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Plan ahead now

Build your financial nest egg to help pay for a lifetime of education. The Plan can assist with pre-school, primary, secondary, and many tertiary courses including those at University and TAFE. Special needs education both in Australia and overseas can be covered, and the plan also caters for mature aged students.

Professional management

The Plan is issued by Lifeplan Australia Friendly Society Limited and is distributed and promoted by the Commonwealth Bank. Lifeplan invests the Plan’s assets into funds managed by Colonial First State, a wholly owned subsidiary of the Commonwealth Bank.

Unique tax savings

Operating as a 'scholarship plan' under tax laws, the Plan may offer certain tax advantages not generally available with other savings and investment products.¹

What's covered?

You can withdraw tax-advantaged funds for education purposes including HECS and HELP debts, course fees, tuition fees, student union fees, uniforms, books, sporting and musical equipment and lessons, and much more.

Everyone can get involved

Parents, grandparents, uncles, aunts, godparents; anyone over the age of 16 can open a plan, or support an existing plan, for nominated children close to them. Investors may also change their nominated children at any time.

Invest on your terms

You can make contributions through an initial lump sum (minimum of $1,000), then via a regular savings plan, or through lump sum additional contributions. Ongoing contributions can be raised or lowered according to your circumstances without any fees or penalties.²

Generous limits

You can make contributions up to a maximum of $365,000 per nominated child or student. This limit is reviewed annually and may be increased to reflect the cost of your children's education.

Ready access

You can access your money at any time and for any purpose, so you have total control over it. There are no withdrawal fees.

No entry or exit fees

You're free to move your money in or out, without penalty. Please note though that investments into the Balanced, Diversified and High Growth investment options will incur an investing transaction cost. For more details, download the Education Savings Plan PDS or speak to your financial planner.

Your choice of investment plan

Chose from four investment options depending on your investment strategy.³ You may switch options at any stage.

Capital Secure option: Suitable for those seeking to invest in a diverse but relatively stable portfolio of cash and fixed interest investments.

Balanced option: For those who want to invest in a more diversified portfolio including shares, property, fixed interest and cash assets over the medium to longer term with the opportunity to achieve higher returns.

Diversified option: Suitable for those looking to invest in a higher risk, diversified portfolio over the medium to longer term. With the opportunity to achieve higher returns, investors will be prepared to accept periods of negative returns from time to time, depending on market conditions, and also higher levels of variability in the short term.

High Growth option: More suited for investors looking to invest in a diversified portfolio of Australian and global shares over the longer term. Investors will be prepared to take a higher level of risk with potentially high levels of variability in the short term to achieve higher returns over the longer term.

Note

You can withdraw tax-advantaged funds for education purposes including HECS and HELP debts, course fees, tuition fees, student union fees, uniforms, books, education related sporting and musical equipment and lessons, school outings and travel expenses.

Career training is also covered if the course or training is approved by Lifeplan. Education-related residential boarding costs, rent and other accommodation expenses incurred by students living away from home can also be covered (full-time students living away from home can also withdraw a living allowance of up to $5,200 per year). Course electives or the entire course in a Lifeplan approved foreign education institution, attended in an approved foreign education institution, may also be valid.

Important information

• Education Savings Plan (the Plan) is issued and administered by Lifeplan Australia Friendly Society Limited ABN 78 087 649 492 AFSL 237989 (Lifeplan). The Commonwealth Bank of Australia markets and distributes the Plan but the Commonwealth Bank and its subsidiaries to not guarantee the Plan or any rights or obligations in respect of the Plan and are not issuing or underwriting the Plan. Lifeplan and the Commonwealth Bank and its subsidiaries do not guarantee the performance of any of the Plan's investment options or the repayment of contributions and investment returns by the Plan. Investments in the Plan are not deposits or other liabilities of the Commonwealth Bank or its subsidiaries and investment-type products are subject to investment risk, including possible delays in repayment and loss of investment returns and contributions invested. A Product Disclosure Statement (PDS) for the Plan is available here or at any branch of the Commonwealth Bank. You should consider the PDS in making any decision about this product.

• 1. For a student under 18 there will normally be no tax payable as long as the sum of eligible education expenses withdrawn, plus investment income (from any source), is less than $2,666. If you wanted to take out more than this for education expenses for the nominated student, the first $2,666 comes from investment earnings (which isn't charged tax provided the student has no other assessable investment income for the year). The remaining balance comes from capital on which no tax is payable either. When the nominated student turns 18 there is normally no tax liability, as long as the sum of the education expense reimbursements, together with the student's employment and investment income from all sources, falls below $14,000 in a financial year
• 2. If you establish a regular savings plan, the minimum monthly contribution is $100 per investment option. A minimum of $500 per investment option applies for lump sum contributions.
• 3. The information provided on each investment option is a suggested guide only and is not intended as investment advice. Please refer to the Product Disclosure Statement and your investment advisor for more information.