3 stocks I'd buy with $10,000: Commonwealth Bank of Australia, CSL Limited and Woodside Petroleum Limited

These are the 3 stocks I'd buy first if I had a spare $10,000: Commonwealth Bank of Australia (ASX:CBA), CSL Limited (ASX:CSL) and Woodside Petroleum Limited (ASX:WPL).

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With interest rates being disappointingly low (and set to go lower), a number of Aussie investors may be thinking that shares offer much more potential than cash.

Of course, it's always wise to maintain a cash buffer in case markets fall significantly. However, with the ASX being flat for the year and yielding 4.6%, the total return on offer from investing in the stock market could tempt many savers to dip their toe in the stock market.

With that in mind, here are the first three shares I'd buy today if I had $10,000 in cash to invest.

Commonwealth Bank of Australia

While low interest rates have hurt savers, they have been something of a fillip for banks such as Commonwealth Bank of Australia (ASX: CBA). In fact, they've been a major reason why CBA has been able to increase dividends per share at an annualised rate of 12% over the last five years and, looking ahead, the bank is expected to raise them further in the next two years.

This means that CBA could be yielding as much as 5.5% in FY 2016, which is made all the more appealing by the fact that its dividends are fully franked.

Certainly, there is a danger that the potential for higher capital controls could hurt its bottom line over the medium term. However, with CBA's bottom line forecast to rise by 6.6% in the current year, and its shares trading on a P/E ratio of 15, it seems to offer decent value and growth potential to go alongside a top notch yield.

CSL Limited

With shares in CSL Limited (ASX: CSL) having reached an all-time high in recent days, many investors are understandably wondering whether further share price gains are possible. Clearly, a P/E ratio of 27.3 is extremely high and, as a result, a significant upward rerating seems difficult to envisage.

However, the fact that CSL is at an all-time high does not make further share price gains any less likely. After all, this is a company that is continuing to deliver stunning and reliable earnings growth, with its bottom line being up 9% in the last year and being expected to increase by 24% in the current year.

And, while pharmaceutical stocks are not guaranteed to deliver consistently strong earnings growth, they are viewed as defensive by the wider market. As such, further uncertainty regarding the global and Aussie economies could play into the hands of CSL and aid it in delivering yet more share price growth in 2015.

Woodside Petroleum Limited

With Saudi Arabia deciding to maintain production levels and cut prices, it feels as though the price of oil could remain at sub-$70 per barrel for a good while yet. Clearly, this would be bad news for oil stocks such as Woodside Petroleum Limited (ASX: WPL) and, as a result, its share price has plunged by 11% in the last month.

However, with a relatively low cost curve and exposure to LNG projects, Woodside may be in better shape than the market currently realises. Certainly, its earnings forecast for the current year has come down in recent months, however it is still expected to increase its bottom line by 45% versus last year.

Of course, 2015 could see profit fall back somewhat, but even if it does, Woodside's current P/E ratio of 11 indicates that this expectation is already being factored in by the market. As such, any positive surprises on the oil price front could send Woodside's shares higher, as could a realisation that it is perhaps better equipped to cope with a low oil price (through a relatively low cost curve and LNG projects) than is currently being priced in.

While Woodside, CSL and CBA could all be worth buying at the moment, it can be tough to find shares to add to your portfolio. That's especially the case if, like most private investors, you lack the time to trawl through the ASX looking for your next purchase.

Motley Fool contributor Peter Stephens does not own shares in any of the companies mentioned.

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