General bank lending criteria requirements for renovations that need a consent – before you start.
So you are thinking of a renovation that requires a Council Consent and want a quote from the builder to take to the bank for a loan.
If you need to finance your renovation, your first step isn’t with the Builder – its with the bank. You’ll need to find out what their process is for obtaining a renovation loan and what the best type of loan is best for your circumstances. Each way of financing will have its own loan criteria requirements you’ll need to fulfil.
In general, the following are the main types of loans for a renovation or extension.
Refinance your existing home loan
If your bank requires a fixed price quotation for the renovation, this can only be provided based off the Council stamped plans.
In order to obtain a council consent, you need to;
Develop your plans with an architect
Apply for Consent with Auckland City Council.
We can help with the architect & Council, so get in touch if you wanted to progress with your plans.
We can provide indicative costs based of the architects concept plans, however fixed price quotations are only able to be provided once Council has approved your consent.
Our advice is to check with you bank first to see what process they have, what might be a suitable loan type, and to establish what you can afford. There is no point developing plans and getting a consent for work that you cannot get finance for.
If you have plans available and you need a building quote, please sent them through directly. If you want to start talking with an architect, please get in touch with us and we can help point you in the right direction.