EXHIBIT 99.1

                  Securitisation Advisory Services Pty Limited
                       OFFICER'S CERTIFICATE OF COMPLIANCE


The  undersigned  officer of  Securitisation  Advisory  Services Pty Limited,  a
company organized under the laws of New South Wales,  Australia ("SAS"),  hereby
certifies  on behalf of SAS and on his own behalf for  purposes of the Class A-1
Mortgage Backed Floating Rate Notes (collectively, the "Notes"), as follows:

1.       I am a duly appointed, qualified and acting Director of SAS;

2.       I am duly authorised to execute and deliver this Officer's Certificate
         on behalf of SAS; and

3.       To the best of my knowledge,  the Issuer  Trustee has complied with all
         conditions  and  covenants  under the  Transaction  Documents,  for the
         Series  2001-1G  Medallion  Trust issue of Notes for the period between
         April 20, 2001 and June 30, 2001.

Capitalised  terms used and not defined herein shall have the meanings  assigned
to such terms in the Note Trust Deed  related to the  above-referenced  issue of
Notes.

IN WITNESS WHEREOF, I have signed my name as of December 20, 2001.


/s/ Raymond George Wilkie
---------------------------
Name:  Raymond George Wilkie

Director
Securitisation Advisory Services Pty Limited



<PAGE>



                                  EXHIBIT 99.2

                          DOCUMENT CUSTODY AUDIT REPORT





<PAGE>


                                                                    EXHIBIT 99.2
                                                                    ------------

10 December 2001

Ms. Monica Stephen
Perpetual Trustee Company Limited
39 Hunter Street
SYDNEY NSW 2000


Dear Madam

Document Custody Procedures - 30 September 2001

o  Series 1997-1 Medallion Trust
o  Series 1998-1 Medallion Trust
o  Series 2000-1G Medallion Trust
o  Series 2000-2G Medallion Trust
o  Series 2001-1G Medallion Trust


1.       TERMS OF ENGAGEMENT

Commonwealth  Bank of  Australia  ("CBA"),  as Seller and Servicer of the Series
1997-1 Medallion Trust,  Series 1998-1 Medallion Trust, Series 2000-1G Medallion
Trust,  Series 2000- 2G Medallion Trust and Series 2001-1G  Medallion Trust (the
"Trusts"),  by letters of instruction  dated 29 May 2001,  engaged us to perform
certain  procedures in  connection  with CBA's role as custodian of the mortgage
documents  forming part of the assets of the Trusts.  The engagement is pursuant
to the  requirements  of  clause  25.6 of the  Trusts'  Series  Supplement  (the
"Deed").

Our engagement was undertaken in accordance with Australian  Auditing  Standards
applicable  to  agreed  upon  procedure  engagements.   The  responsibility  for
determining  the adequacy or otherwise of the procedures  agreed to be performed
is that of the addressee.  We disclaim any assumption of responsibility  for the
adequacy or otherwise of the procedures requested.

2.       AGREED UPON PROCEDURES

The  procedures  we agreed to  perform,  as  detailed  by CBA in the  letters of
instruction  and noted above,  are as prescribed in the Deed clauses 25.6(a) and
(b). These procedures involved:

o        review of custodial procedures adopted by CBA; and

o        review  of the  accuracy  of  information  in  respect  of the  Trusts'
         mortgage loans contained on the:

         (a)      Security Register; and


                                      - 1 -
<PAGE>

         (b)      monthly computer diskette sent to the Trustee.

Responsibility  for  the  performance  of  the  custodial   procedures  and  the
preparation of the monthly Trustee information is that of the management of CBA.
This includes  compliance  with the  requirements  of the Deed,  maintenance  of
adequate accounting records and internal controls.

3.       NATURE AND EXTENT OF PROCEDURES

The agreed upon procedures performed included the following:

3.1      GENERAL

1.       Obtained a copy of the Deed  prior to  commencement  of the  procedures
         listed  below and read clause 25,  "Seller as Custodian of the Mortgage
         Loan documents" to confirm our  understanding  of the purpose and scope
         of the procedures.

2.       Obtained a  diskette  copy of the  "Trustee  Monthly  Report"  (sourced
         directly from the Home Loan System ("HLS")) as at 30 September 2001 for
         the Series 1997-1,  Series 1998-1,  Series 2000-1G,  Series 2000-2G and
         Series  2001-1G pool of loans,  which  details  information  on all the
         loans held in the Trusts as at that date.

3.       Using an  automated  audit  sampling  tool,  "Audit  Command  Language"
         ("ACL"), we performed the following:

         (i)      stratified the population by location of security  packet,  to
                  assess the spread of security packets across the states;

         (ii)     ran the sampling  tool,  to select a sample of the  population
                  for  audit  testing,  using a  confidence  level of 95% and an
                  upper error limit of 5% (as specified by CBA); and

         (iii)    printed the report of selected loans ("Sample Report").

The  stratification  of data  provided the  following  details about the pool of
Trust loans and their location in Australia:


                                      - 2 -

<PAGE>



Series 1997-1:

     NSW                    352                26.63
     QLD                    208                15.73
     SA                      91                 6.88
     VIC                    539                40.78
     WA                     132                 9.98
     -------------------------------------------------
     Total                1,322               100.00


Series 1998-1:

     NSW                    488                33.98
     QLD                    168                11.70
     SA                      57                 3.97
     VIC                    552                38.44
     WA                     171                11.91
     -------------------------------------------------
     Total                1,436               100.00


Series 2000-1G:

     NSW                   3,951               32.20
     QLD                   1,655               13.49
     SA                      682                5.56
     VIC                   4,243               34.59
     WA                    1,737               14.16
     -------------------------------------------------
     Total                12,268              100.00





                                      - 3 -

<PAGE>



Series 2000-2G:

     NSW                   4,855               28.53
     QLD                   3,239               19.03
     SA                    1,405                8.26
     VIC                   5,405               31.76
     WA                    2,114               12.42
     -------------------------------------------------
     Total                17,018              100.00


Series 2001-1G:

     NSW                   8,648               40.45
     QLD                   1,744                8.15
     SA                    1,305                6.10
     VIC                   7,172               33.53
     WA                    2,518               11.77
     -------------------------------------------------
     Total                21,387              100.00


3.2      REVIEW OF CUSTODIAL PROCEDURES

The security packets in relation to the Trusts' loan portfolio are held at CBA's
Loan  Processing  Centres  ("LPC")  which are located in each capital  city.  In
consultation  with CBA it was  agreed  that  each  annual  review  of  custodial
procedures  should  be  undertaken  at the LPC in New  South  Wales,  the LPC in
Victoria and the LPC in one other state chosen on a cyclical basis. The cycle of
visits is as follows:

o        South Australia;

o        Queensland; and

o        Western Australia.


                                      - 4 -

<PAGE>



Our procedures  for this review were  undertaken at the LPCs in New South Wales,
Victoria and Western Australia.

Deed clause  25.7(a)  specifies  that the review of  custodial  procedures  must
consist of reporting on whether:

o        the mortgage  documents forming part of the assets of the Series Trusts
         are capable of identification  and are  distinguishable  from the other
         assets of the Seller (CBA);

o        controls  exist such that the mortgage  documents may not be removed or
         tampered with except with appropriate authorisation; and

o        an  appropriate  tracking  system is in place such that the location of
         the security  packets  containing the mortgage  documents in respect of
         the  mortgage  loans  comprising  Assets of the  Series  Trusts  can be
         detected at any time and the location of the mortgage  documents (other
         than  the  mortgage  documents  in  relation  to  the  First  Layer  of
         Collateral Securities but including any Insurance Policy or certificate
         of currency for an Insurance Policy in relation to a mortgage loan) can
         be detected at any time.

