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Thats what I am planning to do (settlement isn't until next Friday). I assume I should have the house valued once I've refurbed the PPOR portion downstairs and then revalue it when I take occupation of the 1st floor as well for the PPOR but BEFORE I renovate it?

Hi Trogdor Sounds like a good idea to me. I'm doing something similar at the moment - bought a large victorian house in Inner West Sydney although my plan is to live ground floor, rent out 4 self contained flats above (already configured that way with separate rear access) and eventually...