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Short term savings

Discussion in 'Investing Strategies' started by samaka, 4th Nov, 2007.

  1. samaka

    samaka Well-Known Member

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    30th Sep, 2007
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    Location:
    Sydney
    Hi all,

    If you had around $50,000 - which you will be using to buy (your first) PPOR within 6 to 18 months - what would you do with it in the meantime?

    Considering you need access to it when you decide / find a property - I wouldn't think managed funds are appropriate...

    Maybe a high interest, Rabobank, ING or Bankwest account?
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Definitely - anything less than a few years I wouldn't be putting my money in shares or managed funds ... use one of the high interest accounts you mentioned ... you'll also get the benefit of rising interest rates along the way.
     
  3. buzzlightyear

    buzzlightyear New Member

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    Location:
    Melbourne
    Do you have any non-deductible debt? ie credit cards, personal loans.... If so, some of these funds this might serve to clear this and position yourself from a serviceability perspective. The 'savings' from not having these accounts can then be ploughed back into an ING type fund as you mentioned until you are ready to purchase.

    Buzz
     
  4. samaka

    samaka Well-Known Member

    Joined:
    30th Sep, 2007
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    Location:
    Sydney
    No non-deductible debt at all - fortunately :)