Specific procedures performed were as follows:

1.       Obtained and reviewed a copy of the following:

         o        instructions to the LPCs,  issued by CBA, in relation to their
                  Custodial   Procedure   responsibilities,    issued   at   the
                  commencement of the Trusts.

         o        confirmation  issued by the  individual  LPCs,  confirming the
                  implementation of the Custodial  Procedures as outlined in the
                  instructions.

2.       At  each  LPC  visited  discussions  were  held  with  the  Manager  or
         Supervisor  of the Document  Custody Area to ascertain the controls and
         procedures  implemented  at that  location in relation to the following
         custodial requirements:

         o        separation of and  identification  of the security  packets as
                  securitised;

         o        physical security; and

         o        tracking of these security packets.

3.       At each LPC  visited  a tour of the  building  and  compactus  area was
         undertaken to confirm the representations provided by CBA management on
         the custodial requirements outlined above.

4.       At each LPC visited  documented  all  procedures and controls that have
         been implemented to ensure the safe custody of the security packets.

                                      - 5 -

<PAGE>



3.3.     ACCURACY OF INFORMATION

Deed clause 25.7(b)  specifies that the review of the accuracy of information in
respect of the mortgages must consist of reviewing a sample of security  packets
in respect of the mortgage loans to determine whether they contain:

(i)      an original counterpart of the corresponding mortgage;

(ii)     the  Certificate  of Title (if any) in respect of the Land which is the
         subject of the mortgage; and

(iii)    (where  applicable)  any  mortgage  insurance  policy in respect of the
         corresponding mortgage other than the policy from GE Mortgage Insurance
         Pty Ltd (GEMI),  formerly  known as HLIC, for Series 1997-1 and 1998-1,
         policy from GEMICO for Series  2000- 1G, and policy from PMI for Series
         2000-2G and 2001-1G.

Were are also required to confirm the accuracy of the  information in respect of
the above  contained  in both the  Security  Register and the most recent of the
monthly computer diskettes provided to the Trustee. The information contained in
the monthly report to the Trustee in terms of Clause  6.1(h),  the source of the
information  and the  check to be  performed,  was  tabulated  in our  letter of
instruction, and is as follows:

<TABLE>
<CAPTION>
    INFORMATION PROVIDED            SOURCE               ON OR IN          CHECK TO BE PERFORMED
                                                      SECURITY PACKET
<S>                               <C>                 <C>                  <C>
Location of the packet            HLS/Tracking        N/A                  HLS to security packet
                                  System
Mortgage Registration             HLS                 Yes                  HLS to security packet
Number
Mortgagor(s)' surname             HLS                 Yes                  HLS to security packet
Title Particulars                 HLS                 Yes                  HLS to security packet
</TABLE>


The  information  provided to the Trustee  represents  the  attributes  which we
examine in our sample testing and we report all exceptions or errors  identified
thereon.


                                       - 6 -

<PAGE>


In carrying out the tests detailed above,  our letter of instruction  directs us
to use the  Exception  List  attached as Appendix 1 to this letter to  interpret
whether  or not an  exception  was an error  for the  purposes  of this  letter.
Further, our letter of instruction directs us, in determining whether a mortgage
insurance  policy  other than GEMI (or GEMICO and PMI  policies as  specified in
(iii) above) should be present, to rely on:

o        whether or not the Servicer's  policy is to allow  insurance other than
         GEMI (or GEMICO and PMI policies as specified in (iii)  above),  and if
         so;

o        the mortgage  insurance details recorded on the Servicer's  information
         system.

In accordance with the terms of the engagements,  we conducted an examination on
a sample of security  packets.  Procedures  with  respect to the accuracy of the
information  were designed to provide 95% confidence  that the upper error limit
in the population did not exceed 5%.

The Series 1997-1,  Series  1998-1,  Series  2000-1G,  Series 2000-2G and Series
2001-1G pool of loans as at 30 September 2001 consisted of 1,322, 1,436, 12,268,
17,018 and 21,387  mortgage loans,  respectively.  As described in the "General"
section 3.1 above, the testing  parameters and confidence levels were applied to
select  our  random  sample  of  loans,  on which  to  perform  our  examination
procedures.  On this basis, we randomly  selected a sample of 60 loans from each
pool.

The profile of the sample selected was as follows:

Series 1997-1:

        NSW                  10                16.67
        QLD                  11                18.33
        SA                    5                 8.33
        VIC                  28                46.67
        WA                    6                10.00
        ----------------------------------------------
        Total                60               100.00



                                      - 7 -

<PAGE>



Series 1998-1:

        NSW                 21                35.00
        QLD                  5                 8.33
        SA                   2                 3.34
        VIC                 27                45.00
        WA                   5                 8.33
        ----------------------------------------------
        Total               60               100.00


Series 2000-1G:

        NSW                 16                26.67
        QLD                 15                25.00
        SA                   2                 3.33
        VIC                 22                36.67
        WA                   5                 8.33
        ----------------------------------------------
        Total               60               100.00


Series 2000-2G:

        NSW                 13                21.67
        QLD                 19                31.67
        SA                   6                10.00
        VIC                 17                28.33
        WA                   5                 8.33
        ----------------------------------------------
        Total               60               100.00




                                      - 8 -

<PAGE>



Series 2001-1G:

        NSW                 23                38.33
        QLD                  7                11.67
        SA                   5                 8.33
        VIC                 24                40.00
        WA                   1                 1.67
        ----------------------------------------------
        Total               60               100.00

Specific procedures performed on the sample selected were as follows:

1.       Examined the security packets to ensure that they contained:

         (i)      an original mortgage;

         (ii)     a Certificate  of Title to the parcel of land which is subject
                  to the mortgage; and

         (iii)    mortgage  insurance  policy  certificate,  if loan not insured
                  under the GEMI (or  GEMICO and PMI as  specified  in 3.3 (iii)
                  above) policy.

2.       Agreed the  following  information  provided on the 30  September  2001
         Trustee diskette to the security packets and HLS:

         o        location of the security packets;

         o        mortgage registration number;

         o        mortgagor(s)' surname;

         o        Certificate of Title details; and

         o        where applicable,  any mortgage insurance policy in respect of
                  the corresponding  mortgage other than the GEMI (or GEMICO and
                  PMI  as  specified  in 3.3  (iii)  above)  mortgage  insurance
                  policy.

3.       If any of the security  packets did not contain any of the items listed
         in step 1 above,  explanations  were  obtained  from the  relevant  CBA
         personnel  regarding  the  documents  not in the packets or whether the
         security  packets or CBA's records indicate the location of the missing
         documents.

4.       Assessed the reasonableness and viability of any such explanations.



                                      - 9 -

<PAGE>


4.   DISCLAIMER

The procedures outlined in sections 2 and 3 above, do not constitute an audit in
accordance with Australian Auditing Standards,  and therefore, we do not express
any assurance on the relevant information on CBA's document custody systems. Had
we performed  additional  procedures  or had we performed an audit in accordance
with  Australian  Auditing  Standards  other  matters  might  have  come  to our
attention which would have been reported to you.


5.       RESULTS OF AGREED-UPON PROCEDURES

5.1      CUSTODIAL PROCEDURES

During our review of Custodial Procedures of CBA at the LPCs in New South Wales,
Victoria and Western Australia, the following aspects were noted:

o        consistent  use and  maintenance  of the HLS  system at the LPCs as the
         security packet tracking system.  The Record Management System ("RMS"),
         used by the  Conveyancing  department,  may also be used in the  larger
         LPCs by the  Document  Custodians,  as it  enables  more  detail on the
         packets to be reviewed;

o        physical  security of the packet  compactus areas appears  adequate and
         reasonable  (giving  due  consideration  to the size of the LPC and the
         number of packets in custody);

o        securitised  loan packets are kept separate from other loan packets and
         are clearly identified as "SECURITISED";

o        security  packets in relation to different  Series  Trusts were clearly
         identified and separately  identifiable  within the Securitised area of
         the compactus rooms; and

o        adequate  controls  appear to exist at the LPCs such that the  mortgage
         documents  may not be removed or  tampered  with,  without  appropriate
         authorisation.



