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One option might be to use the cash as security. Most banks will take a cash deposit as security at 100%. Therefore you could take out a loan, build the granny flat - re-draw the equity from the property and re-pay the loan. Thus releasing the cash security back into your account. Also -...

No. You need to look at 'use of funds' The cash you put into the granny flat is what paid for the granny flat. You then 'redraw' equity - what ever you spend that money on is the use of that loan. The only way these funds would be tax deductible is if you purchased another income...