Exhibit 99.2

                           [Ernst & Young Letterhead]


          Independent Auditor's Annual Servicer Compliance Certificate
                         Medallion Trust Series 2003-1G


To:  Directors of Commonwealth Bank of Australia
To:  Directors of Securitisation Advisory Services Pty Limited

SCOPE

We have reviewed Commonwealth Bank of Australia's  activities for the purpose of
determining its compliance with the servicing  standards contained in the Master
Trust Deed dated 8 October 1997,  and the Medallion  Trust Series 2003-1G Series
Supplement  (collectively the  "Documents"),  in relation to the Medallion Trust
Series  2003-1G  for the  period  ended 30 June  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 25 September
2003.

We  have  reviewed  the  servicing  standards  contained  in  the  Documents  as
summarised  in  Appendix  1, 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  hereto 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 included in Appendix 1, in order to express a
statement  on the  Servicer's  compliance  with  them  to  Commonwealth  Bank of
Australia and Securitisation Advisory Services Pty Limited.

Our review of the  servicing  standards has been  conducted in  accordance  with
Assurance  Engagements Standard AUS 108 "Assurance  Engagements" 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
not been compliance in all material  respects by the Servicer with the servicing
standards contained in the Documents for the period ended 30 June 2003.

Our review did not  include  an  assessment  of the  adequacy  of the  servicing
standards themselves.


                           Liability limited by the Accountants Scheme, approved
                           under the Professional Standards Act 1994 (NSW).
                                                                               1
<PAGE>


This statement has been prepared for the use of  Commonwealth  Bank of Australia
and  Securitisation  Advisory  Services  Pty  Limited  as at  30  June  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 25 September  2003. We disclaim any  assumption of
responsibility  for any reliance on this review  statement,  to any person other
than  Commonwealth  Bank of Australia and  Securitisation  Advisory Services Pty
Limited.

STATEMENT

Based on our review, 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  Medallion  Trust  Series  2003-1G,  for the
     period ended 30 June 2003;

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    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    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;

                                                                               2

<PAGE>

     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.


/S/ ERNST & YOUNG

Ernst & Young

29 September 2003




                                                                               3
<PAGE>

[LOGO] ERNST & YOUNG


APPENDIX 1

EXTRACT OF THE  SERVICING  STANDARDS  FROM THE  MEDALLION  TRUST SERIES  2003-1G
SERIES SUPPLEMENT DATED 5 MARCH 2003

16       SERVICING OF MORTGAGE LOAN RIGHTS

16.1     APPOINTMENT OF SERVICER

         The Servicer is hereby  appointed  and agrees to act as the Servicer of
         the Mortgage  Loan Rights  (with  effect on and from the Cut-Off  Date)
         which,  from time to time, form part of the Assets of the Series Trust,
         on the terms and conditions of this Deed.

16.2     OBLIGATION TO ACT AS SERVICER UNTIL TERMINATION OF APPOINTMENT

         The Servicer's  duties and obligations  contained in this Deed continue
         until the date of the  Servicer's  retirement or removal as Servicer in
         accordance with this Deed.

16.3     GENERAL SERVICING OBLIGATION

         The Servicer must ensure that the Servicing of the Mortgage Loan Rights
         which  from time to time form part of the  Assets of the  Series  Trust
         (including  the  exercise of the express  powers set out in this clause
         16) is:

         (a)      (IN  COMPLIANCE  WITH THIS CLAUSE 16): in compliance  with the
                  express  limitations  in this  clause  16  (unless  the  prior
                  written  consent of the Manager and the Trustee is  obtained);
                  and

         (b)      (IN ACCORDANCE WITH SERVICING  STANDARDS):  to the extent that
                  this clause 16 does not provide otherwise,  in accordance with
                  the Servicing Standards.

16.4     POWER TO SERVICE

         (a)      (SERVICING  FUNCTIONS  VESTED IN  SERVICER):  The  function of
                  servicing  the  Mortgage  Loan Rights  which at any given time
                  form part of the Assets of the  Series  Trust is vested in the
                  Servicer  and its is entitled to  undertake  the  servicing of
                  those  Mortgage  Loan Rights to the  exclusion  of the Trustee
                  (other than when acting as Servicer in accordance  with clause
                  18) and the Manager.

