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Home loan process for renovating

Renovating your home can be a lot of fun and lets you incorporate the features and style you’ve always wanted. See a step-by-step guide below on how the home loan process works when renovating your house.


1. How much can I afford?

Work out how much you could borrow

Get an idea of how much you could borrow based on some quick questions about your financial situation.


Work out your repayments

Find out how much your repayments might be depending on the loan amount, loan type and term.


Top up your home loan

A top up on your home loan can be a cost-effective way to borrow extra money if you need it.


2. Planning your renovation

Working out how much your renovation might cost

Get an idea of how much it might cost based on some quick questions about your home and renovation plans.

Working out your finance options

When you're renovating, your home loan is approved for the full amount, but you may draw it down in instalments as the work and costs progress (your contract may set out a payment schedule).

To find out more about how this process works, contact us.

Consider how you’ll manage the project

There's a lot to consider when managing renovations. Depending on the scale of the job, you’ll need to decide whether you’ll manage it yourself, or engage a professional interior designer or project manager to do it for you.

Finding the right designer or company

Before you start the renovation process you’ll want to ensure you find the right designer or company.

The building contract

Written contracts for residential building work costing $30,000 or more (including GST) are compulsory before work starts. This is a good way to protect yourself, and ensures everyone’s clear about what’s been agreed upon – and what happens if things don't go to plan. It’s also a good idea to get your lawyer to review the contract beforehand.

Check your insurance policy

Depending on the value and nature of the renovations, you should notify your insurance company. Different insurance providers have different requirements so check your policy document or call your insurer.

3. Building

Building and resource consents

  • Depending on your home and what you're proposing to do, you may need to obtain a building consent from your local council before any work starts. 
  • You may also need to obtain resource consent. In most cases your architect, designer, builder or building company will assist with these applications. If you're going to submit the applications yourself, contact your local council for information on how to apply. 
  • Whether you're managing the renovation yourself or not, you should keep a close eye on the work as it progresses. 
  • Ensure you also keep a record of all invoices, variation, payments and correspondence.

Managing the completion phase

When the work is finished, make sure that:

  • The project manager leaves the site clean and tidy and that you have any product manuals and guarantees you need. 
  • If there have been any structural changes made, a final building inspection should be completed. 
  • Ensure that the Code of Compliance Certificate is issued – this certifies that the building complies with the building code. It's important this is signed off as it could cause problems with your insurance or with resale if you don't have it. 
  • Contact your local council for more information on inspection and consent requirements for your area.

4. Managing your loan

Now the renovation is complete and your loan has increased, it's a good time to review your loan structure to make sure it's right for you. It's also a good time to review your house, contents and life insurance.

Manage your loan

Once your loan is set up with ANZ, you can track it using ANZ Internet Banking or the goMoney app.

Pay your loan off faster

Learn tips to help pay off your home loan faster and save you on interest over the life of your loan.

How to apply

Start online

Start your application

Start the application process for your home loan online today. It takes just 5 to 10 minutes.

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Frequently asked questions

Help and support 

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ANZ lending criteria, terms, conditions, and fees apply. Interest rates and fees are subject to change.  

A copy of the Bank's General Disclosure Statement  under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any ANZ branch, free of charge.

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.