In regards to WRAPS

 Hi Adam

A few answers for you:

a) what would be the average deposit for a renter to buy be if there is one or is it a case to case scenario 1)if they were a first home buyer how long before they could receive the FHB grant. This will vary from purchaser to purchaser. Remember at the moment if you only have 5% deposit and maybe a small default it is unlikely that you would obtain finance especially if the property is out of the City / Metro area so between 0-10% wouldnt be out of the question.

b) if the renter defaulted on their payments-1) how long for the contract to be terminated,
Normal Contract Terms apply and this will vary depending on whether it is an Installment Contract or a Rent to Buy  / License to Occupy.

2) as there is a lease in place are you them obligated to see it through to the end or would it be terminated as per a standard lease agreement conditions,
You are the initial purchaser so can make your offer subject to vacant possession. Whether the Vendor accepts the offer is a different matter.

3) is landlord insurance applicable.
There are a couple of insurance companies that specialise in providing Building insurance where the property is sold under an Installment Contract however standard landlords insurance sould not apply.

c)is the contract deemed unconditional at the time the buyer takes possession of the property
No this is the Possession date. The Contract would be subject to normal conditions and once these are waived or adhered to then the Contract would be unconditional.

d) is it possible to employ a real estate agent to carry out sourcing a purchaser and if so when would they get paid eg time of handover or final settlement
Certainly there is nothing to stop you using an Agent to source a potential buyer. We used only accept applications from certain real estate agents through our specialised Wrap Company, First Home Owners Group Pty Ltd.