Page 40 Advertisements Column 1

New Zealand Mail, Issue 1032, 11 December 1891, Page 40

NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. J.OANS ON MORTGAGE. Ordinary Mortgages. UNDER special Actß of Parliament, the Board of Investment of the Government 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, bs lent under any Mortgage is limited 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 ; and the rates of interest are moderate. In the case of loans from £3OOO to £SOOO specially mvourable terms can be arranged. Mortgage Loans Repayable by Instalments. Besides the usual method of * ordinary ’ Mortgage for a fixed period, the Department has established a system of Loans on Mortgage repayable by Instalments, which extend over varving 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 Tears 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 snms lent under this table range generally from £IOO to £3000'; bat in special circumstances, should the Borrower desire it, the amount may be extended to £SOOO. By this mode of Mortgage both PRINCIPAL and INTEREST ARE STEADILY LIQUIDATED, and the mortgage debt is periodically reduced in a manner which 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 : after Four Years. Should, however, dnriDg the currency of any Instalment Loan, circumstances arise which may enable the Borrower to pay the , amount still owing, ho can, at any time, AFTER THE MORTGAGE HAS EXISTED FOUR Y. r ARS, redeem the same on giving six months’ notice of his intention so to redeem, or on paying six months’ interest. This 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 se extinguishment of the ( loan, or of continuing the Mortgage nndio- - tnrbed on the original conditions during the c remainder of the stipulated term, according as either course miy be deemed the more advisable or beneficial for the Mortgagor. f Special Advantages Offered by tiffs DepartmentNo procuration fee or other unnecessary charges are made on clients applying for Mortgage loan. •, The Valuers’ fees are moderate ; and law cOßts are regulated by scale ; so that charges generally are reduced to a minimum. JOSEPHCS EL RICHARDSON, Government Insurance CVtsEsisMoner, * * Forms of application ar.d all requisite Information, can be obtained either direofc from the Head Office. Wellington, o r at the District and Branch Agencies, a ist of which appears hereunder. DISTRICT AND ERANCH AG CIES. AUCKLAND. TIMARU. CHRISTCHURCH. NELSON. DUN EDIN. NAPIER O AMARU. WANGANUI. BLENHEIM,