                                     - 10 -

<PAGE>

5.2      ACCURACY OF INFORMATION

5.2.1    Exceptions Noted During Testing

We have noted a number of minor  inconsistencies in respect of mortgagors' names
recorded on the HLS system.  We have brought  these to CBA's  attention  and all
such instances have been rectified.

These exceptions are considered to be "Tolerable  Exceptions" in accordance with
the attached Exception List.

5.2.2    Evaluation of Sample Results

The terms of our engagement specified the following testing parameters:



         Confidence level                                                95.0%
         This is the complement of sampling  risk.  That is,
         for the purposes of our sample testing, you wish to
         achieve a 95.0%  confidence  level that the results
         from our testing  will be  statistically  accurate.
         Therefore,  you accept  that there is a 5.0% chance
         that our results will not be  representative of the
         population.

         Upper error limit                                                5.0%
         The upper error limit is the maximum possible error
         rate of deviations or exceptions in the population.
         This is the hypothesis that the testing is designed
         to achieve.

         Expected error rate                                              0.0%
         Reflects  the  anticipated  rate  of  error  in the
         population. Given a sample is representative of the
         population, this is also the expected error rate in
         the  sample.   In  planning  the  sample  size  the
         expected error rate is the maximum possible rate of
         deviations or  exceptions  permitted to achieve the
         stated confidence level.


In analysing the results of testing it should be appreciated that,  depending on
the attribute being tested, the error rate can vary  significantly  (although if
errors were detected for any attribute this would have required us to adjust the
sample size to achieve the given confidence level).  Accordingly,  an assessment
needs to be made on an item by item basis to determine the significance of error
rates recorded for each of the attributes tested.


                                        - 11 -

<PAGE>

As no exceptions other than "Tolerable Exceptions" were noted during testing, we
can conclude with 95.0%  confidence that for each attribute  tested for accuracy
of  information  the maximum  possible error rate of deviations or exceptions in
the population of each of the Trusts will not exceed 5.0%.


6. STATEMENT ON CUSTODIAL PERFORMANCE

Deed clauses 25.7(b) and 25.8 specify certain  statements to be made as a result
of conducting the agreed-upon procedures described in this letter.

On the basis of the above procedures:

(i)      no matter came to our attention  that would  indicate that the mortgage
         information provided to the Trustee on a monthly basis is not accurate;

(ii)     no matter came to our attention  that would indicate that the custodial
         procedures adopted by CBA are not satisfactory to ensure that:

         o        the  mortgage  documents  forming  part of the  assets  of the
                  Series   Trusts  are   capable  of   identification   and  are
                  distinguishable from the other assets of CBA;

         o        controls  exist such that the  mortgage  documents  may not be
                  removed   or   tampered    with   except   with    appropriate
                  authorisation; and

         o        an  appropriate  tracking  system  is in place  such  that the
                  location of the  security  packets can be detected at any time
                  and the location of the mortgage  documents can be detected at
                  any time.

(iii)    in accordance  with the following  grading system (as defined in Clause
         25.8 of the Deed) we grade CBA's overall  custodial  performance  as B,
         due to the minor exceptions noted.


         A     Good                  All control procedures and accuracy of
                                     information in respect of mortgage loan
                                     testing completed without exception

         B     Satisfactory          Minor exceptions noted



                                     - 12 -

<PAGE>


         C     Improvement Required     Base internal controls are in place
                                        but a number of issues were identified
                                        that need to be resolved for controls
                                        to be considered adequate; and/or
                                        Testing of the information in respect
                                        of mortgage loans identified a number
                                        of minor exceptions which are the
                                        result of non-compliance with the
                                        control system

         D     Adverse                  Major deficiencies in internal controls
                                        were identified.  Cannot rely on the
                                        integrity of the information in respect
                                        of mortgage loans on the security system
                                        and the trustee diskette


This report is solely for the  information of the addressees in connection  with
the Trusts and is not to be used,  circulated or otherwise referred to, in whole
or in part without our prior written consent.

Please contact Jeff  Chamberlain  on (02) 9248 4833 or Katya  Kuznetsova on (02)
9248 4932 if we can be of further assistance in this matter.

Yours faithfully

/s/ Ernst & Young

ERNST & YOUNG




Attn.    Appendix 1: Document Custody Procedures Exception List

cc:      Mr. Tim See, Group Treasury, Commonwealth Bank of Australia
         Ms. Gwenneth O'Shea, Group Treasury, Commonwealth Bank of Australia






                                     - 13 -

<PAGE>



                                   APPENDIX 1

                   DOCUMENT CUSTODY PROCEDURES EXCEPTION LIST


<TABLE>
<CAPTION>
Errors                                         Tolerable exception (to be listed but
                                               not included in sample error rate)

<S>                                            <C>
o    Document missing (without                 o     Reasonable explanation by Servicer
     reasonable explanation)                         (eg, local practice in title office
                                                     jurisdiction, normal course of
                                                     business)
o    Information recorded on security          o     Details record twice
     register contains incomplete or           o     Mortgage insurance policy number
     misleading details as to:                       not recorded on system
     - Registered mortgage number              o     Any other audit findings which are
     - Certificate of Title reference; or            not Errors as defined in this
     - Mortgagors surname                            Appendix.
</TABLE>




                                     - 14 -

<PAGE>



                                  EXHIBIT 99.3


             AUDITED ANNUAL REPORT FOR THE PERIOD ENDED 30 JUNE 2001





<PAGE>


                                                                    EXHIBIT 99.3
                                                                    ------------


INDEPENDENT AUDIT REPORT

To the unitholders of the Series 2001-1G Medallion Trust

SCOPE

We have audited the financial  report of the Series 2001-1G  Medallion Trust for
the  period  ended 30 June  2001 as set out on  pages 3 to 17.  The  Manager  is
responsible for the financial  report. We have conducted an independent audit of
the financial  report in order to express an opinion on it to the unitholders of
the Series 2001-1G Medallion Trust.

Our audit has been conducted in accordance with Australian Auditing Standards to
provide  reasonable  assurance  as to whether  the  financial  report is free of
material misstatement.  Our procedures included examination, on a test basis, of
evidence  supporting the amounts and other  disclosures in the financial report,
and the evaluation of accounting policies and significant  accounting estimates.
These  procedures  have  been  undertaken  to form an  opinion  whether,  in all
material  respects,  the financial report is presented fairly in accordance with
Accounting Standards,  other mandatory  professional  reporting requirements and
the  Trust  Deed  so  as  to  present  a  view  which  is  consistent  with  our
understanding of the financial  position of the Series 2001-1G  Medallion Trust,
the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

AUDIT OPINION

In our  opinion,  the  financial  report  presents  fairly  in  accordance  with
applicable  Accounting  Standards,   other  mandatory   professional   reporting
requirements  and the Trust Deed the  financial  position of the Series  2001-1G
Medallion  Trust as at 30 June 2001 and the  results of its  operations  and its
cash flows for the period then ended.


