All Topics / The Treasure Chest / “AT CALL” strategy prior to Purchase ??????

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  • Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Does anyone have some good advice on where I could put my money prior to purchasing a positively geared property*. Every time I’m thinking of making a purchase, I always seem to get caught out by having my funds tied up in “fixed term” bank deposits. Also, I don’t want to put this money into an “at call” account because the interest rates are so poor. My strategy is to get a relatively conservative 50% 50% loan ratio to enable me to get a reasonable cash flow from my investment. Hence – the monies I’m talking about are reasonably large and over a short period of time – 1% or 2% make a considerable difference.

    Any assistance in this regard would be kindly appreciated.



    P.S. *I know that a few investors may have some novel ideas which may include transferring my money into their personal bank account but at this stage in my life – I’d like to decline from taking up your kind offer – Thanks anyway. [:)] [;)]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    What about the online ING account. rates are about 4 to 5%.

    Terryw
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of jellybabesjellybabes
    Member
    @jellybabes
    Join Date: 2003
    Post Count: 6

    HI Terry
    I tried to find my way around the ING website. I was looking for a high interest rate to put some funds into in my kids names. They received some cash from their Granny and it needs to be put in a guaranteed investment.
    I couldn’t find anything that resembled what you quoted. Help!!

    Profile photo of angelsangels
    Participant
    @angels
    Join Date: 2003
    Post Count: 11

    Hi Terry,
    May be you could put your money into liquid bonds. They are above 5% at the moment, and you can cash them out at anytime.

    Good look investing.[:)]

    Profile photo of Wilko91Wilko91
    Member
    @wilko91
    Join Date: 2003
    Post Count: 32

    The ING site is different from the INGdirect site which is what you are after!! they offer 4.75%.

    Cheers

    Wilko

    http://www.ingdirect.com.au

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Thank you Terryw, jellybabes, angels and Wilko91 for your advice. It was well received.[:)]

    Profile photo of SachSach
    Member
    @sach
    Join Date: 2003
    Post Count: 91

    Look at a magazine like MONEY and they have funds
    that have 7% to 8% with no exit fees etc.
    but for online banking go for a credit union, AMP,
    or StGeorge DragonDirect.
    and also put the funds in the name of a kid or
    someone who earns the least (for tax purposes)

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Thanks Sach – another good idea.

    Many brains (I should say “hands”but brains, is more appropriate in this situation) make light work.” [|)][|)][|)]

    Profile photo of LeighLeigh
    Member
    @leigh
    Join Date: 2003
    Post Count: 130

    I’ve got an Adelaide bank account, 5% interest, low fees (I haven’t been charged any yet!), regular access like any other bank.


    “If you can count your money, you don’t have a billion dollars”
    J. Paul Getty


    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    If you have an existing loan use your existing cash to partly repay the existing loan – provided there is a redraw facility.

    And if there isn’t or if that isn’t possible, consider switching to a loan with a redraw type of facility.

    And what about paying off your credit card temporarily or permanently ?

    Pisces133

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Thanks Leigh and PeterM for your advice.

    Profile photo of SachSach
    Member
    @sach
    Join Date: 2003
    Post Count: 91

    Johnny, any luck yet in finding and deciding what
    to do with the money deposit. Keep looking, you
    will find it.

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Thanks Sach for getting back to me again. I’m still weighing up each option. [:)] [:)] [:)]

    Profile photo of MarcoMarco
    Member
    @marco
    Join Date: 2003
    Post Count: 66

    You may also like to look at the Lutheran Laypeoples League of Australia. It works just like a Credit Union account, albeit no fees at all. They even do cheques for you (FREE)and have a great interest rate. http://www.lll.org.au.

    All transactions can be done over the www. If you have cash it can be deposited at any of the big 4 banks all over Oz.

    Having said that, I think http://www.ingdirect.com.au is also a great idea!

    regards

    Marco

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Thanks Marco – that was a great idea. I’m a Christian, so investing in a fund like that appeals to me. [;)] [:)]

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