SOUTH-west residents are waiting nervously to hear if their life savings can be saved following revelations that mortgage fund manager Banksia Financial Group has entered into receivership.
It is understood the company has been placed into receivership.
The company refused to be drawn into discussions yesterday, however a spokesperson told The Standard that advisory firm McgrathNicols had been appointed as business receivers.
Warrnambool-based Banksia director Grenville Skewes chose not to respond to questions from The Standard.
"It would not be appropriate for me to be discussing the matter at this time," Mr Skewes said.
As word of the company's demise spread quickly, affected customers struggled to find news from the company.
One affected Warrnambool resident who wished to remain anonymous said his father-in-law had placed $60,000 into Banksia Financial Group on Monday.
"His $60,000 matured on Monday and they rolled it over on Tuesday," the person said.
"I just think it's wrong - they could have said something.
"He's a pensioner and it's his life savings."
Banksia operates throughout Australia, with retail branches in Victoria, South Australia and New South Wales.
For more read The Standard tomorrow.