Page 2 Advertisements Column 4

New Zealand Mail, Issue 1095, 24 February 1893, Page 2

& m NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANB ON MORTGAGE. Ordinary Mortgages. UNDER speoial Acts of Parliament, the Board of Investment of the Govern* ment Life Insurance Department lends part of the Aooumulaiod Funds of the Institution on security of approved Freehold Property, and on terms advantageous and suitable to the Borrower. The sum that may, in acoordanoe with the statute, be lent under any Mortgage is limited to the extent of one-half the value of the property offered as seoarity ; such value being determined by a Valuator appointed by the Board. The maximum Bum which the Board oan advance to any borrower is £SOOO ; and the rates of interest are moderate. In the case of loans from £3OOO to £SOOO speoially favourable terms oan be arranged. Mortgage Loans Repayable by Instalments. Besifilea the usual method of ' ordinary ’ Mortgage for a fixed period, the Department las established a system of Loans on Mortgage repayable by Instalments, whioh extend over varying periods of Twelve, Fifteen, or Twenty Years, according to the option of the Sorrower. Instalments nnder this form of Mortgage are payable Half yearly; at rates which the 'allowing 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 PEIN. CIPAL and INTEREST ARE STEADILY LIQUIDATED, and the mortgage debt is periodically reduced in a manner whioh is found to be con venient to the Mortgagor, and offers favourable advantages to settlers and others who desire a long term and easy paymenfcs for the gradual extinction of the debt at the olose pf the period selected. Balance of Losn Redeemable after Pour Years. Should, however, during the currenoy 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 wars, redeem the same on giving 6ix months’ notice of his intention so to redeem, or on pajiDg six months’ interest. This right to pay off the entire loan in a manner stated is an advantageous feature, whioh 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 uiiginal conditions during the remainder of the stipulated term, according as either course may be deemed the more advieable or bfneficial for the Mortgagor. Special Advantages Oflered 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 reduced to a minimum, JOSEPHUS E. RICHARDSON, Government Insurance Cotnsaissloner. Forms of application aad all requisite information, can be obtained either direot from the Head Office, "V Ellingtoh, or at the District and Branch Agencies, a list of which appears herouDder. DISTRICT AND BRANCH AGENCIES, AUCKLAND. CHRISTCHURCH. DUNEDIN. OAMJ HU. BLENHEIM, TJMARU. NELSON. NAPIER, WANGANUI.