/s/ Ernst & Young

Ernst & Young

Sydney
Date: 25 October 2001




<PAGE>



                                 SERIES 2001-1G

                                 MEDALLION TRUST








                                  ANNUAL REPORT


                  FOR THE PERIOD 20 APRIL 2001 TO 30 JUNE 2001









                                       1
<PAGE>



SERIES 2001-1G MEDALLION TRUST

MANAGER'S REPORT

The Manager presents its report on the financial statements of the Trust for the
period 20 April 2001 to 30 June 2001.

1.       Trust Manager
         -------------

         The  Trust  Manager  of the  Series  2001-1G  Medallion  Trust  for the
         reporting period was Securitisation Advisory Services Pty Limited.

2.       Principal Activities
         --------------------

         The principal activities of the Trust for the reporting period were the
         purchase of Mortgage Loans from the Commonwealth  Bank of Australia and
         the issuance of medium-term notes (MTNs) to fund such purchase.

3.       Review of Operations
         --------------------

         The Trust was  established  under a Master  Trust  Deed dated 8 October
         1997 and a Series  Supplement  dated 5 April  2001 for the  purpose  of
         purchasing  Mortgage Loans from the Commonwealth  Bank of Australia and
         issuing medium-term notes to fund such purchase.  The issue of Notes to
         Noteholders and beneficial interest to the Residual Unitholder occurred
         on 20 April 2001.

4.       Financial Results
         -----------------

         The net operating  income for the Trust for the period 20 April 2001 to
         30 June 2001 was $2,375,948.

5.       Distributions
         -------------

         Distribution due and payable to Residual  Unitholder in accordance with
         the Trust  Deed as at 30 June  2001 was  $2,375,948  for the  reporting
         period.

6.       Significant Changes in State of Affairs
         ---------------------------------------

         There were no significant  changes in the state of affairs of the Trust
         in the period 20 April 2001 to 30 June 2001 other than those  disclosed
         in this report or the financial statements.



                                        2

<PAGE>



7.       Significant Events Subsequent to Balance Date
         ---------------------------------------------

         The  Manager  is not aware of any  other  matter  or  circumstance  not
         otherwise dealt with in this report, or the financial statements,  that
         has significantly affected, or may significantly affect, the operations
         of the Trust, the result of those  operations,  or the state of affairs
         of the Trust in subsequent financial periods.

Signed for and on behalf of Securitisation
Advisory Services Pty Limited as Manager
of the Series 2001-1G Medallion Trust


/s/  Gary Lynton Mackrell
------------------------------
Director

Sydney
25 October 2001


                                       3

<PAGE>



                         SERIES 2001-1G MEDALLION TRUST

                 FINANCIAL PERFORMANCE & DISTRIBUTION STATEMENT

                  FOR THE PERIOD 20 APRIL 2001 TO 30 JUNE 2001


<TABLE>
<CAPTION>
                                                                  NOTE                      20 APRIL 2001
                                                                                                       TO
                                                                                             30 JUNE 2001
                                                                                                        $
STATEMENT OF FINANCIAL PERFORMANCE
<S>                                                              <C>                           <C>

OPERATING REVENUE AND EXPENSES FROM ORDINARY
ACTIVITIES

Interest income                                                  2 (a)                         39,656,779

Fee income                                                       2 (b)                            850,364
                                                                                -------------------------

TOTAL OPERATING REVENUE                                                                        40,507,143
                                                                                =========================

EXPENSES

Interest expense                                                  2(c)                         28,427,260
Other expenses                                                    2(d)                          8,056,286
Manger's Fees                                                      13                             170,638
Trustee's Fees                                                     13                              64,314
Servicer's Fees                                                    13                           1,412,697
                                                                                -------------------------

TOTAL OPERATING EXPENSES                                                                       38,131,195
                                                                                =========================

NET OPERATING INCOME FROM ORDINARY ACTIVITIES                                                   2,375,948
                                                                                =========================

STATEMENT OF DISTRIBUTIONS

Net operating income                                                                            2,375,948
                                                                                -------------------------

TOTAL DISTRIBUTIONS PAID AND PAYABLE                                                            2,375,948
                                                                                =========================
</TABLE>


                                       4

<PAGE>



                         SERIES 2001-1G MEDALLION TRUST

                         STATEMENT OF FINANCIAL POSITION

                               As at 30 June 2001


<TABLE>
<CAPTION>
                                                                       NOTE                30 June 2001
                                                                                                      $
<S>                                                                     <C>               <C>
ASSETS

Cash                                                                     4                  107,543,593
Interest Receivable                                                      5                    9,264,320
Due from other financial institution                                     6                   77,024,014
Mortgage Loans                                                           7                2,703,582,746
Deferred costs                                                           8                    3,719,767
                                                                                -----------------------

TOTAL ASSETS                                                                              2,901,134,440
                                                                                =======================

LIABILITIES

Due to other financial institution                                       9                    6,581,549
Interest Payable                                                        10                   23,647,123
Fees Payable                                                            11                      420,739
Distribution Payable to Residual Unitholder - Related Party              3                    2,375,948
Notes                                                                   12                2,864,227,485
                                                                                -----------------------

TOTAL LIABILITIES                                                                         2,897,252,844
                                                                                =======================

NET ASSETS                                                                                    3,881,596
                                                                                =======================

TRUST CAPITAL

Trust Corpus                                                                                  3,881,596
                                                                                -----------------------

TOTAL TRUST CAPITAL                                                                           3,881,596
                                                                                =======================
</TABLE>


                                       5

<PAGE>



                         SERIES 2001-1G MEDALLION TRUST

                             STATEMENT OF CASH FLOWS

                  FOR THE PERIOD 20 APRIL 2001 TO 30 JUNE 2001


<TABLE>
<CAPTION>
                                                                      NOTE           20 APRIL 2001
                                                                                                TO
                                                                                      30 JUNE 2001
                                                                                                 $
<S>                                                                   <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES

Interest received                                                                       13,411,421
Fee income received                                                                        594,824

Borrowing cost - interest paid                                                         (4,780,137)

Fees paid to:-
  Manager                                                                                (140,034)
  Trustee                                                                                 (58,703)
  Servicer                                                                             (1,166,947)

Other expenses paid                                                                    (5,055,730)
                                                                                ------------------

NET CASH FLOWS FROM OPERATING ACTIVITIES                              (a)                2,804,694
                                                                                ==================

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for purchase of Mortgage Loans                                            (2,891,106,348)
Increase in principal receivable from other financial                                 (60,687,682)
institution
Repayments of Mortgage Loans                                                           188,423,848
                                                                                ------------------

NET CASH USED IN INVESTING ACTIVITIES                                              (2,763,370,182)

CASH FLOWS FROM FINANCING ACTIVITIES

Trust Capital                                                                            3,881,596
Net increase in notes issued                                                         2,864,227,485
                                                                                ------------------

NET CASH FLOWS FROM FINANCING ACTIVITIES                                             2,868,109,081
                                                                                ==================

Net increase in cash held                                                              107,543,593
Adding opening cash brought forward                                                              -

CLOSING CASH CARRIED FORWARD                                          (b)              107,543,593
                                                                                ==================
</TABLE>


                                       6

<PAGE>


STATEMENT OF CASH FLOWS (Continued)


<TABLE>
<CAPTION>
(a)       RECONCILIATION OF OPERATING INCOME TO NET CASH FLOWS FROM OPERATIONS
                                                                                    20 APRIL 2001
                                                                                               TO
                                                                                     30 JUNE 2001
                                                                                                $
<S>                                                                                  <C>
          Net operating income                                                          2,375,948
          ADJUSTMENTS FOR NON-CASH INCOME & expense items:
          Increase in interest receivable                                             (9,264,320)
          Increase in interest payable                                                 23,647,123
          Increase in fees payable                                                        420,739
          Increase in interest receivable from other financial institution           (16,981,038)
          Interest in fee income receivable                                             (255,540)
          Increase in Support Facility payable                                          6,581,549
          Deferred costs                                                              (3,719,767)
                                                                                -----------------
          Net cash provided by operating activities                                     2,804,694
                                                                                =================
(b)       RECONCILIATION OF CASH
                                                                                     30 JUNE 2001
                                                                                                $
          Cash at Bank                                                                107,543,593
                                                                                -----------------
          Closing cash balance                                                        107,543,593
                                                                                =================
</TABLE>



