When building or renovating a home, the usual way to finance your project is to borrow against the final value of the home when it’s completed. This is referred to as Tentative on Completion Value, and we approve your total lending limit based on this value. Rather than accessing all the funds at the start of the project, you draw funds down in stages across a maximum of a 12 month period as the building progresses and the value of your property increases.
Consider the costs
Your Construction Coach can help you assess the costs of building/renovating and help you set your budget. For more helpful budgeting tools visit sorted.org.nz
Building and owning a home
Building Costs – one off
Architect or draftsman
Project management, builders, trades people, quantity surveyor (QS) and engineers
LIM reports and council documents
Resource and building consent
Contract works insurance
Moving costs (potential rent costs during a large renovation)
Utility setup and reconnecting services
Owning Costs – ongoing
Home loan repayments
Insurance – Home and Contents
Utilities and maintenance
Body Corporate fees (if applicable).
Renovating a home
Get an idea of how much it might cost based on some quick questions about your home and renovation plans.
Allow for cost overruns in your budget when planning. Cost overruns are common which can be stressful if you haven’t allowed for them.
ANZ Healthy Home Loan Package
With an ANZ Healthy Home Loan Package, you’ll find building or renovating a home to 6 Homestar rating or higher a little more affordable, with special discounts on home loan interest rates and other great benefits.
ANZ Home Loan – You’ll get a discount on our standard fixed, floating and flexible home loan rates.* No application fee if you ask when you apply. No monthly account fee on an ANZ Flexible Home Loan.
This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. An ANZ Authorised Financial Adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.