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I think we all agree. Whether the change to the contract increases or decreases the sticker price v the price paid is irrelevant, the fraud ccurs if this is somehow hidden from a third party such as the lender or the ATO etc.

Just to be clear I was suggesting the OP change the contract to be closer to market value than he was initially proposing. In either case its not fraudulent to purchase a goods or service from a friend at a reduced price. A free market is just that, a buyer and seller are 'free' to pick a...

for a single resi house most lenders will use end value. However they will never lend more than the construction costs. Another alternative, if you are such great friends with the builder, is just to have the build contract amended to be more realistic.