                                       7

<PAGE>



                         SERIES 2001-1G MEDALLION TRUST

                    NOTES TO AND FORMING PART OF THE ACCOUNTS


1.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)      Basis of Preparation
         --------------------

         The Series 2001-1G  Medallion Trust was constituted on 5 April 2001 and
         will terminate on its  Termination  Date unless  terminated  earlier in
         accordance  with the  provision of the Master Trust Deed and the Series
         Supplement.  The  Termination  Date means the earliest of the following
         dates to occur:-
         (i)      the date which is 80 years after the date of the  constitution
                  of the Series Trust;
         (ii)     the date on which the Series Trust  terminates by operation of
                  statute or by application of the general principles of law;
         (iii)    the date upon which the Series Trust  terminates in accordance
                  with the Master Trust Deed or the Series Supplement.

(b)      Historical Cost
         ---------------

         These  financial  statements  have been  prepared  in  accordance  with
         historical cost. Unless otherwise indicated,  all amounts are expressed
         in Australian currency.

(c)      Basis of Accounting
         -------------------

         The financial  report is a general purpose  financial  report which has
         been prepared in accordance with applicable Accounting  Standards,  and
         the  requirements  of the  Trust  Deed.  Other  mandatory  professional
         reporting  requirements (Urgent Issues Group Consensus Views) have also
         been complied with.

(d)      Statement of Cash Flows
         -----------------------

         For the purpose of the  Statement of Cash Flows,  cash includes cash on
         hand and in banks, and money market investments  readily convertible to
         cash within 2 working days.

(e)      Revenue Recognition
         -------------------

         Revenue  is  recognised  to the  extent  that it is  probable  that the
         economic  benefits  will  flow to the  entity  and the  revenue  can be
         reliably measured. The principal sources of revenue are interest income
         and fees and other income.


                                       8

<PAGE>



         (i)      Interest Income
                  ---------------

         Interest income relating to the mortgage loans is brought to account on
         an accruals basis as earned or incurred.

         (ii)     Fees and Other Income
                  ---------------------

         Fees and other  income  are taken to income in the period in which they
         are due and receivable.

(f)      Interest Expense
         ----------------

         Interest  expenses  relating  to  the  medium-term  notes  and  related
         borrowings  are  brought to account on an  accruals  basis as earned or
         incurred.

(g)      Deferred costs
         --------------

         Costs  associated with the issue of Medium Term Notes by the Trust have
         been  capitalised and are being amortised on a straight line basis over
         the life of the Notes.

(h)      Income Tax
         ----------

         Under current legislation the Trust is not subject to income tax as all
         taxable income is distributed in full during the period.

(i)      Financial Instruments
         ---------------------

         The Accounting  policies  adopted in relation to financial  instruments
         are set out in Note 15(a).

(j)      Comparative Analysis
         --------------------

         As the Trust began operations  during the current financial year, there
         are no comparative figures.


                                       9

<PAGE>



2.       REVENUE AND EXPENSES

(a)      Interest Revenue
         ----------------

<TABLE>
<CAPTION>
                                                                                           20/4/01 to
                                                                                              30/6/01
                                                               Average                                     Average
                                                               Balance                       Interest         Rate
                                                                            $                       $       % p.a.
<S>                                                             <C>                        <C>               <C>
         Interest income on Mortgage Loans                      2,797,344,547              37,901,018        6.87%
         Interest income on amount due from
         other financial institution                              184,813,289               1,755,761        4.82%
                                                         --------------------   ---------------------
                                                                2,982,157,836              39,656,779        6.74%
                                                         --------------------   ---------------------

(b)      Non-Interest Revenue
         --------------------
                                                                                           20/4/01 to
                                                                                              30/6/01
                                                                                                    $
         Fee income                                                                           850,364
                                                                                ---------------------
                                                                                              850,364
                                                                                ---------------------
(c)      Interest Expense
         ----------------
                                                                                           20/4/01 to
                                                                                              30/6/01
                                                                      Average                Interest      Average
                                                                      Balance                                 Rate
                                                                            $                       $            %
         Interest to Unitholders                                2,877,666,917              28,427,260        5.01%
                                                         --------------------   ---------------------
                                                                2,877,666,917              28,427,260        5.01%
                                                         --------------------   ---------------------
(d)      Other Expenses
         --------------
                                                                                           20/4/01 to
                                                                                              30/6/01
                                                                                                    $
         Government duties paid/payable on Mortgage Loans                                     124,580
         Liquidity & Standby Redraw Facilities Commitment                                      25,644
         Fees
         Support Facilities Payments                                                        7,652,975
         Other operating expenses                                                             253,087

                                                                                ---------------------
                                                                                            8,056,286
                                                                               ----------------------
3.       DISTRIBUTIONS
                                                                                           20/4/01 to
                                                                                              30/6/01
                                                                                                    $
         Distribution due and payable to Residual Unitholder-
         Related Party as at 30 June                                                        2,375,948
                                                                                =====================
</TABLE>



                                       10

<PAGE>



<TABLE>
<CAPTION>
                                                                                                          30 JUNE 2001
                                                                                                                     $
<S>                                                                                                        <C>
4.       CASH
         ----

                                                                                               ==================
         Cash at Bank                                                                                 107,543,593
                                                                                               ==================

5.       INTEREST RECEIVABLE
         -------------------

                                                                                               ==================
         Interest receivable on Mortgage Loans                                                          9,264,320
                                                                                               ==================

6.       DUE FROM OTHER FINANCIAL INSTITUTION

         Monthly Principal and Interest Collections due from Servicer
         (Commonwealth Bank of Australia)                                                              77,024,014
                                                                                               ==================

         Maturity Analysis

         Not longer than 3 months                                                                      77,024,014
         Longer than 3 and not longer than 12 months                                                            -
         Longer than 1 and not longer than 5 years                                                              -
         Longer than 5 years                                                                                    -
                                                                                                       77,024,014
                                                                                               ------------------
7.       MORTGAGE LOANS

         Mortgage Loans                                                                             2,703,582,746
                                                                                               ==================

         Maturity Analysis*

           Not longer than 3 months                                                                   105,202,824
           Longer than 3 and not longer than 12 months                                                394,522,723
           Longer than 1 and not longer than 5 years                                                1,775,133,441
           Longer than 5 years                                                                        428,723,758
                                                                                               ------------------
                                                                                                    2,703,582,746
                                                                                               ==================
         *Maturity  Analysis  based on  prepayment  speed of 22% per annum.  The
         weighted  average life of Mortgage Loans is 2.98 years. The majority of
         the loans have a contractual term of > 5 years.

8.       DEFERRED COSTS

         Unamortised portion of deferred costs                                                          3,719,767
                                                                                               ==================

9.       DUE TO OTHER FINANCIAL INSTITUTION

         Swap facility payable                                                                          6,581,549
                                                                                               ==================

         Series 2001-1G Medallion Trust has a liquidity  facility of $70 million
         with Commonwealth Bank of which nil was drawn as at 30 June 2001.

