Hey thanks a lot guys for your input.
The water table thing may explain why basements are not that common over here.
New Zealand (being an island nation) has an un-usually high water table, near the coast, that does vary considerably, especially during the winter months.
This is why I was asking for some advice from those that have been there before.
I'd sooner not take an expensive gamble and have it turn to custard, after all one end of the house would be built over this basement.
I've had a word to a local structural engineer today and she didn't like the idea, in theory, let alone practice.

I guess it's back to the drawing board then.