Newbie has questions: Construction loan and funds required (eventually)

I'm very new to property investment so if some sentences or words I use don't make sense with particular paragraphs then bare with me. Very new to this so not sure if the words I say even makes sense to an experienced investor.

I originally signed a contract of sale back in April 2008 for an off-the-plan land only content. I paid an up-front deposit of $14,500. The value of the land is $195k ($145,000 for land and $50,000 for share of park they will build in the middle of the estate, or owners corp).

Ok so now I'm in contact with a broker who has organised finance for me called the "Premier Advantage Rocket Repay Investment Loan $150k - $249k" by Westpac. LVR is 87%. The broker sent me an estimated breakdown of funds required for purchase of the land:

Application of funds

Purchase/Valuation price 195,000.00
Stamp Duty - Transfer 6,470.00
Stamp Duty - Mortgage 198.00
Registration - Transfer 587.00
Registration - Mortgage 95.10
Lenders Application Fees 395.00
Solicitor/Conveyancers Fees (est) 500.00
Lenders Mortgage Insurance (est) 1,642.21
Total Cost: 204,887.31

Source of funds

Home loan 169,650.00
Deposit paid 14,500.00
Savings
Rebates 10,450.00
Total Funds 194,600.00

Funds required at settlement 10,287.31

That means if I come up with 10,287.31 + 14,500 I would have outlayed 24,787.31 in total just for the land.

The broker tried to explain to me how this all works but I got really confused the way it was explained to me. Saying simply all in all if I had 10% of the entire house and land value (approx 400k) then I should require 40k in all minus the deposit of (14,500 and 10,287.31).

So that means once the construction loan moves out of its phase and moves into a "proper" home loan I have to come up with that 15,212.69 (40,000 - 14,500.00 - 10,287.31). Would this equation be around right?

This is the bit I'm confused about. Typically for this process alone what percentage is required at a minimum these days? 10%?

How do they structure the home loan bit so that I just have to come up with 15,212.69 when the fixed building contract should be more than $200,000 say in this case? I don't have the exact fixed price yet for the house but lets just assume its $200k.

If anyone can help answer my question that would be a great help. And if all those numbers make any sense. As I mentioned I'm new to this so the way I explained may be very confusing at the same time. I appreciate someones wisdom in this.
 
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