Some of the banks may consider including funds for renovations when buying a new property. You will need to provide a formal quotation for the intended renovations. If your credit score and affordability allows a 100% bond as well as the extra money for the renovations, they will pay the full purchase price out on registration of the bond, but the money for the renovations will be held back on retention and only paid out, once the work had been concluded. It is important to ensure that the intended renovations will add value to the property and not simply be cosmetic changes. The banks are very aware not to overcapitalize on a property and their valuations team will assess the renovations you intend to do, before approving the funds for the renovations. As long as there is no brick work, you can simply get quotations from the contractor you intend using (eg. palisade fencing, paintwork, kitchen cupboards etc) but if you intend building alterations (brick & mortar), you will also need to get approved building plans and a quotation from a NHBRC approved builder.

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