Exhibit 99.2


          Independent Auditor's Annual Servicer Compliance Certificate

SCOPE

We have reviewed the activities of Interstar Securities (Australia) Pty Ltd (the
"Servicer")  for the purpose of determining  its  compliance  with the servicing
standards  contained  in the Master  Trust  Deed  dated 2 December  1999 and the
Investment   Management  Agreement  dated  3  December  1999  (collectively  the
"Documents")  (attached as Appendix 1), in relation to the Interstar  Millennium
Series 2002-1G, Interstar Millennium Series 2003-1G, Interstar Millennium Series
2003-3G and Interstar Millennium Series 2003-5G (collectively, the "Trusts") for
the  period  from 1 July  2003 to 31  December  2003,  in  accordance  with  the
statement by the Division of Corporation  Finance of the Securities and Exchange
Commission  dated 21 February 2003,  and our engagement  letter dated 11 October
2004.

We have reviewed the servicing standards contained in the Agreement to enable us
to report on whether those servicing standards are similar to those contained in
the Uniform Single  Attestation  Program for Mortgage Bankers ("USAP") (attached
as Appendix 2), which  establishes  a minimum  servicing  standard for the asset
backed securities  market in the United States of America.  No equivalent of the
USAP exists in Australia.

The  management  of the Servicer is  responsible  for  maintaining  an effective
internal control  structure  including  internal control policies and procedures
relating to the servicing of mortgage  loans.  We have  conducted an independent
review  of the  servicing  standards  contained  in the  Agreement,  in order to
express  a  statement  on the  Servicer's  compliance  with  them  to  Interstar
Securitisation Management Pty Ltd.

Our review of the  servicing  standards has been  conducted in  accordance  with
Australian  Auditing Standards  applicable to performance audits and accordingly
included  such  tests  and   procedures  as  we  considered   necessary  in  the
circumstances.  In conducting our review we have also had regard to the guidance
contained in the USAP.  These  procedures  have been  undertaken to enable us to
report on whether  anything has come to our attention to indicate that there has
been  significant  deficiencies in the Servicer's  compliance with the servicing
standards  contained  in the  Documents  for the  period  from 1 July 2003 to 31
December 2003 in respect of the Trusts.

A review is limited  primarily to inquiries of company  personnel and analytical
procedures  applied to the financial data.  These  procedures do not provide all
the  evidence  that would be required in an audit,  thus the level of  assurance
provided  is less than given in an audit.  We have not  performed  an audit and,
accordingly,  we do not express an audit opinion.  Our review did not include an
assessment of the adequacy of the servicing standards themselves.

This  statement  has  been  prepared  for  the use of  Interstar  Securitisation
Management Pty Ltd as at 31 December 2003 in accordance with the requirements of
the  statement  by the Division of  Corporation  Finance of the  Securities  and
Exchange  Commission dated 21 February 2003, and the engagement  letter dated 11
October 2004. We disclaim any assumption of  responsibility  for any reliance on
this  review  statement,  to any  person  other  than  Interstar  Securitisation
Management Pty Ltd.

STATEMENT

Based on our review, which is not an audit, nothing has come to our attention to
indicate that;

o        there has been  significant  deficiencies in the Servicer's  compliance
         with the servicing standards contained in the Documents attached hereto
         as  Appendix  1, in respect of the  Trusts,  for the period from 1 July
         2003 to 31 December 2003 and;

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o       the servicing  standards  contained in the Documents are not similar to
        the  minimum  servicing  standards  contained  in  the  Uniform  Single
        Attestation  Program  for  Mortgage  Bankers  ("USAP"),  except for the
        following:

o       Reconciliations  shall be prepared on a monthly basis for all custodial
        bank accounts and related bank clearing accounts. These reconciliations
        shall be  mathematically  accurate,  be prepared within forty-five (45)
        calendar  days after the cutoff  date,  be  reviewed  and  approved  by
        someone  other than the  person who  prepared  the  reconciliation  and
        document  explanations for reconciling  items.  These reconciling items
        shall be resolved  within ninety (90)  calendar days of their  original
        identification;

o       Funds of the servicing entity shall be advanced in cases where there is
        an overdraft in an investor's or a mortgagor's account.

