Prior to moving to the new home in shoreham

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Reference no: EM133608904

Question: Niamh has lived in Melbourne all her life but has always wanted to move to the country, because she wants a large garden in which to grow vegetables and keep animals. In Melbourne, she lives in an apartment (which she owns) in Docklands (near the water). Niamh is employed as an accountant and works for a company located in the Melbourne Central Business District (the CBD office). Her salary for 2021/22 for her work as an accountant is $170,000 per annum. In June 2021, Niamh finds the house and land she has always wanted. It is located in Shoreham (about 1.5 hours from the CBD office). On 1 July 2021, Niamh purchases the house and land in Shoreham for $1,000,000. She moves in to the Shoreham house on 1 August 2021. In order to pay for the house in Shoreham, she borrows $600,000 from the bank at an interest rate of 6.0% per annum. Her monthly repayments of interest on this loan are $4,500. She also incurs borrowing expenses from the bank of $1,000. Prior to moving to the new home in Shoreham, Niamh negotiates with her employer to work from home two (2) days per week.

Reference no: EM133608904

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