Gordon Layton transferred the money from his ING bank account to an ANZ account in order to pay a company that had recently moved his house onto his block of land.
Unfortunately, Mr Layton had accidentally saved the account under the wrong name, which resulted in him sending the money to a complete stranger.
Mr Layton and his daughter, Jacqui Morrison-White, told reporters that they noticed the error within hours of the money being transferred, but at that point, the damage had already been done.
To make matters worse, the company that moved Mr Laton’s home is threatening the 88-year-old with legal action to receive the money that they are owed for the work.
In an interview on Channel 9’s A Current Affair, Mr Leyton shared his frustrations.
“Obviously, I wasn’t pleased … in fact, I was really p***ed off that this guy had taken the opportunity to say, ‘Well, I’m not giving it back, bugger you,’” said Mr Leyton.
“I want the money to come to the people that transferred the house … transferred that to here, and put it on high blocks for me because that’s where it belongs.”
At present, Mr Leyton currently stays with family or sleeps in his shed, as financial pressure has left him unable to pay to have running water connected at his house.
He also fears that he may lose his home if he is unable to get the $71,000 back.
The ANZ bank told reporters that they are currently working with police on the incident.
The man who allegedly stole Mr Layton’s money has been charged and is due to face court.