Publication:Sea Talk Summer 2006/RTF makes life easier for borrowers
The RAN Relief Trust Fund's improvements and streamlining of processes this year mean that life has never been easier for those who access its services.
"The trustees have reviewed the range of products being offered to RTF customers in order to improve the functionality and flexibility of RANRTF loans," trust chairman CDRE Clint Thomas (Head Sea Change Implementation Team) said. The recent offer of a 'one-off' $1000 Christmas loan has been an outstanding success, with more than 900 applications received so far.
A flat repayment rate has been introduced for all ranks to replace the previous rank-based repayments and there have been across-the-board increases to the various loans and grants provided, as detailed in the table below.
The trustees also have removed ceilings for the maximum level of assistance you may receive during your career. "There is now no limit to the total number of loans you may receive during your naval career," CDRE Thomas said.
"We are also investigating an online application and approval process system to lessen the time between a member applying for a loan and the money being deposited in their bank."
For further information relating to loans and grants , contact your local RANRTF officer or visit the website at : intranet.defence.gov.au/navyweb/sites/.
The Fund has come a long way since its inception as the Australian Naval Families First Relief Fund in 1913. The present name stems from the enactment of the Services Trust Funds Act 1947-50.
The Fund was introduced to help alleviate the suffering caused to naval families through the effects of war. The fund was established to provide benevolent assistance to sailors and/or their families who, as a consequence of the sailor's incapacitation or death, were left wanting financially. Until 1953, the fund operated as a charity with funding coming almost entirely from public donations. In 1953 the RAN Central Canteens Board began injecting £10,000 annually into the fund to put the RTF on a secure financial footing and enabling it to begin interest-free furniture and housing loans in 1954.
Any ideas or suggestions for improvements to the current RANRTF product range or the funds administration may be forwarded to the RANRTF Chairman, CDRE Clint Thomas: clint.thomas@defence.gov.au.
| Product | Old Amount | New Amount | New Repay† Rate | Admin Fee |
| Furniture and housing loan (for qualified personnel) | $2500.00 | $3000.00 | $115.40/ fortnight | $25.00 |
| Furniture and housing loan (for members under training) | $500.00 | $1000.00 | $50.00/fn | $25.00 |
| Special loan | $2500.00 | $3000.00 | $115.40/fn | $25.00 |
| Home management services (HMS) grant | $500.00 | $1000.00 | grant | N/A |
| Home management services - travel assistance (HMS-TA) grant | $500.00 | $1000.00 | grant | N/A |
| Family support services (FSS) loan | $2000.00 | $2000.00 | $77.00/fn | N/A |