         (b)      (EXPRESS  POWERS):  Without  limiting its general powers,  the
                  Servicer  has the express  powers set out in this clause 16 in
                  relation to the servicing of the Mortgage Loan Rights which at
                  any given time form part of the Assets of the Series Trust.

16.5     EXERCISE OF DISCRETIONS

         The Servicer  must,  in servicing  the Mortgage  Loan Rights which then
         form part of the Assets of the  Series  Trust,  exercise  its power and
         discretions under this Deed, the Servicing Guidelines, and the relevant
         Mortgage  Documents to which it is a party in accordance with standards
         and practices  suitable for a prudent  lender in the business of making
         retail home loans.

16.6     SERVICER'S UNDERTAKING REGARDING MORTGAGE LOAN RIGHTS

         The Servicer  undertakes  for the benefit of the Trustee,  that it will
         either  directly  (including  by the exercise of its  delegated  powers
         under this Deed and the  Master  Trust  Deed from the  Trustee  and the
         Sellers) or indirectly:

         (a)      (DULY STAMP):  promptly ensure that any Mortgage Loan Document
                  in  relation  to a  Mortgage  Loan  following  any  amendment,
                  consolidation,  supplementation, novation or substitution of a
                  Mortgage,  is duly  stamped (if liable to stamp duty) and duly
                  registered (where  registration is required) with the relevant
                  land titles office to constitute, in the case of a Mortgage, a
                  subsisting first-ranking registered mortgage over the relevant
                  properly;

         (b)     (NOTIFY BREACHES OF SERVICING GUIDELINES): promptly notify the
                  Trustee  and  the  Manager  of  any  material  breach  of  the
                  Servicing  Guidelines  by  the  Servicer  in  relation  to the
                  servicing of the Mortgage Loan Rights then forming part of the
                  Assets of the Series Trust;

         (c)      (COMPLY WITH MORTGAGE INSURANCE POLICIES): notwithstanding any
                  other  provision  in  this  Deed,  comply  with  its  material
                  obligations under any Mortgage  Insurance Policy in respect of
                  Mortgage  Loans then  forming part of the Assets of the Series
                  Trust;

                                                                               1
<PAGE>
[LOGO] ERNST & YOUNG                                                  Appendix 1

         (d)      (EXECUTIVE DOCUMENTS): at the Trustee's request (acting on the
                  direction of the Manager),  execute such further documents and
                  do anything else  (including,  without  limitation,  executing
                  further  powers  of  attorney  substantially  in the  form  of
                  Schedules 2, 3 and 4) that the Trustee reasonably  requires to
                  ensure its  ability to  register  Mortgage  Transfers  and the
                  registration of the Power of Attorney in each  jurisdiction of
                  Australia;

         (e)      (UPSTAMP):  if a Seller makes any further advance or otherwise
                  provides further financial accommodation to a Borrower, ensure
                  that any  further  stamp  duty  which  becomes  payable on the
                  relevant  Mortgage  Documents  as a  result  of  such  further
                  advance or provision of financial  accommodation  is duly paid
                  promptly in accordance with any applicable laws;

         (f)      (MAKE  CALCULATIONS):  upon  receipt of notice that a Borrower
                  desires to repay a  Mortgage  Loan in full,  prepare  and make
                  available  documentation  and make  such  calculations  as are
                  necessary to enable the  repayment  of the  Mortgage  Loan and
                  discharge of the  corresponding  Mortgage  and any  Collateral
                  Securities  (provided  that the  Servicer  is not  required to
                  discharge a Mortgage  of  Collateral  Securities  if they also
                  secure another Mortgage Loan or an Other Loan);

         (g)      (DELIVER MORTGAGE DOCUMENTS AND PERFORM OBLIGATIONS):

              (i) if a Perfection of Title Event occurs, promptly deliver to the
                  Trustee (or procure  delivery to the Trustee of) all  Mortgage
                  Documents not otherwise  provided to the Trustee in accordance
                  with clause 25 and (subject to any restrictions imposed by any
                  law)  promptly  provide  such  evidence in its  possession  or
                  control as may be required by the Trustee to support any claim
                  in respect of any Mortgage Loan Rights; and

            (ii)  duly and punctually  perform each of its material  obligations
                  under this Deed and under each of the Mortgage  Documents  and
                  the Transaction Documents to which it is a party;

