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As alexlee said, you pay tax either way. Dividends are often a much better way of earning a good return on your money. Most people don't realise they can lose around 40-45% (give or take) in tax on interest earned from money sitting in the bank. Franking credits mean the company has...

If it's only around $500 just buy them. I would stop reinvesting your dividends, and just let them pay you as income. The shares will eventually pay for itself and you don't need to worry about it until retirement. If you want diversification in shares and don't know much about trading...