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I am not saying one cannot be built. But Who is going to pay for the granny flat? Who will build it?

You won't own the property though.

You want to owner build a SMSF owned house? Probably not possible under the state building regulations. In NSW for example it is only possible to build a house you are going to live in. Are you a licenced builder? You will be building for a third party - the SMSF. Then there are the SIS Act...

No bank would lend on this.

I think they could if they are not related to you and pay the SMSF rent for use of its share of the property. But, would this be a good idea?

Yes 2 or more SMSFs can buy property together as tenants in common. No, no member of any of these funds can live in the property. You may want to consider a unit trust owning and the SMSF each owning separate units of the trust. Get a third fund and the trust could borrow to buy...