Buy these 4 diversified growth shares for a low interest rate environment

Put that idle cash to work with some combined dividend and growth shares.

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It's a great strategy for both investing and life to have a healthy cash balance in the bank, but the negative trend in our interest rates may have a number of investors considering just how much money is the 'right amount' to put aside.

As a younger investor, with a smaller portfolio and without major expenses like house repayments or children, I personally have been keeping my cash balance at around 10% of my portfolio's value in recent years.

I know other investors, including some my age, who hold between 27-33% cash, and some who hold even more, though of course this changes on a regular basis as the market fluctuates and life expenses come and go.

It's a personal decision, and one unique to each investor.

With a low likelihood of major expenses – foreseen or otherwise – I find it better to invest my excess cash in shares, earning 5% or greater in dividends plus the advantage of having my money 'work' for me, growing earnings year on year.

If you're considering lowering your cash balance, particularly if interest rates drop further, I've composed a list of four unique buying opportunities to take advantage of a variety of market sectors.

The first, Crown Resorts Ltd (ASX: CWN), has a price to earnings ratio (P/E) of 13.9 and yields 3.1% with 50% franking, however it is expected to enjoy steady growth in coming years thanks to renegotiated taxes with the Victorian government and steady tourism growth.

Investors have been spooked by the payments required over the next 20 years in order to exempt Crown from the VIP gambling 'super tax', but Crown should be making its money back several times over. While its yield is a little disappointing, there is real potential for growing dividends and earnings over time. Analyst Morningstar's price target of $19 on the stock leaves plenty of room for upside.

The second company, Scentre Group Ltd (ASX: SCG) is the Australian property trust that was once known as Westfield but has since been restructured. Paying a yield of 5.4% unfranked with a P/E of 19.2, Scentre Group should experience slow but steady earnings, boosted occasionally by clever acquisitions or sales along the way.

Somewhat overpriced at its present level, the business is still a very attractive, secure blue-chip that just begs to be part of any dividend-paying portfolio. Morningstar has a price target of $3.40 on the stock, at which level it would yield closer to 6%. Investors should expect the addition of franking credits to dividends at some point.

My third pick, Ainsworth Game Technology Limited (ASX: AGI), is predicted to have a fairly flat 2015 thanks to weaker conditions for its domestic businesses. However Ainsworth's international growth is a major, major drawcard in a low Aussie Dollar era – international revenue grew by 37% in 2014.

Paying a 4.1% unfranked dividend and trading on a P/E of 12.4, the company looks quite cheap and investors can expect some franking credits to be added to payments in 2015, further sweetening the deal. Investor interest is building rapidly, however so you better be quick if you're going to get on board.

Finally, Lifehealthcare Group Ltd (ASX: LHC) is a medical device sales company that experienced a fairly lacklustre launch to public trading just over a year ago.

Despite that, the company successfully grew revenue faster than was predicted in the prospectus, and expects further growth to occur in 2015. With growing demand for medical supplies showing no sign of slowing, Lifehealthcare is one to buy and hold for the long term despite the recent leap in its share prices.

Trading on a P/E of 14.3 and yielding 3.7% fully franked, the company looks reasonably priced and should comfortably grow dividends in future years.

Motley Fool contributor Sean O'Neill owns shares in Scentre Group and Lifehealthcare.

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