10.      INTEREST PAYABLE

                                                                                               ==================
         Interest payable on Notes                                                                     23,647,123
                                                                                               =================
</TABLE>


                                       11

<PAGE>


<TABLE>
<CAPTION>
                                                                                                   30/06/2001
                                                                                                            $
<S>                                                                                             <C>
11.      FEES PAYABLE

         Government duties and taxes on Mortgage Loans payable                                         48,114
         Trustee Fee Payable                                                                            5,611
         Manager Fee Payable                                                                           30,604
         Servicer Fee Payable                                                                         245,750
         Liquidity Facility Commitment Fee Payable                                                      2,493
         Redraw Facility Commitment Fee Payable                                                         2,137
         Arranging fees payable to SAS                                                                 77,930
         Audit fees payable                                                                             6,870
         Finance Charge due to Other Creditors                                                          1,230
                                                                                           ------------------
                                                                                                      420,739
                                                                                           ------------------
12.      NOTES

         Medium Term Notes outstanding                                                          2,864,227,485
                                                                                           ==================

         Maturity Analysis*

         Not longer than 3 months                                                                 229,159,640
         Longer than 3 and not longer than 12 months                                              382,390,752
         Longer than 1 and not longer than 5 years                                              1,798,488,902
         Longer than 5 years                                                                      454,188,191
                                                                                           ------------------
                                                                                                2,864,227,485
                                                                                           ==================
</TABLE>

         *Maturity  analysis  based on  prepayment  speed of 22% per annum.  The
         weighted average life of Medium Term Notes is 2.98 years.


13.      RELATED PARTY INFORMATION

         Management Company

         The Manager of the Series  2001-1G  Medallion  Trust is  Securitisation
         Advisory Services Pty Limited (ACN 064 133 946) which is a wholly-owned
         subsidiary of Commonwealth Bank of Australia.

         Directors

         The names of the persons who were directors of Securitisation  Advisory
         Services Pty Limited during the reporting period are as follows:

         Craig Carland
         Garry Mackrell
         Geoff Steel



                                       12

<PAGE>




         Trustee
         -------

         The Trustee during the reporting  period was Perpetual  Trustee Company
         Limited (ACN 000 001 007).

         Servicer & Swap Provider

         The  Servicer in relation to the  Mortgage  Loans and Swap  Provider in
         relation to the  interest  rate swaps during the  reporting  period was
         Commonwealth Bank of Australia (ACN 123 123 124).

         Residual Unitholder
         -------------------

         In accordance with the Master Trust Deed and the Series  Supplement,  a
         single  unit  known as the  Residual  Unit  represents  the  beneficial
         interest in the Trust. The initial Residual  Unitholder of the Trust is
         Commonwealth Bank of Australia (ACN 123 123 124).

         Related party transactions
         --------------------------

         Transactions  with related parties are set out below (refer Note 15 for
         Terms and Conditions of these transactions):

<TABLE>
<CAPTION>
                                                                                20/4/01 to 30/6/01
                                                                                                 $
<S>                                                                                     <C>
         Amount received or receivable in respect of:-

s        Interest on amount due from other financial institution                         1,755,761

         Amount paid or payable in respect of:-

         Liquidity & Standby Redraw Facilities Commitment Fees                              25,644
         Support Facility payments (Swap Provider - net settlement)                      7,652,975
         Distribution Payable to Residual Unitholder - Related Party                     2,375,948
                                                                                ------------------
                                                                                        10,054,567
                                                                                ==================

         Remuneration paid or payable to:
           Trustee                                                                          64,314
           Servicer                                                                      1,412,697
           Manager                                                                         170,638
                                                                                ------------------
                                                                                         1,647,649
                                                                                ==================

14.      AUDITOR'S REMUNERATION

         Amounts received or due and receivable by the auditors of
         the Series 2001-1G Medallion Trust for
           - Auditing the accounts                                                           6,870
                                                                                ==================
</TABLE>


                                       13

<PAGE>



15.      FINANCIAL INSTRUMENTS
         ---------------------

         (a)      Policy and Conditions
                  ---------------------

         The Trust's accounting policies,  including the terms and conditions of
         each  class  of  financial  asset,   financial   liability  and  equity
         instrument,  both recognised and  unrecognised at the balance date, are
         as follows:


<TABLE>
<CAPTION>
                                              Accounting Policy                            Terms & Conditions
<S>                          <C>                                                  <C>
(i) FINANCIAL ASSETS
    --------------------

Interest Receivable          Interest is earned on a daily accruals basis.        Interest on Collections are
(Note 5)                     Balance is carried at nominal amount due.            based on 90-day BBSW.

Due from other               Amount due from  other  Financial                    Amount will be received by
Financial Institution        Institution  is carried  at nominal amount           the Trust on Distribution
(Note 6)                     due and comprises all Collections for the            Date.
                             month by the  Servicer  and due to the Trust, and
                             interest  amounts  owed to the  Trust by the Swap
                             Provider in relation to the support facility.

Mortgage Loans               Mortgage Loans are carried at the lower of           Interest on Mortgage Loans
(Note 7)                     costs and recoverable amount which is the            averaged 6.87% over the
                             balance outstanding on loans which have              reporting period to 30 June
                             been purchased by the Trust from the                 2001.
                             Commonwealth Bank as at reporting date.

(ii) FINANCIAL LIABILITIES
     ----------------------
Due to Other                 Short-term borrowing is carried at                   A Liquidity Facility of $70
Financial Institution        principal amount.  Interest is charged as an         million is provided  by the
(Note 9)                     expense as it accrues.                               Commonwealth Bank.
                                                                                  Interest  is charged at margin
                                                                                  over  90-day  BBSW  on  drawn
                                                                                  amount on a daily basis and is
                                                                                  payable in arrears. A
                                                                                  Commitment fee accrues daily
                                                                                  and is payable in arrears.  A
                                                                                  Standby Redraw Facility of $80
                                                                                  Million is also provided  by
                                                                                  the Commonwealth Bank.  Interest
                                                                                  is charged at a  margin over
                                                                                  90-day BBSW on drawn amount on
                                                                                  a daily basis and is payable in
                                                                                  arrears.   A  Commitment   fee
                                                                                  accrues  daily and is  payable
                                                                                  in  arrears.   There  were  no
                                                                                  drawings    on   the    Redraw
                                                                                  Facility during the period.



                                       14

<PAGE>




                             The Trust has entered into a basis and a fixed rate
                             swap  agreement  which  are used to  hedge  against
                             interest rate mismatch  between  Mortgage Loans and
                             Notes.  These swap agreements are not recognised on
                             the Statement of Financial  Position.  Net payments
                             (or receipts) are  recognised as at reporting  date
                             on an accrual  basis as an  adjustment  to interest
                             expense (or revenue).

Interest Payable             Interest on MTNs is accrued over the                 Interest on MTNs is payable
(Note 10)                    Accrual Period as defined in the                     on each Distribution Date at
                             Information Memorandum and carried at                a margin over 90-day
                             nominal amount payable.                              BBSW and calculated at the
                                                                                  beginning of each Accrual
                                                                                  Period.
Fees Payable (Note           Fees Payable are accrued over the Accrual            Fees payable to the
11)                          Period as defined in the Information                 Servicer, Trustee, and
                             Memorandum and carried at nominal                    Manager are in accordance
                             amount payable.                                      with the Trust Deed and
                                                                                  agreed to between the
                                                                                  counterparties.
Distribution Payable         Distribution payable to Residual                     Any excess cashflow will
to Residual                  Unitholder is accrued on a monthly basis             be used to reimburse any
Unitholder (Note 3)          as the excess cashflow after all expenses            prior shortfall in  scheduled
                             have been paid.                                      coupon payments and
                                                                                  Standby Redraw Facility first,
                                                                                  with remaining  excess payable
                                                                                  to Residential Unitholder.

