Page 2 Advertisements Column 3

New Zealand Mail, Issue 1130, 27 October 1893, Page 2

NEW ZEALAND GOVERNMENT INSURANCE DEPARTMENT. LOANS ON MORTGAGE. Ordinary Mortgages. \ fTNDER special Acta of Parliament, the U Board of Investment of the Govern, ment life Insurance Department lends part of the AooumulatJd Funds of the Institution on seourity 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 is limited to the extent of one-half the value of the pro* perty offered as security ; siioh value being determined by a Valuator appointed by the Board.- '■- : '• " The maximum sum which the Board can advance to any borrower is £SOOO ; and the rates of interest are moderate. In the case of loans from £3OOO to £SOOO specially favourable term* 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, whioh extend over varying periods of Twelve, Fifteen, or Twenty Years, according to the option of the Borrower.; , Instalments under this form of Mortgage are payable Half-yearly; at rates which the following 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 18 8 genorally from £IVO id £BOOO ; but in special circumstances, should the Borrower desire it, the amount may be extended to £SOOO. By this mode of Mortgage both PRIN. CIPALand INTEREST ARE STEADILY LIQUIDATED, and the mortgage debt is periodically reduced in a whioh is found to be convenient to the Mortgagor, and offers favourable advantages to settlers and others who desire a long term and easy pay--ments for the gradual extinction of the debt the Close of the period selected, Balance of Loan Redeemable after Four Years. Should, however, during the currency any Instalment Loan, circumstances arise whioh may enable the Borrower to pay the amount still owing, he can j at any time, AFTER THE MOBTOAOB HAS EXISTED FOTTR 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, 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 original conditions during the remainder of the stipulated term, according as either course may be deemed the mere advisable or beneficial for the Mortgagor. Special Advantages Offered by this Department. » No procuration foe or other unnecessary charges are made on clients applying for Mortgage loan i The Valuers' foes are moderate ; and law costs are regulated by scale; so that charges generally are reduced to a minimum, JOSEPHUS H. RICHARDSON, Government Insurance Ccaaatissloner. %* Forms of application aad all requisite Information, can be obtained either direot frbm the Head Office, or at the District and Branch; Agencies, a list of whioh appears hereunder. DISTRICT AND BRANCH AGENCIES AUCKLAND. CHRISTCHURCH. NELSON. DUNEDIN. OAMJt RU. TIMARU. NAPIER.WANGANUI. BLENHEIM.