         (h)      (PERFECTION OF TITLE EVENT):  assist and  co-operate  with the
                  Trustee and the Manager in the Trustee  obtaining  legal title
                  to the Mortgage  Loan Rights  following a Perfection  of Title
                  Event;

         (i)      (WRITE-OFFS): where any material amount of a Mortgage Loan has
                  been  written  off as  uncollectible  in  accordance  with the
                  Servicing Guidelines and this Deed and GEMI, GEMICO or PMI, as
                  the case may be, has  rejected  a claim  made by the  Servicer
                  under the applicable  Mortgage  Insurance Policy,  ensure that
                  the  documentation  relevant to that Mortgage Loan is examined
                  to determine whether the  representations  and warranties made
                  pursuant to clause 13.1 in respect of that  Mortgage Loan were
                  correct  at the  Cut-Off  Date.  After such  examination,  the
                  Servicer  must notify the Trustee if the  representations  and
                  warranties  made pursuant to clause 13.1 were  incorrect  when
                  given in respect of that  Mortgage Loan as at the Cut-Off Date
                  (and if the Servicer  and the  relevant  Seller in relation to
                  the  Mortgage  Loan are the same  person  such  notice will be
                  deemed to be a notice  given by that Seller under clause 14.1,
                  and must comply with that  clause) and if this is the case CBA
                  must,  if the  determination  made  by the  Servicer  in  this
                  paragraph is made after the expiry of the  Prescribed  Period,
                  pay damages to the Trustee in accordance with clause 14.9;

         (j)      (FIXED RATE SWAPS):  ensure that before the  Servicer  aggress
                  with a Borrower,  or allows a Borrower  to elect,  to vary the
                  rate of  interest  payable  under a Mortgage  Loan to become a
                  fixed rate for a given period, the Trustee and the Manger have
                  entered into (or have  confirmed  that they will enter into) a
                  Fixed  Rate  Swap for that  given  period in  accordance  with
                  section  16 of the  Interest  Rate  Swap  Agreement.  Upon the
                  request of the Servicer,  the Manager must enter into and must
                  direct the Trustee to enter into (and upon such  direction the
                  Trustee must enter into) a Fixed Rate Swap in accordance  with
                  section 16 of the Interest  Rate Swap  Agreement.  The maximum
                  term of a Fixed Rate Swap entered into pursuant to this clause
                  must not exceed 10 years  unless each Rating  Agency  issues a
                  Rating  Affirmation  Notice in respect of such longer  period.
                  The  Servicer is not in breach of this  clause  16.6(j) if the
                  Trustee and the  Manager  fail to enter into a Fixed Rate Swap
                  in accordance with a request of the Servicer  pursuant to this
                  clause 16.6(j); and

         (k)      (BASIS CAP):  ensure that before the  Servicer  aggress with a
                  Borrower,  or allows a Borrower to elect,  to cap the variable
                  rate of  interest  payable  under a Mortgage  Loan for a given
                  period, the Trustee and the Manager have entered into (or have
                  confirmed  that they will enter into) an  Interest  Rate Basis
                  Cap for that given period in accordance with Part 5(18) of the
                  Schedule to the Interest Rate Swap Agreement. Upon the request
                  of the  Servicer,  the Manager must enter into and must direct
                  the Trustee to enter into (and upon such direction the Trustee
                  must enter into) an Interest Rate Basis Cap in accordance with
                  such Part.  The  maximum  term of an  Interest  Rate Basis Cap
                  entered into  pursuant to this clause must not exceed 10 years
                  unless each Rating Agency issues a Rating  Affirmation  Notice
                  in respect  of such  longer  period.  The  Servicer  is not in
                  breach of this  clause  16.6(k) if the  Trustee and the Manger
                  fail to enter into an  Interest  Rate Basis Cap in  accordance
                  with a  request  of  the  Servicer  pursuant  to  this  clause
                  16.6(k).

