Page 2 Advertisements Column 2

New Zealand Mail, Issue 1060, 23 June 1892, Page 2

NEW ZEALAND GOVERN MEN! //'" LIFE ■ ': INSURANCE DEPARTMENT. * - •_ . . •• • y * • . V LOANS ON MORTGAGE. Oramary Mortgages. - TT NDER special Acta of Parliament, tiio U Board of Investment of the Government Life Insurance i‘epartment lends part of the'Accu mula JJd Funds of the Institution on security of approved Freehold Property, arid 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 valu >; bting determined by a Valuato- appointed by the Board. ; v > The maximsttn sum which tho Board can advance to any borrower is £SOOO ; and the rates of interest are moderate. In the case of loans from £3ouo to £SOOO specially favourable terms can be arrauged.

Mortgage Leans Repayable by , . Instalments. Besides tbe'usu'xl method of ‘ordinary’ ' Mortgage for.-a'fixed period, the Departaient . aas established a system' of Loans on Morfc aage repayable by Instalments, which extend ■jver varying oeriods of Twelve, Fifteen, or Twenty Years, according to the option of the Borrower. .. Instalments under this form of Mortgage are | ayabie Half yearly; at rates which the Allowing table specifies : . HALF-YEARLY PERIOD OF LOAN. Payment for ' \ each £IOO. . I / ' •' • -£.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 Y ears duration 4. 13 -■ 8 The sums lent under this table range generally from £IOO to £3OOO ; but in special circumstances,fshould the Borrower desire it. the amount may be extended to'£sooo. By this mode of Mortgage both PR:NCl PAL and IN TEREST 4RE STEADILY .LIQUIDATED, and the mortgage debt iperiodically reduced in a n.anner which is 1 found to be convenient to the Mortgagor, and offers favourable advantages to settlers and others who desire a 1 mg term and easy pay-, ments for,the gradual extinction of the debt as the close of the period selected.

Balance of Loan Redeemable after Four 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 MORTGAGE; HAS EXISTED FOUR 'TSARS,' 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, offer 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 Offered 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 c-osts are regulated by scale ; so. that charges generally-are reduced to a minimum. JOSEPHUS H. RICHARDSON, Government Insurance CoTßsaissioaer, *«* Forms of application aad all requisite information, can be obtained either direct from the Head Office, W ellin 3Ton. or,at the District and Braach Agencies, 8 of whioh appears hereunder. s DISTRICT AN® BRANCH AGENCIES AUCKLAND. 1 TIMARU. CHRISTCHURCH. NELSON. DUNEDIN. I NAPIER. OAMARHr {.WANGANUI. ~ BLENHEIM. I