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Why PNB? Is it because they will go on end value for LVR reasons? I cant comment on PNBs financial position and wouldn't anyway in a setting like this. They will only go to 80% from what I am aware. Homeside will go 95% for 3 units on one title if total money lent is sub 1 Mill under resi.

Lets hope its not all froth and bubble!

You can; 1. build/strata - build first then strata afterward but val will be based on 2 dwellings on one title until sub divided. P&N will do this at end value but sounds like servicing my be an issue? or 2. strata/build - sub divide first and get two separate titles then build so will value...

P&N Bank have a very stingy calculator so would suggest you check borrowing capacity first. As others have said best to unravel the spaghetti carbonara first.