Elizabeth Kerr reveals exciting details of a new scheme empowering first home buyers

By Elizabeth Kerr

A new lending society has emerged today in the New Zealand market intending to empower first home buyers to purchase real estate.

During the announcement an enthusiastic CEO of the new Fellowship Finance Group was breathlessly recorded as saying: "The FFG’s point of difference is its adoption of a blue sky approach to a balanced and monitored paradigm shift for home ownership,”

Customers of FFG do not need a deposit to qualify for the lending scheme, but do need to undertake intrusive reference and psychometric testing and just a little bit of judging.  

After completing applications, customers are then grouped according to their psychological stability and penchant for interior design, before being assigned a FFG Manager who is to “facilitate the collaborative housing unit whilst focussed on integrating intuitive deliverables and incentivise capital enterprising”, said Head of Markets Manager, Mrs Marnegro Ontres.

Groups are randomly assigned a home from Trade Me and are required to pool together their incomes to pay for the mortgage.

Over 12 months these groups are tasked with renovating and adding value to the house, despite probably having no skill for such a task, before selling and splitting the profits evenly between each member.

Doug Atrench says he has been studying the latest series of The Block for best practice building methods.   The group can then repeat this process with the full support of FFG [aka team t-shirts] until all of the hopeful home owners have their own deposit for their own home.

Additionally, each candidate has the potential to add to their return by introducing frugal concepts to the household and purposefully realising the savings.

Fanceef Rugal, a member of “deposit dynamos” team has taken to splitting the ply of her toilet paper, showering only weekly and no longer drinking coffee to help edge her out over her team-mates.

The Chairman of Fellowship Finance Group is quoted as saying “this is one way to help everyday NZ’ers on to the property ladder whilst at the same time being free to take regular overseas holidays, wear the latest fashions and drive late model cars, essentially having their consumer cake and eating it too.”

A link to their website is here.