Page 38 Advertisements Column 2

New Zealand Mail, Issue 1037, 15 January 1892, Page 38

NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages. UNDER special Acts of Parliament, the Board of Investment of the Government Life Insurance Department lends part of the Accumulated Funds of the Institution on soourity 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 to the extent of one-half the value of the property offered as Becarity ; 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 iavourable 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 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 Lillowiog 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 which is found to bo convenient to the Mortgagor, and offorß favourable advantages to settlers and others who desire a long term and easy payments for the gradual extinction of tne debt , at the olose of the period selected.

Balance of Loan Redeemable afcer Four Years. Should, however, during the currency of any Instalment Loan, circumstances arise whioh may enable the Borrower to pay the amount still owing, he can, at any time, AFTER THE MORTGAGE HAS EXISTED FOTXK teaks, 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 i 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 Ofltered by this Department. No procuration fee or other unnecessary charges are made on clients applying for Mortgage loan ~ The Valuers' fees are moderate ; and law costs are regulated by scale ; so that charges generally are reduoed to a minimum. JOSEPHUS H. RICHARDSON, Government Insurance CoTasaiswoner, *** 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 of whioh appears hereunder. DISTRICT AND BRANCH AGENCIES. AUCKLAND. CHRISTCHURCH. DUNEDIN. OAMARU. BLENHEIM. TIMARU. NELSON. NAPIER. WANGANUI.