A.M.P. SOCIETY.

Auckland Star, Volume XXVI, Issue 111, 10 May 1895, Page 3

A.M.P. SOCIETY.

We &$ informed thab bhe directors of the Australian Mutual Providenb Society have again considered the question of >the rate of interest charged to members who borrow on the security of bheir policies, and it ha 3 been decided to etill further liberalise the conditions under which such loans can be obtained. For many years ib was the practice of the society to charge a uniform rate of 7 per cent, on air policy loans, whether the amount required was £5 or £5,000. Recently, however, an alteration was made, under which borrowers of an amount of £200 or. over for a fixed term of not less than two years, should be charged only 6 per cent., provided they did nob borrow more than 75 per cent, of bhe surrender value of the policy, instead of 90 per cent., which waß the limit available in terms of the bylaws. It i& now, however, determined by the direcbors to advance to the full extent of 90 per cent., if required, in all cases, and to charge the reduced rate of 6 per cent, to aIK borrowers of noteless , than~£loo who take the money for a fixed term of ab leaßb one year, interest being charged quarterly. • This regulation will come into force on the next quarter day, 1 viz., Ist July.