Mascot Towers owners vote to pay $7m levy to fix cracked complex

They have been pushed to the brink of financial ruin, but residents of the doomed Mascot Towers are forking out yet again, agreeing to pay more than $7 million to start repairs on their damaged home.

Three hundred people attended an extraordinary meeting last night where a vote was held on whether to bankroll stage one of remedial works.

Not all 132 owners agreed to the motion, but will have to go ahead with the majority, paying between $40,000 and $80,000 each.

Retiree Andrew Burrell and his partner bought a one-bedroom unit in 2009. It was a retirement nest egg, that could now send them broke.

"You'd have to beg, borrow and steal I guess... I said to my partner I will have to sell the car I think to raise some of that money," he told 9News.

Owners have already spent a combined $1.1 million to investigate the cause of cracks in the building, which were revealed mid-June.

Patrick McGuire from the Mascot Towers Owners Corporation told 9News: "people were raising issues about financial hardship, but I think the overwhelming mood of the meeting was that they had to go forward, it's time to look for solutions."

Engineers addressed the emotional crowd, explaining they are focusing on whether construction work within the general Mascot precinct had contributed to the problem.

For the first time, the owners of Peak Towers, a brand new block next to Mascot Towers, has this week opened their doors to the Building Industry Commissioner David Chandler.

They're yet to let in engineers, to assess if the construction has had an impact on their neighbours.

Managing Director of ALAND Developments Group, Andrew Hrsto, welcomed the investigation and is confident their work at Mascot had met design and engineering standards.

Minister for Better Regulation Kevin Anderson has urged ALAND to allow engineers in.

"The sooner they can find the problem, the better."

Residents say better yet, would be a move home date, which is unlikely to happen this year.

Many have described their situation as helpless, hopeless, despairing and stressful.

Andrew Burrell is taking matters into his own hands, starting an a Change.org petition, calling for a nation-wide Royal Commission to expose the industry.