Peel residents rally in Mandurah as fight to get money back continues after Sterling First collapse

Peel residents whose life savings hang the balance held another rally in Mandurah last Friday, with their legal representation set to meet with federal politicians in a bid to spark a resolution.

Prior to its collapse earlier this year, Sterling First marketed lifetime lease packages for pensioners and people approaching retirement.

The packages allowed customers to rent residential properties for a certain amount of time, as an alternative to buying a home.

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

Many of the victims are from Mandurah and the Peel region, with it estimated that local residents have more than $10 million of combined investment under threat.

Since the residents held a rally back in July, Banking & Finance Consumer Support president Denise Brailey has been working on their behalf.

The group have raised $2800 to send Ms Brailey to either Canberra or Sydney to meet with members of the federal opposition.

Ms Brailey said the group were "winning the battle" to get the residents' money back and meeting with federal decision makers would be a "big milestone".

The group is also calling for a Senate Inquiry into Sterling First and a Royal Commission into the Australian Securities and Investments Commission.

Sterling First were contacted for comment.