Margin Loans Commsec - problems withdrawing funds

So last Thursday I sold up substantially all of the portfolio... somewhere in the order of half a mill in order to fund a property purchase (yay!)

Call it genius market timing too if you like after todays events lol.

The trade settled today and my margin loan is in credit by that amount (I'd carried a zero balance before) Problem being, there is a maximum daily limit cash funds withdrawal of $50,000 from a margin loan to a bank account. You cannot change this in Commsec or Netbank or the App.

Without wanting to take 10 days to move the funds in 10 instalments, I went down to the branch and the teller says she'll need to book me in for a meeting with a specialist the next day. Not even she could move the money.

Pain in the arse, but Commsec is not integrated with the rest of the Bank's systems. Good thing I wasn't settling on the property today haha.

Bigger pain in the arse is what to do with the funds for 3 months until settlement. Doesn't even seem like I can get a partial offset against the fixed rate loans...

First world problems

 

High interest at call account?

 

Have a recommendation? Seems high interest these days seems to be 1% pre tax

 

Please tell us where??

 

CBA branch still couldn't help me today. They called up Commsec on my behalf and they had to do it manually on their end. Overnight tonight. I asked if they would credit me the 25c interest I'm owed for two days (assuming 0.01% p.a.).

They said no.

Lesson is to close the margin loan first beforehand and transfer the shares to a normal trading account so sales are settled direct to a CDIA or bank account.