'Not going to let this go' - Residents rally in Mandurah as savings under threat

Worried faces: About 100 residents whose life savings are at risk met in Mandurah last Friday. Photos: Carla Hildebrandt.
Worried faces: About 100 residents whose life savings are at risk met in Mandurah last Friday. Photos: Carla Hildebrandt.

About 100 residents whose life savings are under threat after a property management group went into administration met in Mandurah last Friday.

The Mandurah Mail reported last week that about $20 million of investors' money was at risk after Sterling First went into administration.

Federal minister for housing Michael Sukkar told 6PR radio last Friday an internal investigation into the actions of the Australian Securities and Investment Commission over the issue was underway and the authorities had "probably" failed those whose money was risk.

Former Carlton football star Peter Bosustow, who is one of the people impacted, told fellow residents on Friday that action was underway.

"We are not going to let this go," he said.

"I'm a victim in this as well - we are trying to do everything in our power. I want something done right now."

Denise Brailey from the Banking and Finance Consumers Support Association said she was fighting to ensure the residents' money was returned.

"I intend to get that money, $20 million, back through a series of efforts within two months," she said.

"This is regulatory neglect on a massive scale."

Offering help: Denise Brailey from the Banking and Finance Consumers Support Association.

Offering help: Denise Brailey from the Banking and Finance Consumers Support Association.

Pensioners and people approaching retirement bought lifetime lease packages from Sterling First, which allowed them to rent residential properties for a certain amount of time, as an alternative to buying a home.

This was just one of the many rental management options of the South Perth organisation.

Affected parties are set lose up to $300,000 each. Some are facing eviction and others are busy organising a class action against the company to get back the money they lost.

Sterling First has not responded to questions from the Mandurah Mail.