When Lloyd and Mandy sat down with a mortgage broker they realised they had two choices, face a life of crippling debt or leave Australia.
Despite running a business and working part-time on the side, the Byron Bay couple were struggling to get ahead with Australia’s surging cost of living.
“We saw the writing on the wall, if we want to raise a family and live comfortably, we are going to have to try something different,” Lloyd told NewsWire.
Social media influencers Lloyd and Mandy have moved overseas due to Australia’s high cost of living. Picture: Instagram
The couple said they were trying to “do the right things” by settling down and working full-time, but they were unable to get ahead due to Australia being one of the more expensive places to live.
“In 2018, Mandy and I were working full-time and we had saved up enough money to get a two-bedroom apartment on the Gold Coast. The mortgage broker told us if she stretched it we could just get this mortgage but apartments aren’t good investments,” Lloyd said.
“I spoke to my boss, who was actually my friend and he told me the business is expecting a downturn and it might not be a good time to take on a mortgage.
“We crunched the numbers and realised if we wanted to start a family, it would be very difficult for Mandy to stay at home and if anything happened we’d be screwed.”
Lloyd said they decided against the mortgage and tried to find alternative ways to get ahead, including starting a lawn maintenance business and taking the time out to educate themselves on how to make money through online businesses.
The couple moved to Bryon Bay where they were working online as well as at a friend’s cafe, before eventually leaving Australia in late November 2021.
Lloyd and Mandy launched a YouTube channel documenting their experiences as they tried Bali, Mexico, living in a van through the US and Canada before eventually calling Thailand home in late 2022.
“We were making a stable enough income so we decided to settle down, get a villa and live in Thailand,” Lloyd said.
He said the couple did not live in luxury but their money went a lot further, being able to afford a three-bedroom villa that has a pool for less than they were paying in Byron Bay.
“We have a gardener, pool maintenance guy and a house keeper. Our rent here is cheaper than what it cost when we were living in Byron Bay on top of a garage in a studio suite,” Lloyd said.
“Groceries are also half the price in Thailand compared to Australia. We can afford to go out to dinner and taxi fares are very affordable.”
The couple say they are able to live a life in Thailand that they could never afford in Australia. Picture: Instagram
“It has taken the pressure off. We’ve had to reinvest into our business and we are starting to actually save some money.”
Lloyd also pointed to the lifestyle advantages, with the couple being able to spend more time with their young family.
The couple isn’t alone, with migration data showing many other Aussies are looking for an alternative lifestyle.
According to the latest government figures, migrant departures – people leaving Australia to move overseas – increased by 8 per cent to 221,000 from 204,000 between 2023-2024.
The Australian Bureau of Statistics measures the top five countries of birth for migrant departures from Australia each year. Since the Covid pandemic, the only major demographic group to consistently leave the country is Australian-born citizens, with a further 57,100 leaving the country in 2023-2024 and about 35,590 coming home.
The median age for Aussies leaving the country was 31.
MORE AUSTRALIANS SHOULD LIVE ABROAD
While Aussies are moving abroad due to the high cost of living, it could also have added advantages for their career should they ever want to return home.
PwC Australia Asia practice leader Jason Hayes told NewsWire that many Australians working for multinational corporations could gain valuable global experience while getting ahead financially.
“Japan has been in a state of stagnation for 30-plus years. When I first moved to Japan in 2004 I thought it was expensive before I returned for a visit in 2024 and I marvelled at how cheap it was.,” he said.
Aussies living and working abroad could have added benefits for their careers when they return home. Picture: NewsWire / Luis Enrique Ascui
“Most Asian countries are similar. Australians going abroad aren’t going to lose out financially. Aussies have the double benefit of something that would be beneficial to the career through the experience living in Asia and secondly from a cost perspective it’s more attractive than living in Australia.”
He also said with globalisation continuing and businesses looking for specific skills in staff, Australians would benefit by a stint working in Asia.
“If you look at foreign direct investment, Japan continues to have significant focus on the Australian market, being the second largest destination for money after the US,” Mr Hayes said.
He said as part of this globalisation, brands including MLC, Dulux and Carlton United Brewery had been taken over by Asian businesses.
“If you want to be set up for success in the future, those who have real global experience, particularly those who have worked in Asia, you’re going to be a sought-after resource by these foreign companies coming to Australia,” Mr Hayes said.