My basic situation is this:
Have a personal loan owing $13,500 or so that I used to get my portfolio up and running.
Believe we're about to see a retraction in some areas and am keen to accumulate in some of my bluechips (BHP, WBC, ANZ), whilst also adding some potential for growth with companies perhaps like Bluescope Steel, Arrow Energy, and others.
Need capital and because I am not interested in buying a house for some time (I'm 20), I want to really give the stock market a shake for a few years and see where it takes me with a hopeful recovery by diversifying in quality and potential.
So...where to get that capital (looking at potential loan of $65K or so - so I can pay out my existing loan and then invest 50K)? I don't really fancy paying 13% or higher with a personal loan of $65K over 7 or so years (interest would be huge plus would eat away at any potential profits)...so what other options do I have?
I have read up a bit on margin lending and believe I have quite the appetite for risk, but is there any other products that are tailored for share investing and offer a lower interest rate? Macquarie Bank have one called GEI+ where you borrow for a set number of years, pay interest and then basically sell at a specified date, pay them back the captial whilst you keep the profits, but it doesn't allow for flexibility to trade...etc.
Is a personal loan the only way to go if I want complete control of my portfolio and its decisions...whilst paying back the loan amount as a means of savings?
Any help or advice would be greatly appreciated.