The Education Savings Fund
A flexible investment with the potential for strong returns
The Australian Unity Education Savings Fund was established specifically to help parents, grandparents, guardians and students save for education costs.
Most people saving for a child’s education don’t know exactly how much they will need, or the direction a child’s future will take. The Education Savings Fund is designed to give you the flexibility to adjust your investment when circumstances change, while also providing the opportunity for a return on your investment.
Ready to invest?
Apply todayClaim on a wide range of education expenses
The Fund covers primary, secondary and a wide range of tertiary education including training courses provided by universities, TAFE, colleges, and accredited Australian and overseas organisations.
The Fund also covers education programs for children with physical, intellectual or learning disabilities. You can also claim most expenses related to a child’s education such as accommodation, travel and equipment.
Flexibility to change your spending and investment plan
The Fund has the flexibility to change when your life does. Your contributions can change at any time, and you can even withdraw your money if you decide not to use it for educational purposes.
Your investment is managed by experienced professional Australian and international investment managers. You can choose the default option for a balanced investment, or choose from a range of investment options to suit your personal objectives, financial circumstances and needs.
Maximise your return on investment
The Education Savings Fund has unique tax features not available for other savings and investment products.
As a "scholarship plan" under Australian tax law, this entitles us to obtain a tax deduction, which is effectively passed on to you when you withdraw earnings to pay for education costs. This is worth up to $30 for every $70 of earnings used to pay education expenses.
Minimal transaction fees also have an impact on your investment.
| Establishment fee | Nil |
|---|---|
| Contribution fee | Nil |
| Withdrawal fee | Nil |
| Exit fee | Nil |
| Investment option switching fee | Nil |
| Management costs | 0.70% p.a. administration fee + investment management costs currently ranging between 0.25% to 1.04% p.a. (depending on your investment choice). The total management cost of the default investment option is 1.61% p.a. |
Check how the Education Savings Fund has performed in the past
Anyone can contribute
Whether you’re a parent, grandparent, relative or friend, anyone can open an Education Savings Fund and nominate a student.
Multiple people can contribute to your account.
Parents
Relatives
Friends
A savings fund designed for life
The Education Savings Fund gives you:
- A tax effective way to save for a child’s education
- No fees on establishment, contribution, withdrawal or exiting
- Withdraw for a wide range of educational expenses, not just tuition fees
- Get access to your money at any time, even if it’s not for educational expenses
Important Information
© 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.
