Northern Building Society

Northland Age, Volume 5, Issue 3, 18 October 1935, Page 5

Northern Building Society

Agency in Kaitaia

Attractive Terms of Special Groups

Without a doubt, building societies, which are coming more into prominence in New Zealand each year, are rendering very material assistance to the community and it is pleasing to observe that the Northern Building Society of Auckland, one o( the largest and most successful terminating societies in New Zealand, has now established an agency here for the convenience of Kaitaia shareholders. Despite the fact that this society has been in operation for only 12 years, the figures disclosed in its last balance sheet reveal its striking success and the progress it has made. When one considers the advantages of its system of mortgage finance, embracing the offer of cheap mortgage insurance, advances up to 80 percent of valuation, easy loan repayments over term of 15i years, etc., small wonder is it that this Society has advanced on an average, since its inception, approximately £IOO,OOO annually. Those Kaitaia residents, therefore, who are paying rent or contemplating building would be well advised to seriously consider the advantages offered in the Northern Building Society’s new special groups, the first of which (No. 20) was heavily oversubscribed owing to the popular benefits. Apart altogether, however from the viewpoint of home ownership, shareholding in these special groups provides an ideal investment for small savings. Although few people would deposit say 2/- in the bank it is interesting to observe that a regular weekly saving of this amount with the Northern Building Society accumulates to £52 plus profits xn 10 years, while during that time the has the chance of winning a free of interest ballot loan, which if not used tc, buy or build a home or pay off an existing mortgage, may be sold at a substantial cash profit to himself. Moreover, members who continue to invest their weekly subscriptions after the 10 year point, will be entitled to receive annual cash dividends in addition to a share of profits on withdrawal. Further particulars regarding these special groups are given in a free descriptive booklet which is obtainable from the Northern Building Society’s Kaitaia agent, Mr. S. G. E. Shaw.