Hi all,

I have been trading with NAB Online Trading for a few years now (with some success) so I decided to establish a margin loan through NAB Margin Lending. With this facility I wanted to:

a) buy shares and write covered calls on these shares; and
b) keep the rest out of the market - instead using it as collateral for writing put options

However, NAB Margin Lending do not allow investors to write put options (and apparently they're not alone - many of their peers have similar policies).

Many people cringe when I mention I'm interested in options; but I think there is far less risk in sensible option trading, when compared to share trading. I would write (if I was allowed!) out of the money calls and puts with a short time to expiry. If I was ever exercised, I would not be disappointed because that means I would be selling shares at a price I was comfortable with and locking in a profit (calls) or locking in a bargain buying price (puts).

In the event of a catastrophe I could always buy back my put options to close out my position and minimise the loss.

Does anyone know of a margin lender that allows both calls and puts to be written?

Or better still, does anyone know of an alternative financing arrangement with the following features:

* the freedom to use the funds however I wish
* interest only facility
* low/no monthly fees
* not secured by property (I don't have one! If I had a property, I would be applying for a line of credit)

Thanks for reading,

Grar Industries.