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when you try and build the taj mahal in Melton. Basically, when you overcapitalise. ie a double story 5/3/2 with an indoor pool in an area where all the comparables are single fronted weatherboards 3/2/1

They do a valuation on the end product, and then the bank lends on either the end value or the construction cost, whichever is the lower. Most lenders will treat it as a purchase and lend up to 95%. SO in this case the loan amount would be lets say 80% of $700 ($350 build, $350 land)...