Cracks on the joins after a few years in a lot of cases. Insulation properties are like most FC cladding. The wall insulation batts do the work with a bit of assistance from the cladding. Insulate the walls no matter where you live or what material is on the outside or inside. Insulation is the answer to an efficient home. Its a prerequisite anyway with energy efficiency legislation, quite cheap as well. James Hardie/Scyon are good products. Not cheap or really quick but nothing good ever is. Hebel panels are a good alternative to brick but really the thermal mass is better on the inside of a house not the outside. So reverse brick veneer or Hebel internal walls with FC cladding outside and bulk insulation to wall cavity's.

Design inherently involves weighing up options against priorities within certain limitations/conditions/contexts. Structural integrity for the building needs to be addressed/managed either way and there are appropriate regulations/processes in place to ensure this occurs in order to achieve building approval ......the question here is more what do you want it to look like - ie do you want internal brickwork or plasterboard? You can manage termite risk or fire risk in various ways/methods.....best you balance/work through all this with the design professional you are working with or discuss some of the pro's & cons & cost differences of certain specification one way or the other with a local builder if you can

siriuskey - rendering over fibre cement board tends to crack after a few years. Render board (foam panels) work ok. Hebel panels also ok. Hard to give too much info without knowing what the covenant says. A lot of sites have covenants such as a percentage of face brick/rendered brick/weatherboard. Some also say no corrugated steel for cladding. Unfortunately this why so many new subdivisions have houses all looking similar, but thats another story.

Look into terrazzo, it's basically polished concrete with style. Terrazzo is a poured coloured concrete with glass or stone chips in it to give it a variety of looks. It's then polished to a high lustre. It comes in any colour like from bright whites to black and you can choose the mix of aggregates to make your own custom flooring. Commonly seen in tiles, it can be poured as well to avoid the tiled look. A similar colouring to sandstone would be easy to achieve this way with a more durable finish. Terrazo's can also use interesting agregates like sea shells and limestone fossils to create a complete custom look. An alternative to a high thermal mass flooring would actually be the installation of phase change material mats in area's subject to direct light. Phase change material is a polymer used in the transport industry that either consumes or gives off heat as it moves from a solid to liquid state. The material is know to radiate either heat or cold back into the environment for many hours in a controlled release after several hours of charging through exposure to heat or cold. It's an inert technology that never wears out and innovative architects are beginning to incorporate it into passive housing design. The panels are manufactured to be quite thin so you could hang a pcm mat on a wall for example and easily cover it with something innocuous but it would passively heat the house.