The ticket itself remains active for at least 12 months after ticketing.
https://www.virginaustralia.com/cs/g...refund_pol.pdf
Refund of tickets validated to Virgin Australia (VA-795) is permitted for unused tickets within 12 months from date of ticket issue or if travel has commenced, 12 months from commencement of travel. Beyond this, the ticket document expires and cannot be refunded.
So in theory you have 12 months to get your refund in the travel bank. I'm not sure I would push it that far; but I don't think you need to hurry on this.
Once it is applied to your travel bank, it appears you'll have 12 months to use the credit.
https://www.virginaustralia.com/au/e...s/travel-bank/
3.1 Travel credits are valid for 12 months from the date of issue and will expire on the date that is 12 months from the original date of issue to your Travel Bank (Expiry Date). There may be multiple travel credits in a Travel Bank with different Expiry Dates.
You can use your travel bank credit for any flight 330 days out, so that gives you almost another year.
Note that I have not tested this, it's just my interpretation of the policy.