Page 2 Advertisements Column 1

New Zealand Mail, Issue 1107, 19 May 1893, Page 2

NEW ZEALAND GOVERNMENT LIFE INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages. UNDER speoial Acta o{ Parliament, the Board of Investment of the Govern* ment Life laaoranoe Department lends part ■of the Aoonmulatod Funds of the Inatitntion on seonrity of approved Freehold Property, and on terms advantageous and suitable to the Borrower. The sum that may, in aooordanoe with the statute, be lent under any Mortgage ia limited to the extent of one*half the value of the pro* aerty offered as seoarity; such value being determined by a Valuator appointed by the Board. The maximum sum which the Board ban advance to any borrower is £5000; and the rates 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 establish** a system of Loans on Mort* Hi •mbiunra * lyiwni w mum mm fipifibli by Instalment*. whioh extend arer varying periods of Twelve Fifteen, or Twenty Years, according to the option of the Instalments under this form of ra payable Half-yeerly; at ratae which the blowing table specifies:— HALF-YEARLY PERIOD OF LOAN. Payment for each £IOO. £. s. d. For a Loan of Twelve Years duration 6 4 7 foe a Loan of Fifteen Years duration 6 8 9 For a Loan of Twenty Years duration 4 IS 8 The some lent under this table range •orally from £IOO to £3OOO ; but ia special reumitaaoee, should th# Borrower deolre it, n mount may be extended to £sooo* Bv this mode of Mortgage both PRIN* CIPAL ead INTEREST ARE BTEADILY LIQUIDATED, and the mortgage debt is nsrindlnsfly reduced in a 'manner whioh Is bond to be convenient to the Mortgagor, and affere favourable advantages to settlers and others who desires lpog tom and easy pe, r —a- { or the gradual extinction of the del al the close of the period selected. Balanoe of Loan Redeemable after Four Years. Should, however, during the onrreney uy Instalment Loan, oirotunatanoes arise rbloh may enable the Borrower to pay the mount still owing, he eon, at any time, nun thu MOBTGAOU HAS SXISTXD FOUB »isa, redeem the eame en giving six lenthe’ notioe of his intention so to redeem, r on paying six months’ Interest. This Ight to pey off the entire loan In a manner Mod is on advantageous feature, whioh Sorrowers have readily recognised. The Mortgage Deed thus affords the option, fter the first Toe - lour years have passed, of freeig the property by an extinguishment of the mb, or of continuing the Mortgage undls* irbed on the original conditions during the •mainder of the stipulated term, aooordlng L J iad* i either coarse may be deemed the mere i liable or beneficial for the Mortgagor. Ipeeial Advantages Ottered by thin Department* No proeuratloa fee or other unnecessary bargee are made on clients applying for [ortgage loan.. The Valuers' fees sre moderate ; and law sets arc regulated by scale; so that ohargos morally are reduoed to a minimum. JOSEPHUS H. RICHARDSON, Government Insurance Commissioner. ► Forms of application aid all requisite mation, can be obtained either direct the Head Office, W ellin ijton. or at )istriot and Branch Agencies, a list of b appears hersunder. JTRICJT AND BRANCH AGENCIES ICELAND. RISTCHURCH. rNEDIN. .M~ 4 RU i BLENHEIM TIMARU. NELSON. NAPIER. WANGANUI.