Yes, funds must be available in the relevant cash account before placing a buy order. You will not be able to submit a buy order if you do not have sufficient funds in your account. This limitation does not apply to sell orders.
Why do funds need to be available in my cash account before I place a trade?
Very few trading platforms allow you to trade without already having the funds in your trading account. Having funds available to facilitate settlement mitigates the risk of Selfwealth members not funding purchases, which is not only a complex process but results in fees being charged for non-settlement.
If your bank supports Osko instant transfers, it may be possible to get funds into your account instantly, although for some SelfWealth members that it may take longer.
For more information on instant payments please click here.