Savings plan
Growing wealth to support your dreams
IOOF WealthBuilder gives you the ability to save or invest towards a goal while still being able to access your money at any time. You can start investing with as little as $500 with a Regular Savings Plan (RSP). The RSP allows you to organise regular direct debits from your financial institution account on a monthly basis.
Contributions
Due to the tax paid structure of investment bonds, there are some limits around the maximum contributions that can be made to a WealthBuilder account each year. Put simply, after your first year, you can invest (in any one year) up to 125% of the previous anniversary year's investment amount, without affecting the tax benefits of your account.
Loan facility
WealthBuilder also has a Loan Facility that allows you to borrow against your investment to grow your wealth. There are currently no loan fees, establishment fees or stamp duty payable and no margin calls (although other fees may apply).
Accessing your savings
You can access your savings at any time, or even use the regular withdrawal facility to supplement your other income if you choose. However it's important to understand that there will be tax implications if you withdraw your money within the first 10 years and minimum withdrawal amounts do apply.
More information
For more information on growing wealth to support your dreams, please refer to the IOOF WealthBuilder PDS.