o       Escrow  funds held in trust for a  mortgagor  shall be  returned to the
        mortgagor  within  thirty (30)  calendar days of payoff of the mortgage
        loan;

o       Tax and  insurance  payments  shall be made on or before the penalty or
        insurance  policy  expiration  dates,  as  indicated  on tax  bills and
        insurance premium notices, respectively, provided that such support has
        been  received by the  servicing  entity at least thirty (30)  calendar
        days prior to these dates;

o       Any late payment  penalties paid in conjunction with the payment of any
        tax bill or insurance  premium  notice shall be paid from the servicing
        entity's  funds  and not  charged  to the  mortgagor,  unless  the late
        payment was due to the mortgagor's error or omission;

o       Adjustments on ARM loans shall be computed based on the related mortgage
        note and any ARM rider;

o       Escrow  accounts shall be analyzed,  in accordance with the mortgagor's
        loan documents, on at least an annual basis;

o       Interest on escrow  accounts shall be paid, or credited,  to mortgagors
        in accordance with the applicable state laws;

o       A fidelity bond and errors and  omissions  policy shall be in effect on
        the servicing  entity  throughout the reporting period in the amount of
        coverage represented to investors in management's assertion.




Ernst & Young





T J Coyne
Partner
Melbourne

13 October 2004




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<PAGE>

                                   APPENDIX 1
 INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (THE "SERVICER") SERVICING
                                   STANDARDS


A) The following servicing standards are contained in the Investment  Management
Agreement (IMA) dated 3 December 1999:

IMA 2.4 - Records

The Servicer will keep or cause to be kept proper  separate  accounting  records
and files of the Loans and Loan  Securities in relation to each  Relevant  Trust
and provide, collect and maintain such information as the Servicer may from time
to time in writing be  reasonably  required to  provide,  collect or maintain in
respect of those Loans and Loan  Securities in order to provide the Services and
perform its obligations under this Agreement.  Such accounting records and files
will be kept at the office of the  Servicer  or such other  place as approved by
the Trustee in writing and will be open to the  inspection of the Trustee and/or
the  authorised  agents of the Trustee.  The Servicer will allow such persons to
take copies of any such accounting records and files.


IMA 4.1 - Servicing Undertakings

The Servicer undertakes that at all times during the Term it will:

a)   (Notice  of  default)  give  notice  in  writing  to the  Trustee  and  the
     Designated  Rating  Agency of it becoming  aware of the  occurrence  of any
     Servicer Transfer Event;

b)   (Compliance with law)
     i)   maintain  in  effect  all  qualifications,   consents,   licenses,
              permits, approvals,  exemptions,  filings and registrations as may
              be required  under any applicable law in order properly to service
              the Loans and Loan  Securities  and to perform or comply  with its
              obligations under this agreement; and
     ii)  comply with all Laws in  connection  with  servicing the Loans and
              Loan Securities;

c)   (Default) upon becoming aware  that any default  has  occurred  in  respect
     of any Loan:
     i)   promptly notify the Mortgage Insurer of that default in accordance
              with the provisions of the relevant Mortgage Insurance Policy;
     ii)  subject to obtaining  the prior  consent of the Mortgage  Insurer,
              promptly take such action as the Servicer  considers  necessary in
              relation to such default, including:
              (A)  serving any notice of default upon the Obligor or any other
                   party;
              (B)  instituting and conducting legal proceedings against the
                   Obligor or any other party; and
              (C)  taking all necessary steps and engaging all necessary
                   persons to sell the Subject Property pursuant to
                   the exercise of the power of sale authorised  by the relevant
                   Loan Security; and
     iii) otherwise enforce the Loan and  Loan  Security  in accordance with the
              directions and requirements of the Mortgage Insurer;

d)   (Insurance Policies)
     i)       enter into:
              (A)  Mortgage Insurance Policies; and

