Page 40 Advertisements Column 1

New Zealand Mail, Issue 1024, 16 October 1891, Page 40

NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages. UNDER special Acts of Parliament, the Board of Investment of the Govern, ment Life Insurance Department lends part of the Accumulated Funds of the Institution on security of approved Freehold Property, and on terms advantageous and suitable to the Borrower. The sum that may, in accordance with the statute, be lent under any Mortgage is limited So the extent of one-half the value of the property offered a 3 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 ; and the rates of interest are moderate. In the case of loans from £3OOO to £SOOO specially favourable terms can be arranged. Mortgage Loans Repayable by Instalments. Besides the usual method of * ordinary ’ Mortgage for a fixed period, the Department k&s established a system of Doans on Mort. gage repayable by Instalments, which extend over varying periods of Twelve, Fifteen, or Twenty Years, according to the option of the Borrower. Instalments under 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. CIPAL and INTEREST ARE STEADILY 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 ea3y payments for the gradual extinction of the debt at the olose of the period selected. Balance of Loan Redeemable after Four Years. Should, however, during the currency of any Instalment Loan, circumstances arise which may enable the Borrower to pay the amount still owing, he can, at any time, AFTER THE MORTGAGE HAS EXISTED FOUR tears, redeem the _ same on giving six months’ notice of his intention so to redeem, or on paying six months’ interest. Thiß right to pay off the entire loan in a manner stated is 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 r O£tered by this Department. No procuration fee or other unnecessary charges are made on clients applying for Mortgage loam., The Valuers’ fees are moderate ; and law costs are regulated by eoale ; so that charges generally are reduced to a minimum. JOSEPHUS H. RICHARDSON, Government Insurance C<wa:aii*ilonßr, *„* Forms of application, and all requisite information, can 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. BLENHEIM. TIMARU. NELSON. NAPIER. WANGANUI.