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NAB will only do 3 units on a single title. They do not do 4. Also NAB will lend on "as is" valuation whereas St George will lend on end value (and do 4 units).

Maybe he doesn't know that you can do 3 under residential or maybe he has got another agenda. Brokers can charge on both residential or commercial finance when the customer is looking to build and sell within 24 months. They either charge a "clawback" or an upfront fee.

Try doing this on residential finance unless there is a need to go commercial (capitalising interest, short valuation, etc). Plenty of lenders including St George, RAMS, Bankwest, P&N, NAB, etc. 80% is fine but if you are going to go into LMI territory then you will be severely limited in...