We are getting a loan from CBA directly for Land as well as Construction loan. Land is not yet titled. Within this period we applied for construction loan so that everything comes under 1 application. 1st land valuation was done and it was worked out well. Then we got a builder and got the contracts ready from them and then applied for construction loan. Now because the land is not titled the bank advised us that they can do everything in 1 loan which fair enough.
The bank came back with under valuation stating that there are no similar properties in the area and they had 1 property was bigger in size as well as the land size was bigger then us. We dont have any inclusions just normal things which builders include like benchtop, driveway, downlights. The builder is relatively smaller then other big builders like henley , porter davis etc. Compared to them we got a good deal from that which was about 20k less then other builders. I am sure that if anyone builds in that area it is always going to be more expensive than what we are building for $$
What are my options and what can be done in regards to the under valuation?
![Sad :(](./images/smilies/icon_sad.gif)
We are building in Tarneit VIC.
Please advise.