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Even if you intend to subdivide, the valuer will work out the value of 3 on one title because if you go bust the bank has to sell 3 at once. With Bank of Melbourne they could potentially do 3 unit construction but dealing with them would be a nightmare lol. As for what to tell the bank, if you...

1) Usually lower of two but completion value is based on all units on one title which is a 15-25% discount to subdivided value. 2) Yes or at least a draft 3) Yes it matters depending on the bank - which one is it?