16.7     INTEREST RATES ON MORTGAGE LOANS

         The Servicer  must,  as part of its function of servicing  the Mortgage
         Loans,  set the interest rate charged and the monthly  instalment to be
         paid by the Borrower on each  Mortgage  Loan forming part of the Assets
         of the  Series  Trust.  The  Servicer  must  ensure  that  the  monthly
         instalment  to be paid in relation to each Mortgage Loan is equal to or
         greater than the monthly  interest  payable on that  Mortgage Loan (but
         without limiting any right of the Borrower to pay less than the monthly
         instalment, or no monthly

                                                                               2
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1


         instalment,  where the amount  outstanding  under the Mortgage  Loan is
         less than the Scheduled  Balance of the Mortgage Loan).  For so long as
         CBA is the Servicer, such interest rate must be the interest rate which
         the relevant  Seller  charges on the same type of mortgage loan (having
         regard,  among other things, to the nature of the Mortgage Loan product
         and the type of borrower) which is recorded on its Mortgage Loan System
         but  which  has not been  assigned  to the  Trustee,  unless  this Deed
         requires  the  Servicer to charge a  different  rate in respect of that
         Mortgage Loan.

16.8     RELEASE OF SUBSTITUTION OF SECURITY

         (a)      (SUBSTITUTION AND RELEASE): The Servicer may, in relation to a
                  Mortgage  Loan  which is then an Asset  of the  Series  Trust,
                  release or  substitute  any  corresponding  Mortgage  or First
                  Layer  of  Collateral   Security  provided  that  this  is  in
                  accordance with the  corresponding  Mortgage  Insurance Policy
                  and the Servicing Guidelines.

         (b)      (INDEMNITY):  The Servicer indemnifies the Trustee (whether on
                  its own account or for the account of the  Securityholders  of
                  the Series  Trust)  against any costs  (including  legal costs
                  charged at the usual  commercial  rates of the relevant  legal
                  services provider),  damages or loss it suffers as a result of
                  any release or  substitution of any Mortgage or First Layer of
                  Collateral  Securities  which  then are  Assets of the  Series
                  Trust not being accordance with clause 16.8(a).  The amount of
                  the costs,  damages and loss is to be  determined by agreement
                  between the Trustee and the Servicer or, failing agreement, by
                  the Servicer's external auditors. The amount cannot exceed the
                  principal  amount  outstanding in respect of the Mortgage Loan
                  (as recorded on the Mortgage  Loan System) and any accrued but
                  unpaid  interest  and any  outstanding  fees in respect of the
                  Mortgage Loan (calculated at the time of Agreement between the
                  Trustee  and  the  Servicer  or  by  the  Servicer's  external
                  auditors, as the case may be).

16.9     VARIATION OR RELAXATION OF TERMS OF MORTGAGE LOANS

         (a)      (VARIATIONS):  Subject  to  clauses  16.9(b)  and  16.25,  the
                  Servicer may vary,  extend or relax the time to maturity,  the
                  terms of  repayment  or any other term of a Mortgage  Loan and
                  its related Mortgage and First Layer of Collateral  Securities
                  which are then Assets of the Series Trust.

         (b)      (LIMITATIONS ON VARIATIONS):  Except as contemplated by clause
                  16.14 or where a  Mortgage  Loan is  regarded  as having  been
                  repaid in full as provided in clause  16.20(b),  the  Servicer
                  must not  grant any  extension  of the time to  maturity  of a
                  Mortgage  Loan  which  is then an Asset  of the  Series  Trust
                  beyond 30 years from the Settlement Date for the Mortgage Loan
                  or allow any reduced monthly payment that would result in such
                  an extension.

16.10    RELEASE OF DEBT

         Subject to clause  16.14,  the Servicer may not  voluntarily  release a
         Borrower from any amount owing in respect of a Mortgage  Loan,  related
         Mortgage or First Layer of Collateral  Security  unless that amount has
         been written off by the  Servicer,  or the Servicer has  determined  to
         write-off such amount,  in either case in accordance with the Servicing
         Standards.

16.11    WAIVERS, RELEASES AND COMPROMISES

         Subject to clauses 16.9 and 16.10, the Servicer may:

         (a)      (WAIVE  BREACHES):  waive any  breach  under,  or  compromise,
                  compound or settle any claim in respect of; or

         (b)      (GRANT  RELEASES):  release  any party from an  obligation  or
                  claim  under,  a  Mortgage  Loan which is then an Asset of the
                  Series  Trust  or any  related  Mortgage  or  First  Layer  of
                  Collateral Securities.

