Page 2 Advertisements Column 2

New Zealand Mail, Issue 1057, 2 June 1892, Page 2

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NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANS ON ‘MORTGAGE. OramaryMortgages. a NDT3R special Acts of Parliament, the Board of Investment of the Government Life Insurance Depart tn en t den da,p ar t of. the-Accumulai'jd- 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 to the extent of one-half the value of the property offered, a < security! such value being determined by a Valuator appointed by the Board. . : "■ v

The maximum sum which the Board can advance to any borrower is £SOOO ; and the rates of interest are moderate. In the case of loanß fporn £3OOO to £SOOO specially favourable terms dan be arranged. Mortgage Loans Repayable by , ' . - Instalments. .v Besides the usual inothod of * ordinary ’ Mortgage for a. fixed period, the Department aas; established a system of Loans on Mortgage repayable by Instalments, which extend over varying periods of Twelve, Fifteen,'or rwenty years,• according to the option of the Borrower. • - .'■xX.x X.'.xInstalments under this form of Mortgage are payable Half-yearly; at rates which the following table specifies ' ; ~ ' X ■; HALF-YEARLY PERIOD OF LOAN. . ■ Payment, for ’■■'r ; XXX' ’i each £IOO. , - . " " • I .£. s. d. For a Loan of Twelve Years duration 6 4 7 Fof a Loan of Fifteen Years duration 5 8 9 For a Loan of Twenty Y ears duration 4 13 8 The Bums lent under this table range generally, from £IOO to £3OOO ; but ip, special circuoastances, should the Borrowerdesir9 it, the amount may be extended 1o £SOOO. X ' By this mode of Mortgage both PRIN. CIEAL 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 defat' 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 THE MoRTOAGE HAS EXISTED FOUR years, 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, pfter 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 Oflered by rthis Department. '-7. No procuration fee or other nnnecessary 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 reduced to a minimum. JOSEPHUS H. RICHARDSON, . Government Insurance Co^asaiasionar, ***;Forms of application aad all requisiteinformation, can be obtained either direct from the Eleai> Office. W elli;n oton. or at the District and Branch Agencies, a of which appears hereunder.- ; ‘ DISTRICT AN® BRANCH AGENCIES] AUCKLAND. CHRISTCHURCH; DUNEDIN. - OAMARU. TIMARU. NELSON. NAPIER. WANGANUI. IBLENHEIM.