Medium Term                  The Notes were issued at par with an                 All Mortgage Loan
Notes issued (Notes          amortising Stated Amount as Mortgage                 Principal Collections by the
12)                          Loan Principal is repaid.                            Servicer are distributed to
                                                                                  Noteholders on Distribution
                                                                                  Date.  Interest on Notes
                                                                                  averaged 5.01% over the
                                                                                  reporting period to 30 June
                                                                                  2001.
                                       15

<PAGE>




(iii) TRUST CAPITAL
      ------------

Trust Corpus                 The  beneficial  ownership of the Series             Not applicable.
                             Trust is held for the Unitholder, being
                             the Commonwealth Bank of Australia.
</TABLE>


     (b)      Interest rate risk
              ------------------

      The Trust employs  interest rate swaps to provide hedging of interest rate
      mismatch  between  Mortgage  Loans  and  Notes  issued  as a result of the
      Seller's  variable  administered  rate and the fixed  rate  charged on the
      Mortgage Loans.  The notional  principal amount and nominal interest rates
      are reset at each  Distribution  Date. The maturity date of the Basis Swap
      is 18 August  2031 and 18 July 2006 for the Fixed Rate Swap.  The  Trust's
      exposure to interest rate risks and the effective  interest  rates (before
      interest rate swap) of financial  assets and financial  liabilities,  both
      recognised and unrecognised at the balance date, are as follows:


Financial Instruments
---------------------

<TABLE>
<CAPTION>
                                                     Repricing Period at                                         30/6/2001
                                                        30 June 2001
      (i) Financial Assets ($)         Floating    1 year or  Over 1 to 5 More than  Non-interest   Total carrying      Weighted
                                     Interest Rate    less       years     5 years      bearing      amount as per      average
                                                                                                      Statement of      interest
                                                                                                   Financial Position   rate (%)
<S>                                  <C>            <C>        <C>         <C>       <C>           <C>                    <C>
Cash                                   107,543,593           -           -       -                -      107,543,593      4.82
Interest Receivable                              -           -           -       -        9,264,320        9,264,320       n/a
Due from other financial institution    77,024,014           -           -       -                -       77,024,014      4.82
Mortgage Loans                       2,012,226,654  74,123,504 617,232,588       -                -    2,703,582,746      6.87
                                     ------------- ----------- -----------   -----   -------------- ----------------

Total                                2,196,794,261  74,123,504 617,232,588       -        9,264,320    2,897,414,673
                                     ------------- ----------- -----------   -----   -------------- ----------------

(ii) Financial Liabilities ($)

Due to other financial institution               -           -           -       -        6,581,549        6,581,549        n/a
Interest Payable                                 -           -           -       -       23,647,123       23,647,123        n/a
Fees Payable                                     -           -           -       -          420,739          420,739        n/a
Distribution Payable to Residual
   Unitholder                                    -           -           -       -        2,375,948        2,375,948        n/a
Notes                                2,864,227,485           -           -       -                -    2,864,227,485       5.01
                                     ------------- ----------- -----------  ------  --------------- ----------------

Total                                2,864,227,485           -           -       -       33,025,359    2,897,252,844
                                     ============= =========== ===========  ======  =============== ================

Swap Hedges                            703,952,083 (74,123,504)(629,828,579)     -                -                -
                                     ------------- ----------- ------------ ------  --------------- ----------------
Net mismatch                            36,518,859           -  (12,595,991)     -     (23,761,039)          161,829
                                     ------------- ----------- ------------ ------  --------------- ----------------
</TABLE>


                                       16
<PAGE>


         (c)      Liquidity and cash flow risk
                  ----------------------------

         A Liquidity  Facility is provided by the Commonwealth Bank of Australia
         for the purpose of funding certain income shortfalls in the Trust up to
         the limit of $70 million. This facility terminates on the date on which
         the  Liquidity  Facility  Provider  declares  the  Facility  terminated
         following an event of default or on Distribution  Date occurring on the
         31st anniversary of the first Distribution Date.

         To the extent that Principal  Collections,  Other Principal Amounts and
         Principal  Charge-off  Reimbursements  are  insufficient  to  meet  the
         monthly  redraws  made by the  borrowers,  a  Standby  Redraw  Facility
         provided  by the  Commonwealth  Bank of  Australia  can be drawn by the
         Trustee up to the facility limit of $80 Million.

         (d)      Credit risk exposures
                  ---------------------

         A GEMICO Mortgage  Insurance  Policy insures the Trustee against credit
         losses suffered on the Mortgage  Loans.  The Policy covers all Mortgage
         Loans  with  Loan-to-Valuation  Ratio  (LVR) less than or equal to 80%.
         Mortgage  Loans with  greater  than 80% LVR are  covered by  individual
         mortgage insurance policies, provided by either HLIC or GEMICO.


                                       17

<PAGE>

<TABLE>
<CAPTION>
Mortgage Loans Geographic Distribution                 Loan Balance               % of Loan Balance
                                                       $
<S>                                                       <C>                              <C>
Australian Capital Territory                                 54,612,371                        2.02
New South Wales                                           1,134,423,320                       41.96
Queensland                                                  233,048,833                        8.62
Victoria                                                    822,970,588                       30.44
Western Australia                                           301,179,118                       11.14
South Australia                                             121,931,582                        4.51
Northern Territory                                           11,355,048                        0.42
Tasmania                                                     24,061,886                        0.89
                                                          2,703,582,746                     100.00%
</TABLE>


         (e)      Off-balance sheet financial instruments
                  ---------------------------------------

         As at 30 June 2001, the following swaps were in place between the Trust
         and the Commonwealth Bank of Australia as Swap Provider:


<TABLE>
<CAPTION>
Basis Swap
----------

<S>                                                               <C>
Floating Administered Rate Payer:                                 The Series 2001-1G Medallion Trust
Floating Administered Rate:                                       7.3165%
Floating BBSW Rate Payer:                                         Commonwealth Bank of Australia
Floating 30 day BBSW Rate + 1.001%p.a. margin:                    6.0393%
Floating Rate Day count:                                          Actual/365
Calculation Period:                                               18 June to 18 July 2001
Payment Date:                                                     18 July 2001
Notional Principal Amount:                                        $417,192,129

Fixed Rate Swap
---------------

Fixed Rate Payer:                                                 The Series 2001-1G Medallion Trust
Fixed Rate:                                                       6.7668%
Floating Rate Payer:                                              Commonwealth Bank of Australia
Floating 30 day BBSW Rate + 1.001%p.a. margin:                    6.0393%
Fixed Rate Day count:                                             Actual/365
Calculation Period:                                               18 June to 18 July 2001
Payment Date:                                                     18 July 2001
Notional Principal Amount:                                        $140,929,008
</TABLE>

                                       18

<PAGE>

<TABLE>
<CAPTION>

Basis Swap
----------

<S>                                                               <C>
Floating Administered Rate Payer:                                 The Series 2001-1G Medallion Trust
Floating Administered Rate:                                       6.3077%
Floating BBSW Rate Payer:                                         Commonwealth Bank of Australia
Floating 120 day BBSW Rate + 1.06%p.a. margin:                    5.6783%
Floating Rate Day count:                                          Actual/365
Calculation Period:                                               20 April to 20 August 2001
Payment Date:                                                     20 August 2001
Notional Principal Amount:                                        $1,743,083,273

Fixed Rate Swap
---------------

Fixed Rate Payer:                                                 The Series 2001-1G Medallion Trust
Fixed Rate:                                                       7.1431%
Floating Rate Payer:                                              Commonwealth Bank of Australia
Floating 120 day BBSW Rate + 1.421%p.a. margin:                   6.0393%
Fixed Rate Day count:                                             Actual/365
Calculation Period:                                               20 April to 20 August 2001
Payment Date:                                                     20 August 2001
Notional Principal Amount:                                        $563,023,075

