AOS Bond - what happens on maturity?
 

Our AOS bond was lodged in May 2003, visas validated June 2003. From what I can make out from the photocopy of Commonwealth Bank receipts it was a term deposit of 30 months.
The bond will mature in November 2005 ( I believe my arithmetic is correct!), we are not going to make the final move to Oz until around May 2006.
....so
(a) what is happening to interest that is accruing monthly and at maturity and
(b) what happens to the bond that is going to mature before we get over there?

Also, there is a possibility that our assuror may no longer be able to support us (should we need supporting when we get over there, which we certainly hope it doesn't happen) due to marital problems, so would that make any difference to us?

Any help/ideas greatly appreciated

Re: AOS Bond - what happens on maturity?
 

Hi I can only answer one of your questions the amount of money that the Bond will make while sitting in the account is about $1 a month it was in an earlier lead. Hope this help so they dont really gain anything from this.

Re: AOS Bond - what happens on maturity?
 

Hi Young Ones
Thanks for that, you couldn't give me the thread you found that info on,could you?:)

Cheers

Re: AOS Bond - what happens on maturity?
 

Hi ya, Do you know I have read nearly all of these as at the moment we are all being made redundant at work so there is nothing to do allday but look on the internet how sad am I!! so I dont know where I saw it sorry.

Thanks for that, you couldn't give me the thread you found that info on,could you?:)

Cheers[/QUOTE]

Re: AOS Bond - what happens on maturity?
 

Jayne

Have a look at www.centrelink.gov.au and do a seach for "assurance of support" There are some fact sheets relating to AoS and the bond.

Basically the AoS bond is held for 2 years or 10 years depending on the visa applied for. The bond is there so centrelink can take out any money that may be paid to you for "social security" needs that you may claim for during the bond period. The factsheet informs you of what can be claimed.
The bond is returned to the assurer at the end of the bond term minus any benefits that may have been paid to you and does include any interest paid on the term account. If the total of any money paid to you exceeds the value of the bond the assurer is liable for this cost.

Hope this helps

Re: AOS Bond - what happens on maturity?
 

When I lodged the 10 year bond with Commonwealth I had to give them the details of another account to pay the interest into (quarterly and on maturity) they said the interest could be credit to the bond itself and had to be put out into a different account. Not sure if its the same for a 2yr.
Steve

Re: AOS Bond - what happens on maturity?
 

Hi Steve
Yes that makes sense. They want to keep the bond at the initial level and not add to it by the interest. This is because if your parents had to use the bond for benefits they would only be entitled to use the $25000 each.

Just a quick question. I believe you applied before the bond increase in July. Did you pay the old pre increase amount?

Regards

Re: AOS Bond - what happens on maturity?
 

Hi Stewie, Not to sure to be honest, ive seen so many numbers over the past couple of months they could of asked for anything and we would of just paid it!
Yes we applied pre July and were asked to pay 10K for the first adult and 4K for the second so 14 in total. Thats what Dad was expecting so we didnt think to check/query anything relating to the dates...
Do you know what the before/after amounts are?

Cheers
Steve

Re: AOS Bond - what happens on maturity?
 

Hi Steve
I'm talking rubbish.
I meant the 2nd VAC that your parents paid after the bond was lodged. The $25k each.
It was increased to $26475 in July. Just wondering because they applied before July, did they pay $25k each or $26475?

Re: AOS Bond - what happens on maturity?
 

Hi Stewie,

Just the $25K Each.... (yep my tongues in my cheek!)

Had a txt message from Dad last night, Passports are all back from Australia House in London with the shiny new visa in place!, big relief for them as they fly out here next week. Mums last day of work today!

All the best
Steve

Re: AOS Bond - what happens on maturity?
 

Steve
Fantastic news.

Our application has stalled for some reason. All our paperwork has been back at Perth since beginning of August but still no movement to the AoS stage?

No reply from our case officer?

I wish you and your parents the best of luck for the future.

Regards