@Les ******
there are requirements for each of in-country non-o application and application for 1-year extension. They are slightly different. And each time of any application, you need to meet the requirements for that application. All application at immigration office are “new process” every time, No “renewing application”.
Speaking of funds, yes you need to meet funds requirements every (both) cases. Detail requirements such as seasoning period, minimum fund to be kept, are different between in-country non-o and 1year extension based on being over 50 though.