Page 2 Advertisements Column 2

New Zealand Mail, Issue 1056, 26 May 1892, Page 2

NEW ZEALAND GOVERNMENT WSBmM: ufe k INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages j TTTNDER special Acts of Parliament, the IU Board of Investment of the Govern- ' ment Life Insurance Department lends part j of the Accumulat'd Funds of the Institution on security of approved Freehold Property, and on terms advantageous and suitable to the Borrower. ■' The sum that tria'y, in aeoordance-.wijfch the. statute,'be lent under any Mortgage is limited the extent of one-half the value of the pro--1 party offered a» security.; such value being 1 determined by a,Valuator appointed by the Board. . - ' The maximum sum which the Board can -advance, to any borrower is £SOOO ; and the rateß 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 has established a system of Loans on. Mort gage repayable by Instalments, which extend over varying.periods of Twelve, Fifteen, or Twenty-Years, according to the option of the Borrower. - . ..P :••• V v ■■ -/ Instalments under, this form of Mortgage are payable Half-yearly; at rates which the fallowing table specifies \ \ ■ * : ’ - .. HALF-YEARLY PERIOD OF LOAN. Payment for r- ; • each £IOO. ■; ' v; \L" £. 8. d. For a Loan of Twelve Years duration 6 4 - 7 For a Loan of Fifteen Years duration 5 S 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 Boprowdr desire.it, the amount may be extended to £SOOO. C By this mode of Mortgage both PRIN* CIPAL.and INTEREST ARE STEADILY LIQUIDATED, and the mortgage debt is periodically reduced in a m anner which is found to be convenient to the Mortgagor, and offers'favourable advantages to settlers and others- who'desire a long term 1 and easy payments for the gradual extinction of the debt, at the close of the period selected. ’ Balance of Loan Redeemable afeer Pour Years. . . Should,'however, during , the currency any Instalment Loan, circumstances arise which may enable the Borrower to pay the amount still owing, he can, at any time, AFTER TH E MOKTG AG E HA S ~ EXISTED FOXTBt, tears, redeem the . same on giving, "six months’ notice of his intention so to tedeera, 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 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 ad- • vieable or .beneficial for the Mortgagor. '.' ’ Special Advantages Offered by Department. ' No procuration fee or other unnecessary charges are made on clients applying for; Mortgage loan. ..-.y The Valuers’ fees are moderate ; and law costs are regulated "by scale ; so that chargesgenerally are reduced to a minimum. JOSEPHUS H. RICHARDSON, Government Insurance CcaE&issiener, Forms.of application aod all requisite information, can be obtained either direot from the Head Office. Wellington; or at the District and Branch Agencies, a of which appears hereunder. DISTRICT AN© BRANCH AGENCIES, AUCKLAND. CHRISTCHURCH. DUNEDIN. OAMARU. BLENHEIM. TIMARU. NELSON. NAPIER. WANGANUI.