TORBAY has established a Development Loan Fund to assist with the development and re-development of the accommodation in our Retirement Villages.
This is a unique way for pensioners (and non-pensioners to become pensioners) to increase your pension entitlement and to assist Torbay to provide additional benefits to our residents.
Deposits to this Fund are exempt from the income deeming rules for pensions from Centrelink and the Department of Veteran Affairs. This means that, for pension purposes, Centrelink and DVA, do not deem interest on these deposits. Depositors benefit from higher pensions and at the same time assist Torbay in its charitable works.
The funds are invested with major Australian Banks and Torbay receives the interest income. Because of our tax exempt status all the interest earned is put to use in the care of the aged.
Deposits are held at 24 hour call or for a term that suits the Depositor.
Need more information? See Frequently Asked Questions or contact our Administration Manager, Karen Howlett (07) 4125 0800 or khowlett@torbay.org.au
For more information about how deeming rules affect your pension entitlements, and how the income and assets tests apply, contact:
Centrelink Financial Information Service (FIS) Officer for Hervey Bay/Maryborough:
Ph:(07) 4125 9081, or
Dept Veterans Affairs Ph:13 3254
Or
Contact your Financial Advisor
DEPOSIT FUNDS
To deposit funds simply download an application form
and forward it to TORBAY with your funds or deposit it directly to our Commonwealth Bank account.
Name:Torbay Retirement Villages Limited General Account
BSB: 064 492
Account Number: 1001 1314
Description: DLF Surname
(Put in DLF followed by your surname)
REMEMBER TO FORWARD THE COMPLETED APPLICATION FORM TO
Torbay Retirement Villages Limited,
Po Box 492,
Hervey Bay, Qld 4655
On receipt of the application form we will issue you with an official receipt and enclose a letter for you to forward to Centrelink or DVA to adjust your pension entitlement.
- Application form
- Brochure
Thank you for considering us.
FREQUENTLY ASKED QUESTIONS
What is Income Deeming?
If you are a pensioner and have money or investments in term deposits, bank accounts, shares or other funds, Centrelink and DVA will deem that you earn an income from these assets. This deemed income determines the level of your pension payment.
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Are Development Loan Fund deposits deemed?
Money in the Torbay Development Loan Fund is not subject to Income Deeming. However, the money is regarded as an asset, and therefore subject to the Centrelink and DVA Assets Tests.
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Can I access my money in the Development Loan Fund?
Your money is available to you in full, or in multiples of $1,000, on 24 hour’s notice.
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Are there any charges?
No. There are no charges or ‘retentions’. The money is placed only in Trustee approved investments like Bank Term Deposits.
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Is it secure?
Development Loan Fund monies are part of TORBAY’s general funds and therefore unsecured. As a registered charity TORBAY can only invest funds in ‘Trustee Approved Investments’ so funds are only invested in secure investments.
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For existing Villa Residents - Is my Villa Licence Fee ‘deemed’?
No, there is no income deeming on the Torbay Villa Licence Fee, regardless of whether or not it is counted as an asset by Centrelink or DVA.
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For Aged Care facility Residents - Is my Accommodation Bond deemed?
No, there is no income deeming on Torbay Accommodation Bonds. Bonds are also exempt from the Centrelink Assets Test.
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