transactional bank account to assist you in meeting your daily expenses. The interest rate will be confirmed at time of application. Benefits:
Your capital will be preserved whilst earning a higher interest rate than your Y savings account. This will be available at maturity to assist in meeting your financial goals. The interest rate on your term deposit will be fixed for the duration of the deposit. This gives you certainty of the income you will receive. The rate of interest will be higher than your transactional bank account, helping to increase your savings / make more income available to meet your living expenses.
Points to Consider:
The term for your deposit is fixed. Break fees and lost interest may be incurred if you access your money before the maturity date. Interest rates may rise whilst you are invested, and you will not be able to access these higher rates until maturity. Investing in cash, you will forego potential higher returns that could be achieved from investing in growth asset classes such as property and shares. There is a risk that your interest rate will be lower than the inflation rate meaning you will lose purchasing power over the term of the deposit.
11. Apply for a Low-Income Health Care Card (LIHCC) We recommend that you apply for a Commonwealth Government Low-Income Health Care Card. We estimate based on your current income from all sources, you will be eligible to receive the Health Care Card. Benefits:
You may be entitled to other payments and benefits, which include: o Pensioner Concession Card o Pension Supplement o Energy Supplement o Remote Area Allowance (if eligible) o Rent Assistance (if eligible). You will receive cheaper medicine under the Pharmaceutical Benefits Scheme. Your Doctor may provide bulk-billing visits. You may also receive discounts on utility bills, rates, public transport and other health care costs. [Children] Your children can be added and their health needs also eligible for discount.
Points to Consider
The LIHCC is issued annually. You will need to reapply each year and meet the income test at that time. Eligibility criteria is income-based and subject to change. You may lose access to the health care card if your income increases or changes are made to the eligibility criteria. Your application will need to be processed and assessed before the card is issued. Should your circumstances change, you will need to notify Centrelink within 14 days.
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