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In my experience the main reason construction loan valuations fall short is the valuer hasnt received all of the construction documents. The full inclusion lists, specs etc. Ask to get the comments section of the valuation where the valuer explains why the val is short. This will tell you...

so just more LMI then, if it was GWN...

I doubt changing to investment will work, as the OP will most likely need the FHOG and or stamp duty concessions for funds to complete. Its an awful pickle really, and this is why I always suggest doing construction loans as one transaction. Never settle, or even go unconditional on the land...