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Yeah, you split subdivision costs equally. I suspect you're going to need to refinance anyway - it costs a fair bit to subdivide and a fair bit to build too, you're not going to have a single $500k loan at the end. More like $500k - 15% - fraction apportioned to rear block + 1/2 sub costs in...

Oooh, we have this, but haven't rented the house yet, but when we do it will suck immensely as only part of the loan is for the house. As we bought at land value with a 100% loan, we have apportioned a little under half of the purchase price to the subdivided block, and have to subtract that...