bathrooms spread across three levels.
However, its 30sqm garden meant the property was also an upgrade.
‘We actually have more land in Italy now with a decent yard for our kids,’ Ms Gallo said.
‘Although it has been renovated completely (roofing, plumbing, electrical and heating), we will update it to make it our own aesthetically.’
They came across a €205,000 (about $330,500) three-bedroom terrace in the historic Tuscan city of Lucca that they plan to move into in February 2027 with their two children, aged seven and 11
Although the Lucca property was one suburb away from their preferred area, Ms Gallo said they were attracted by its proximity to shops, other amenities and the local school.
She estimated the completed renovations would have cost them about €70,000 (A$112,746) if they completed it themselves.
Although the Lucca property was one suburb away from their preferred area, Ms Gallo said they were attracted by its proximity to shops, other amenities and the local school.
‘It had everything we needed and it is ready to live in right now,’ she said on TikTok.
‘It’s literally a five-to-10 minute bike ride to the suburb we were originally looking at and the children can still walk to the local school.
‘Our youngest will go to school 200m across the road.’
Ms Gallo told Daily Mail she was looking forward to the family enjoying a better quality of 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.
‘We hope that our days don’t feel long.’
The couple purchased their current property in 2023 for $525,000 and expect to sell it for about $1 million later in 2026
She said the family would also spend some weekends travelling to other countries.
‘We can fly to places like [the] UK, Germany and Greece for the weekend for the price it costs to fill up Ricardo’s ute.’
Although her children were initially hesitant about the move, Ms Gallo said they understood the benefits of experiencing the other side of the world.
‘The boys naturally took time to understand the reason behind the move, but our oldest is now aware of what it costs to keep a house here in Australia and the challenges that we are facing,’ she said.
‘They’re also aware that they will finally be able to experience the other half of their culture.
‘Ricardo and I are both Italian, so for them to have dual citizenship and eventually be bilingual will only open doors for them as adults.’
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