              (B)  General Insurance Policies, for and on behalf of and in the
                   name of the Trustee and/or the mortgagee of a Loan Security
                   whenever required to do so, and ensure that the Trustee's
                   and/or mortgagee's interest is duly noted and/or endorsed
                   upon all such contracts;
     ii)  ensure by its conduct that no Mortgage Insurance Policy or General
              Insurance Policy in relation to the Loans and Loan Securities
              become invalid, unenforceable or lapse; and
     iii) not commit, or allow or cause to be committed, any act or omission
              whereby any Mortgage Insurance Policy or General Insurance Policy
              may be rendered void or voidable at the option of the insurer.

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<PAGE>

e)    (No Security Interests) not consent to the creation or existence of any
      Security  Interest  in  favour  of a third  party  in  relation  to any
      Mortgaged  Property  in  connection  with a Loan and the Loan  Security
      (other than as contemplated by the relevant Transaction Documents):
i)          without limiting sub-paragraph (e)(ii), unless priority arrangements
            are entered into with that third party under which the third party
            acknowledges that the Loan and Loan Security rank ahead in priority
            to the third party Security Interest on enforcement for an amount
            not less than the Unpaid Balance of the Loan plus such other amount
            as the Servicer determines in accordance with its ordinary course of
            business; or
ii)         which would rank before or pari passu with the relevant Loan and
            Loan Security;

f)    (Vary terms) not agree to any variation, amendment or modification of any
      of the terms and conditions of any Loan or Loan Security or do any act,
      matter or thing which could constitute a diminution, restriction, waiver
      or modification of the Trustee's rights under that Loan or Loan Security
      without the Trustee's prior written consent.

g)    (Other miscellaneous things) procure the stamping and registration of all
      Relevant Documents for each Relevant Trust (including documents which
      became Relevant Documents) following any amendment, consolidation or other
      action, and in the case of any registration of any Mortgage that
      registration will result in the Mortgage having the ranking referred to in
      the relevant eligibility criteria in the Series Notice. In relation to any
      Mortgage that is not registered at the relevant Closing Date, the Servicer
      will procure that it is lodged for registration not later than 30 days
      after that Closing Date;

h)    (Setting the Investment Rate) set the Investment Rate in respect of any
      Relevant Trust as 0.25% higher than the percentage rate of return on the
      Purchased Loans, and taking into account the percentage rate of return
      being earned on other Authorised Investments, which it determines will be
      necessary to ensure that the Trustee has sufficient cash available at all
      times to enable the Trustee to pay all payments of Interest in respect of
      the Relevant Trust and otherwise comply with all of the Trustee's duties
      and obligations under the relevant Transactions Documents as and when they
      fall due, including payment of any Approved Seller's Fee as and when it
      falls due.

i)    (Notification) notify:
i)          the Trustee and the Trust Manager of any event which it reasonably
            believes is likely to have an Adverse Effect promptly after becoming
            aware of such event; and
ii)         the Trust Manager of anything else which the Trust Manager
            reasonably requires regarding any proposed modification to the
            terms of any Loan or Loan Security;

j)    (Provide information and access on request) provide information reasonably
      requested by the Trustee or the Trust Manager, with respect to all matters
      relating to each Relevant Trust and the assets of the relevant Trust, and
      the Trustee or the Trust Manager believes reasonably necessary for it to
      perform its obligations under the relevant Transaction Documents, and upon
      reasonable notice and at reasonable times permit the Trustee to inspect
      the Data Base in relation to each Relevant Trust and the Relevant
      Documents;

k)   (Comply with other  obligations)  comply with all its obligations under any
     Transaction Document to which it is a party;

l)   (Pay taxes) subject to receiving  payment from, or being reimbursed by, the
     relevant  Obligor or being  indemnified by the Trustee,  pay all Taxes that
     relate to the  Services  (other  than any Tax on the  income of a Trust) or
     ensure  those  Taxes are paid or where such Taxes are  incurred  due to the
     default or breach of duty by the Servicer;

m)   (Not claim) not claim any Security  Interest  over any Asset (other than in
     accordance with the relevant Transaction Documents);

n)   (Comply with Series  Notice)  comply with any  undertaking  specified as an
     additional  Servicer  undertaking in a relevant  Series  Notice,  including
     providing the Trust Manager with any information referred to in that Series
     Notice;

