The funding was granted to the budding filmmakers as part of the Fresh Shorts Programme run by the New Zealand Film Commission.
"The application process for Fresh Shorts is really in depth," Mr Charnock said.
"Not only do you need a developed script, but you need to convey why you want to create the film, what your vision is, who your team is, how you plan to film it, story boards, all of that.
"It really makes you think about what the film is that you are making and what you want to say with it."
Mr Charnock hopes once their film is finished that it will be submitted to national and international film festivals by July next year.
He said there have been many more projects in the works, including a Masterton-based television series he and Mr Watt have already written, but are seeking funding for.
"We want to one day make a series we've written, based in Masterton," Mr Charnock said. "We've written it all and we have to get funding for that one day. It follows a group called the Masterton Extraterrestrial Investigation Society.
"It's a comedic documentary on this rural UFO group who are followed by a film crew for six weeks leading up to when their society's president believes aliens will land.
"So we're working towards filming that in Masterton, but we need a bit more funding for that one."