A great education is about more than tuition, it’s about a great experience that prepares children for the future.
No matter what your child chooses to pursue, education can come at a significant cost and the cost is continually rising.
Allow for changes in circumstances as your child develops and meet the costs with a flexible savings plan.
Knowing the total cost of an education can be overwhelming. And with uncertainty around the education path your child may take, this can make funding an education difficult.
The unknown nature of educational expenses is reason to start saving early. While you may not have much to put aside now, starting small and making regular contributions builds your savings over time and can ease the burden of the expenses when they come.
|Savings account||Term deposit||Mortgage offset account||Education fund/Scholarship plan
|Potential return||Low||Low||Low||Vary depending on investment mix|
|Potential volatility||None||None||None||Low to high depending on investment mix|
|Choice of investment mix||None||None||None||Many|
|Access to money||Yes||Yes but with penalties
Circumstances may change, as may your child’s education plan – withdraw money from your account at any time for any purpose.
© The Australian Unity Education Savings Fund (‘Lifeplan Education Bond’) is issued by Lifeplan Australia Friendly Society Limited ABN 78 087 649 492 AFS License number 237989 (‘Lifeplan’), a wholly owned subsidiary of Australian Unity Limited ABN 23 087 648 888. Information provided here is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the product you should obtain a copy of the Product Disclosure Statement (PDS) and consider whether the product is appropriate for you. A copy of the PDS is available at www.australianunity.com.au/education-fund or by calling 1300 617 670. Investment decisions should not be made upon the basis of past performance as this is not a reliable indication of future performance.
Any tax information provided here and in any disclosure documents is general in nature and is only intended to provide a guide on how tax may affect investors. Tax laws may change in the future and may affect an investor’s tax position. Investors should seek independent tax advice relevant to their particular circumstances.