Way around it I guess is to have a head lease and sublet especially if in a uni precinct.
That has always been the "fall-back position" or "work around" Michael.
I'm sure, like most governements that rush legislation through, that they have not thought of all the possibilities that may occur 'down the track'.
I know in some states you sign a stat. dec. stating that the g/flat or bungalow (for the Victorians) will only be inhabited by a family menber.
So what are you supposed to do with it after the elderly parent passes on?
What if you are renting the g/flat on a separate lease (as allowed under the NSW legislation) and then you get posted to a different state for work? Are you supposed to leave you house vacant? or evict the granny flat tenant and lease out the house?
I hesitate to say that "common sense" should apply in these cases. But we all know that common sense is not that common
Meanwhile, while you are all discussing the pros & cons, I shall contine on my buying of these types of properties