Your money must be in the bank for 60 days, but you can apply for an extension up to 30 days before your non-o expires. You do not need insurance or a police check. Visit the immigration office as soon as possible and ask what documents they require.
If you time it right, you can get nearly 9 months out of a METV, whereas the visa-exempt entry is likely to only get you six months, and that is not guaranteed.
Brandon Thurkettle: Only visa-exempt entries and visa-on-arrival require onward/return flights, so no need to book a cheap flight. I have had trouble with check-in staff at Qatar and Emirates, but when I insisted on speaking with a supervisor, it was quickly resolved. I doubt this is a genuine post.
It depends on where you are applying, as some Embassies require the balance for 3 months, and others only require the final balance to be 500k. I would supply statements from both accounts