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<PAGE>


o)   (Account  to  Trustee)  regularly  account to the Trustee in such manner as
     prescribed by the Trustee from time to time;

p)   (Enforce  Loans) enforce the Trustee's  rights pursuant to or in connection
     with the Loans in  accordance  with the  directions  of the Trustee in that
     regard and ensure prompt compliance by the Obligor under each Loan;

q)   (Act as  directed  by Trustee)  take all or any  necessary  steps which the
     Trustee may direct the Servicer to take to ensure that the Trustee's rights
     pursuant  to or in  connection  with the  Loans  are in no way  diminished,
     restricted or modified;

r)   (Performing or non-performing Loans) determine whether Loans are performing
     or  non-performing  as  required  by the  Master  Trust Deed and the Series
     Notice for the Relevant Trust; and

s)   (Collect  moneys)  arrange to collect all moneys paid or payable  under the
     Loans  and Loan  Securities  and pay  them  into  the  relevant  Collection
     Account.


IMA 5 - Report by Servicer

On or before each date which is 3 Business  Days before  each  Payment  Date for
each Relevant  Trust,  if so requested by the Trust  Manager,  the Servicer will
prepare  and  submit  to the Trust  Manager  a report  and  provide  such  other
information as the Trust Manager  reasonably  requires to prepare its report (if
any) under clause 17.16 of the Master Trust Deed.


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<PAGE>


B) The  following  servicing  standards  are  contained in the Master Trust Deed
(MTD) dated 3 December 1999:

MTD Section 17.9:

Trust Manager will account to Trustee for moneys received
o    The Trust Manager will pay to the Trustee, within one Business Day of
     receipt, all moneys coming into its hands belonging to the Trusts or
     payable to the Trusts.
o    The Trust Manager will keep any Assets which it may come to hold from time
     to time separate from any other property belonging to or entrusted to or
     held by the Trust Manager.


MTD 17.16:

Make calculations, co-ordinate and provide reports
The Trust Manager shall:

o    calculate all payments due on any relevant Payment Date;

o    co-ordinate the issue of relevant Notes and the raising of funds from
     those issues, or from any SupportFacility; and

o    as and when required by any Series Notice or other Transaction Document
     prepare and distribute for each Trust the Trust Manager's Report,

o    and where relevant (and when the Trust Manager is actually aware that the
     directions need to be given, including any directions expressly required of
     it under the Transaction Documents) provide all directions to the Trustee
     as may be required for the Trustee to comply with its obligations under the
     Transaction Documents.


MTD Section 21.9:

Location of bank accounts

o    (Central bank account)  Unless  otherwise  directed in writing by the Trust
     Manager,  the  central  bank  account  of each  Trust  shall be opened  and
     maintained at a branch of an Approved Bank in Victoria.
(Interstate branch bank accounts) The Trustee may, if necessary or desirable for
the operation of a Trust,  open bank accounts with a branch outside  Victoria of
an Approved  Bank  provided that if such accounts are opened it shall enter into
arrangements  so that as soon as practicable  after the receipt of moneys to the
credit of such accounts,  such moneys are to be transferred to the credit of the
central  bank  accounts of the Trust in Victoria  (subject to a direction to the
contrary by the Trust Manager under clause 26.2(a)).