Cross Currency Swap
-------------------

AUD Payer:                                                        The Series 2001-1G Medallion Trust
Notional AUD Principal Amount                                     $1,133,553,174
Floating 120 day BBSW Rate + 0.3537%p.a.                          4.972%
AUD Rate Day count:                                               Actual/365
USD Payer:                                                        Commonwealth Bank of Australia
Notional USD Principal Amount:                                    $550,000,000
Floating 120 day US LIBOR Rate + 0.185%p.a.                       4.9675%
USD Rate Day count:                                               Actual/360
AUD/USD Fixed Exchange Rate:                                      0.4852
Calculation Period:                                               20 April to 20 August 2001
Payment Date:                                                     20 August 2001
</TABLE>


As at 30 June 2001,  the  following  swap was in place between the Trust and the
Citibank N.A. as Swap Provider:

                                       19

<PAGE>

Cross Currency Swap
-------------------

<TABLE>
<S>                                                               <C>
AUD Payer:                                                        The Series 2001-1G Medallion Trust
Notional AUD Principal Amount                                     $1,133,553,174
Floating 120 day BBSW Rate + 0.3353%p.a.                          4.9536%
AUD Rate Day count:                                               Actual/365
USD Payer:                                                        Citibank N.A.
Notional USD Principal Amount:                                    $550,000,000
Floating 120 day US LIBOR Rate + 0.185%p.a.                       4.9675%
USD Rate Day count:                                               Actual/360
AUD/USD Fixed Exchange Rate:                                      0.4852
Calculation Period:                                               20 April to 20 August 2001
Payment Date:                                                     20 August 2001
</TABLE>

         (f)      Net Fair Values
                  ---------------

         The  aggregate  net fair  values  of  financial  assets  and  financial
         liabilities,  both  recognised and  unrecognised,  at the balance sheet
         date are as follows:


Financial Instruments
---------------------

<TABLE>
<CAPTION>
                                                                           30 June 2001
                                                       Total carrying amount as       Aggregate Net Fair
                                                           per Statement of                  Value
                                                          Financial Position

<S>                                                  <C>                        <C>
(i) Financial Assets ($)
Cash                                                             107,543,593                   107,543,593
Interest Receivable                                                9,264,320                     9,264,320
Due from Other Financial Institution                              77,024,014                    77,024,014
Mortgage Loans                                                 2,703,582,746                 2,714,967,841
                                                   -------------------------    --------------------------
Total                                                          2,897,414,673                 2,908,799,768

(ii) Financial Liabilities ($)
Due to other financial institution                                 6,581,549                     6,581,549
Interest Payable                                                  23,647,123                    23,647,123
Fees Payable                                                         420,739                       420,739
Distribution Payable to Residual                                   2,375,948                     2,375,948
Unitholder
Notes                                                          2,864,227,485                 2,864,227,485
                                                   -------------------------    --------------------------
Total                                                          2,897,252,844                 2,897,252,844

(iii) Off-Balance Sheet ($)
Swaps    - Fixed Rate Swap                                                 -                  (11,385,095)
         - Cross Currency Swap                                             -                 (101,855,400)
                                                   -------------------------    --------------------------
Total                                                                      -                 (113,240,495)
                                                   =========================   ===========================
</TABLE>

                                       20

<PAGE>



         The fair value for cash and other short term  receivables  and payables
         approximate their carrying amount.

         For variable rate Mortgage  Loans,  the carrying amount is a reasonable
         estimate of net fair value. The net fair value for fixed rate loans was
         calculated  by  utilising  discounted  cash flow models  (i.e.  the net
         present  value of the  portfolio  future  principal  and interest  cash
         flow),  based on the maturity of the loans.  The discount rates applied
         were  based on the  current  benchmark  rate  offered  for the  average
         remaining  term of the portfolio (as per the  Commonwealth  Bank).  The
         mortgage  loan  portfolio is carried in excess of aggregate  fair value
         due to an increase in current  benchmark rate for fixed rate loans.  No
         write-down is required as loans are intended to be held until maturity.

         There  is no fair  value  adjustment  for the  Basis  Swap as it can be
         terminated  without  penalty at the next  roll-over  period by the swap
         provider.  The net fair value of the Fixed Rate Swap has been estimated
         on the basis of the agreed  rates  against  the yield curve (for swaps)
         for its  remaining  term (as per the  Commonwealth  Bank) as at 30 June
         2001.

         The fair  value  of  currency  swaps  is  based  on the mark to  market
         methodology used by the swap provider taking into account expected cash
         flows and movements in foreign exchange rates.

         There is no  readily  available  market  price in  respect of the Notes
         issued by the Trust.  Net fair value for these Notes has been estimated
         on the basis of trading  margins on them as at the  balance  date,  and
         calculated on amortised principal balances.

16.      CONTINGENT LIABILITIES

         No contingent liabilities were identified by the Trust at balance date.


17.      REPORTING BY SEGMENTS

         The Trust operates  predominantly  in the Loan  Securitisation  area in
         Australia,  and all mortgages are domiciled in Australia. The Trust has
         issued  three  tranches  of  medium  term  notes,  two  denominated  in
         Australia  dollars for  Australian  investors  and the largest  tranche
         denominated  in US  dollars  to  investors  in Europe and the US. As at
         30/6/01,  of the total Bonds outstanding of AUD  2,864,227,485,  the US
         dollar bonds  outstanding  totalled USD  1,100,000,000  (AUD equivalent
         $2,267,106,348).



                                       21

<PAGE>



SERIES 2001-1G MEDALLION TRUST

MANAGER'S STATEMENT

In the opinion of the Manager:

(a)      the financial statements set out on pages 3 to 17 are drawn up so as to
         give a true and fair view of the results from operations and cash flows
         for the reporting  period ended 30 June 2001,  and the state of affairs
         of the Trust at 30 June 2001;

(b)      the  financial  statements  have  been  made  out  in  accordance  with
         applicable Accounting Standards, other mandatory reporting requirements
         and the Trust Deed dated 8 October 1997;

(c)      the Trust has operated  during the period 20 April 2001 to 30 June 2001
         in accordance with the provisions of the Trust Deed.

Signed for and on behalf of  Securitisation  Advisory  Services  Pty  Limited as
Manager of the Series 2001-1G Medallion Trust.



/s/  Gary Lynton Mackrell
---------------------------------
Director


Sydney
25 October 2001



                                       22

<PAGE>


SERIES 2001-1G MEDALLION TRUST

TRUSTEE'S REPORT

The financial  statements for the period 20 April 2001 to 30 June 2001 have been
prepared by the Trust Manager,  Securitisation  Advisory Services Pty Limited as
required by the Trust Deed.

The  Auditor  of the  Trust,  Ernst &  Young,  who has been  appointed  by us in
accordance with the Master Trust Deed, has conducted an audit of these financial
statements.

A review of operations of the Trust and the results of those  operations for the
reporting period is contained in the Manager's Report.

Based on our ongoing program of monitoring the Trust,  the Trust Manager and our
review of the financial statements, we believe that:

(i)      the Trust has been conducted in accordance with the Trust Deed;

(ii)     the financial statements have been appropriately prepared and contained
         all relevant and required disclosures.

We are not aware of any material  matter or  significant  change in the state of
affairs  of the Trust  occurring  up to the date of this  report  that  requires
disclosure  in the  financial  statements  and the  notes  thereto  that has not
already been disclosed.



Signed for and on behalf of
Perpetual Trustee Company Limited



/s/
---------------------------------
Director


Sydney
25 October 2001


                                       23