Page 33 Advertisements Column 3

New Zealand Mail, Issue 996, 3 April 1891, Page 33

NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages. DNDER special Acts of Parliament, the Board of Investment of the Government Life Insurance deportment lends part of the Accumulated Funds of the Institution on security of approved Freehold Proporty, and on terms advantageous and suitable to the Borrower. The sum that may, in accordance with the statute, be lent under any M ortgsgo is Jimited to the extent of one-half the value of the property offered as security ; such value being determined by a Valuator appointed by the Board, The maximum sum which the Board can | advance to any borrower is £SOOO j and the ] rates of interest are moderate. In the case of loans from £3OOO to £SOOO specially favourable terms oan be arranged. Mortgage Loans Repayable by Instalments. * ■ Besides the usual motbod of 'ordinary’ Mortgage for a fixed period, the Department has established a system of Loans on Mortgage repayable by Instalments, which extend over varyiog oeriods of Twelve, Fifteen, or Twenty Years, according to the option of the Borrower. Instalments nnder this form of Mortgage are payable Half-yearly; at rates which the following table specifies : . HALF-YEARLY PERIOD OF LOAN. Payment for each £IOO. £. s. d. For a Loan of Twelve Years duration 6 4 7 For a Loan of Fifteen Years duration 5 8 9 For a Loan of Twenty Years duration 4 13 8 The sums lent under this table range generally from £IOO to £3OOO ; but in special circumstances, should the Borrower desire it, the amount may be extended to £SOOO. By this mode of Mortgage both PRIN- j CIPAL and INTEREST ARE STEADILY 1 LIQUIDATED, and the mortgage debt is periodically reduced in a manner whioh is found to be convenient to the Mortgagor, and offers favourable advantages to settlers and others who desire a long term and easy payments for the gradual extinction of the debt at the close of the period selected. Balance of Loan Redeemable afeer Four Years. Should, however, during the currenoy of any Instalment Loan, circumstances arise which may enable the Borrower to pay the amount still owing, ho can, at any time, ASTER THE MORTGAGE HAS EXISTED FOUR YEARS, redeem the same oh giving six months’ notice of his intention so to redeem, or on paying six months’ interest. This right to pay off tho entire loan in a manner stated iB an advantageous feature, which Borrowers have readily recognised. The Mortgage Deed thus affords the option, ofter the first four years have passed, of freeing the property by an extinguishment of the loan, or of continuing the Mortgage undisturbed on the original conditions during the remainder of the stipulated term, according as either course may be deemed the more advisable or beneficial for the Mortgagor. Special Advantages JOfiered by this Department. No procuration fee or other unnecessary charges are made ou clients applying for Mortgage loans. The Valuers* fees are moderate ; and law costs are regulated by scale ; so that charges generally are reduced to a minimum. JOSEPHCS H. RICHARDSON, Government Insurance Commissioner. *,* Forms of application, and all requisite information, oan be obtained either direct from the Head Office, Wellington, or at the District and Branch Agencies, a list of whioh appears hereunder. DISTRICT AND BRANCH AGENCIES. AUCKLAND. CHRISTCHURCH. DUNEDIN. OAMARU. TIMARU. NELSON. NAPIER. WANGANUI. BLENHEIM,