A Local Institution.

Hastings Standard, Issue 23, 22 May 1896, Page 3

A Local Institution.

HASTINGS PERMANENT BUILDING AND INVESTMENT SOCIETY.

I'ndei - their ik-w regulations this Society is now prepared to advance sums of £25 and upwards upon approved freehold or leasehold securities at rates of interest lower than those of any similar society in Ilawke's I>av or throughout New Zealand. This is saying a good deal, and an interview with the genial secretary, Mr Robert Bratliwaite, will convince intending borrowers that the local institution is now ottering special inducements. It is pointed out that for a loan of €IOO for five years the average institution would demand £35 interest ; but under this society a person may borrow £IOO, and, paying interest at the rate of £2 0s Sd" per month, at'the end of fiveyears he would have saved £l:3 by the transaction, besides becoming possessed of a certain portion of the property on which the advance was made. To the working-man this must recommend itself, and by paying a few shillings a month more than he would for rent he becomes in time possessed of a home clear of all encumbrance. All loans are- in shares of £2.3, and can be paid off when reduced bv monthly payments, and interest is only charged on the balance of a loan. Another concession is that investing members who may want a temporary loan can borrow up to three-quarters of the amount standing to their credit without any legal expense whatever, repayable at any time and in any amount at a low rate of interest. If from sickness or other causes borrowers are prevented paying their monthly instalments, repayments of principal may be suspended and interest only charged on the principal owing for the time being. Persons wishing to become possessed of homes on very reasonable terms cannot do better than study the advertisement of the Society appearing elsewhere.