Sterling First liquidation: Plight of Mandurah residents stressed in parliament by Andrew Hastie

Mandurah residents that lost their life savings after a property management group went into liquidation have had their plight heard in federal Parliament this week.

Mandurah Mail reported in June that local residents had more than $10 million of combined investment under threat after Sterling First fell into administration.

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Prior to its collapse, the company marketed lifetime lease packages for pensioners and people approaching retirement.

The residents, predominantly seniors, are seemingly set lose up to $300,000 each, with an estimated $36 million in total on the line.

While disgruntled residents held a public rally in Mandurah in July and the Australian Securities and Investments Commission have launched an investigation, there has been little relief for those impacted.

Canning MP Andrew Hastie spoke about the issue in federal Parliament on Monday and said he hoped a solution could be found.

"I condemn the despicable, deceptive and fraudulent behaviour used by the Sterling Group to strip senior, vulnerable and trusting Australians of their life savings, leaving many of them financially wrecked, without a home and with an uncertain future," he said.

"It is heartbreaking to hear the testimony of the men and women defrauded of their life savings by Sterling First.

"They feel a sense of shame, as if somehow they've let themselves and their families down. I say to them today, you have not let anyone down. I feel your sense of injustice, your anger, your frustration and your disappointment.

"I note the company is in administration and ASIC has commenced an investigation into its activities.

"We all look forward to the result of this investigation.

"I also note that, given the complexity of each case, the Department of Social Services has introduced a dedicated officer at Centrelink to help those affected."

Sterling First has been approached for comment.