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<PAGE>


Appendix 2 - Uniform Single Attestation Program for Mortgage Bankers ("USAP")

I.       CUSTODIAL BANK ACCOUNTS

1.              Reconciliations shall be prepared on a monthly basis for all
         custodial bank accounts and related bank clearing accounts. These
         reconciliation's shall:

o               Be mathematically accurate;

o               Be prepared within forty-five (45) calendar days after the
         cutoff date;

o               Be reviewed and approved by someone other than the person who
         prepared the reconciliation; and

o               Document explanations for reconciling  items.  These reconciling
         items shall be resolved within ninety (90) calendar days of their
         original identification.

2.              Funds of the servicing entity shall be advanced in cases where
         there is an overdraft in an investor's or a mortgagor's account.

3.             Each  custodial  account  shall be  maintained  at a federally
         insured depository institution in trust for the applicable investor.

4.               Escrow  funds held in trust for a  mortgagor  shall be
         returned to the mortgagor within thirty (30) calendar days of payoff of
         the mortgage loan.


II.      MORTGAGE PAYMENTS

1.              Mortgage  payments  shall be deposited into the custodial
         bank accounts and related bank clearing accounts within two business
         days of receipt.

2.              Mortgage payments made in accordance with the mortgagor's
         loan documents shall be posted to the applicable mortgagor records
         within two business days of receipt.

3.              Mortgage payments shall be allocated to principal, interest,
         insurance, taxes or other escrow items in accordance with the
         mortgagor's loan documents.

4.              Mortgage payments identified as loan payoffs shall be allocated
         in accordance with the mortgagor's loan documents.


III.     DISBURSEMENTS

1.       Disbursements  made via wire  transfer  on  behalf  of a  mortgagor  or
         investor shall be made only by authorized personnel.

2.       Disbursements made on behalf of a mortgagor or investor shall be posted
         within two  business  days to the  mortgagor's  or  investor's  records
         maintained by the servicing entity.

3.       Tax and  insurance  payments  shall be made on or before the penalty or
         insurance  policy  expiration  dates,  as  indicated  on tax  bills and
         insurance premium notices, respectively, provided that such support has
         been  received by the  servicing  entity at least thirty (30)  calendar
         days prior to these dates.

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<PAGE>


4.              Any late payment penalties paid in conjunction with the payment
         of any tax bill or insurance premium notice shall be paid from the
         servicing entity's funds and not charged to the mortgagor, unless
         the late payment was due to the mortgagor's error or omission.

5.             Amounts remitted to investors per the servicer's investor
         reports shall agree with cancelled checks, or other form of payment, or
         custodial bank statements.

6.               Unissued checks shall be safeguarded so as to prevent
         unauthorized access.


IV.      INVESTOR ACCOUNTING AND REPORTING

1.              The servicing  entity's investor reports shall agree with, or
         reconcile to, investors' records on a monthly basis as to the total
         unpaid principal balance and number of loans serviced by the servicing
         entity.

V.       MORTGAGOR LOAN ACCOUNTING

1.              The servicing entity's mortgage loan records shall agree with,
         or reconcile to, the records of mortgagors with respect to the unpaid
         principal balance on a monthly basis.

2.              Adjustments on ARM loans shall be computed based on the
         related mortgage note and any ARM rider.

3.              Escrow accounts shall be analyzed, in accordance with the
         mortgagor's loan documents, on at least an annual basis.

4.              Interest on escrow accounts shall be paid, or credited, to
         mortgagors in accordance with the applicable state laws. (A compilation
         of state laws relating to the payment of interest on escrow accounts
         may be obtained through the MBA's FAX ON DEMAND service. For more
         information, contact MBA.)


VI.      DELINQUENCIES

1.              Records documenting collection efforts shall be maintained
         during the period a loan is in default and shall be updated at least
         monthly. Such records shall describe the entity's activities in
         monitoring delinquent loans including, for example, phone calls,
         letters and mortgage payment rescheduling plans in cases where the
         delinquency is deemed temporary (e.g., illness or unemployment).


VII.     INSURANCE POLICIES

1.       A fidelity-bond and errors and omissions policy shall be in effect on
         the servicing entity throughout the reporting period in the amount of
         coverage represented to investors in management's assertion.



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