N.P. INVESTMENT AND LOAN BOCIETY.

Taranaki Herald, Volume LIV, Issue 1349, 11 June 1907, Page 6

N.P. INVESTMENT AND LOAN BOCIETY.

In conversation with Mr C. S. Rennell, the Secretary of the New Plymouth Investment and Loan Society (Permanent), a Herald reporter gained some interesting information regarding the working of the Society. It was established early in the year 1876, so that it is now in its thirtysecond ypar, and during that long period it has done* a vast amount of business. Several reductions have been made during the course of its existence in the rate of interest charged to borrowers, and quite recently a farther reduction has been made in the scale of repayments, which brings the Society right up to date in this line of business. Borrowers can choose any term they like from one to twelve years 1 for their repayments. This is a very great advantage, as they can practically make their repayments just to suit their means. ■ Nothing whatever is stopped from the amount of the loan asked for either by way of bonuses, commissions, entrance fees, or any other reductions, and except in very special cases no valuation fees are charged. As a matter of fact, only two valuation fees have had to be paid during the past ten years. The Society aho pays«the cost of preparing the mortgage deed, providing the amount of the loan is not under £100, and the term for three years or over. It may be here stated that this Society was the very first to make these liberal terms, although many other societies have since fallen into line with it.

Should a borrower wish to pay off his loan before the expiration of the full term arranged for, he can do so at any time without giving notice, upon repayment of the amount borrowed with interest at the rate of 6 per cent, on the amount of the loan from the date of its being taken up to the date of repayment, together with a redemption fee of £ per cent. From this sum is deducted the whole of the moneys paid by way of principal and interest, leaving the borrower to pay the difference only. The rate/ of interest charged to borrowers for paying off their loans before the term expires has lately been reduced from 8 per cent, to 6 per cent., as jusi quoted, and in making this reduction the Society felt that every facility should be given' to bbrrowera jfco redeem their properties at amy time) (they wished on the easiest terms possible. •

The .Society, serves 'a^Very useful purpose and many people" owe their start in life to such institutions. Many people who have not dwelling-houses of their own have to pay a rent of from 5s to 20s per week according to the class of house they live in, but by paying this amount to" the Society for a limited period, they eventually become the owner of the property, and have an entirely new house, built according to their own liking.

We can confidently recommend anyone who is thinking of building or those who wish to become their own landlords to interview Mr Ronnell, the secretary, who will readily give any information to those wishing to do business.