Mr Moody is among the first few Dunedin families to take up the developer’s offer and move into one of his affordable homes intended to rescue prospective first-home buyers stuck in the renting loop.
Mr Moody and his partner officially signed off on their four-bedroom, double-garaged McFadden Dr, Mosgiel, home in March — around the time their now-3-month-old son Tate was born.
Without Mr Fewtrell, Mr Moody believed they would still be renting.
‘‘It’s a massive weight off the shoulders.
‘‘Without him, I don’t think we would have been able to buy.’’
After selling catering and hospitality company Southern Hospitality in 2023, Mr Fewtrell established DRDL 2023 Ltd, where first-home buyers with a 10% deposit could apply to be a part of a scheme in which he would top up the deposit with an extra $100,000.
Mr Moody said their home was a nice, newly renovated and warm house that was perfect to raise a family in — not at all the type of first home he once expected to be living in.
‘‘I kind of envisioned an old property that you pay half a million dollars for, and you’ve still got to put a couple of hundred thousand in to renovate it.
‘‘It’s sort of surreal that that’s already done for us.’’
They put down a $100,000 deposit, with Mr Fewtrell chipping in another $100,000 of the total $635,000 property, Mr Moody said.
It was ‘‘a very generous gesture’’ and it was nice to finally crack the property market.
‘‘We’re both excited to just grow and pay off our own mortgage, instead of somebody else’s.’’
First-home buyer Tathagat Shah said he became aware of the DRDL 2023 scheme through an open home.
He and his wife moved into their two-bedroom Riccarton Rd home a few weeks ago, and planned to settle on it in August once their KiwiSaver became available.
It was ‘‘a beautiful property’’, Mr Shah said.
‘‘It’s a totally different feeling when you own your first home rather than renting your property.’’
They put down just over 10% on the $785,000 home, with Mr Fewtrell again chipping in $100,000.
While he was confident they could have still bought a home without DRDL 2023’s help, Mr Shah said it had definitely taken the pressure off.
Mr Fewtrell said it was ‘‘very satisfying’’ to have people now living in his company’s new homes.
‘‘It’s all about getting people out of renting and into their own houses.’’
He expected about 24 more homes to go on the market before Christmas and another 20 by the end of next year.
There were 12 being built in Kaikorai Valley, five around Mosgiel and another three in Challis St, Vauxhall.
While it was taking longer than expected, the plan was still to build 250 new homes, Mr Fewtrell said.
DRDL 2023 was also redeveloping the former Trustees Executors Building, in Water St, into seven apartments.
Designs were nearly finished and about to go in for building consent, then out for tender.
There was also the conversion of the former Scoullar & Chisholm furniture manufacturer’s building, in Rattray St.
A lot still needed to be done to transform the ‘‘absolutely stuffed’’ building into one three-bedroom and three two-bedroom apartments, Mr Fewtrell said.
It might end up being too expensive for first-home buyers.
‘‘Always a labour of love, that one. It will be a money pit.
‘‘I just want to save the old building.’’