16.12    CONSENT TO SUBSEQUENT SECURITY INTERESTS

         The  Servicer  may consent to the creation or existence of any Security
         Interest in  relation  to any Land the  subject of a Mortgage  which is
         then an Asset of the Series Trust:

         (a)      (THIRD PARTIES):  in favour of a party, other than the Trustee
                  or a  Seller,  only  if by  way  of a  priority  agreement  or
                  otherwise the Servicer ensures that the relevant Mortgage will
                  rank ahead in priority to the third party's Security  Interest
                  on  enforcement  for an  amount  not less  than the  principal
                  amount (plus accrued but unpaid  interest)  outstanding on the
                  Mortgage  Loan (as recorded on the Mortgage  Loan System) plus
                  such extra amount (if any) as is determined in accordance with
                  the Servicing Guidelines; or

         (b)      (TRUSTEE OR  SELLER):  in favour of the Trustee or a Seller in
                  which case the Trustee and that Seller agree that the relevant
                  Mortgage will rank ahead in priority to the Trustee's Security
                  Interest or that Seller's  Security  Interest (as the case may
                  be) on enforcement for an amount equal to the principal amount
                  (plus accrued but unpaid interest) outstanding on the Mortgage
                  Loan (as recorded on the Mortgage Loan System) plus such extra
                  amount (if any) as is determined in


                                                                               3
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1



                  accordance  with the  Servicing  Guidelines.  This clause will
                  continue  to bind the  Trustee  following  its  retirement  or
                  removal pursuant to clause 19 of the Master Trust Deed.

16.13    CONSENT TO LEASES ETC.

         The Servicer may, in accordance with the Servicing Guidelines,  consent
         to the  creation of any leases,  licences or  restrictive  covenants in
         respect of Land  subject  to a  Mortgage  which is then an Asset of the
         Series Trust.

16.14    RELIEF UNDER BINDING PROVISION OR ON ORDER OF COMPETENT AUTHORITY

         (a)      (GRANT RELEASES ETC.): The Servicer may:

                  (i)      release a  Mortgage  or a First  Layer of  Collateral
                           Security which is then an Asset of the Series Trust;

                  (ii)     reduce  the  amount  outstanding  under,  or vary the
                           terms (including,  without limitation, in relation to
                           repayment) of, any Mortgage Loan, related Mortgage or
                           First Layer of Collateral  Security  which is then an
                           Asset of the Series Trust; or

                  (iii)    grant other relief to a Borrower or the provider of a
                           First  Layer of  Collateral  Security  which are then
                           Assets of the Series Trust,

         when to do so is pursuant to a Binding Provision or an order, decision,
         finding,  judgment or determination of a Competent Authority or, in the
         Servicer's  opinion,  such  action  would  be taken  or  required  by a
         Competent Authority.

         (b)      (If order or determination  results from failure of Servicer):
                  If  it  is  determined  that  the  order,  decision,  finding,
                  judgment or  determination  referred to in clause 16.14(a) was
                  made by the Competent Authority as a result of a Seller or the
                  Servicer:

                  (i)      breaching   any   Binding    Provision,    applicable
                           regulation, statute or official directive at the time
                           the Mortgage,  the First Layer of Collateral Security
                           or the Mortgage Loan was granted or a Seller  Advance
                           was made in respect of such Mortgage Loan (other than
                           a Binding Provision, regulation, statute, or official
                           directive  which  provides for relief on equitable or
                           like  grounds  when   paragraph   (ii)  is  also  not
                           satisfied); or

                  (ii)     not  acting  in  accordance  with the  standards  and
                           practices  suitable  for  a  prudent  lender  in  the
                           business of making retail home loans,

                  then the  Servicer  must  notify the  Trustee of the making of
                  such an order,  decision,  finding,  judgment or determination
                  and CBA (on behalf of itself and Homepath,  where  applicable)
                  or the  Servicer  (as the case may be) must pay damages to the
                  Trustee by 10.00 am on the  Distribution  Date next  occurring
                  after such  notification is given by the Servicer.  The amount
                  of such damages will be the amount agreed  between the Trustee
                  (acting on expert advice taken  pursuant to clause 16.6 of the
                  Master Trust Deed, if necessary)  and CBA or the Servicer,  as
                  the  case  may be (or,  failing  agreement,  by  CBA's  or the
                  Servicer's   external   auditors)  as  being   sufficient   to
                  compensate  the Trustee for any losses  suffered by the Series
                  Trust as a result  of the  release,  reduction,  variation  or
                  relief  (as the case may be).  The  amount  cannot  exceed the
                  principal  amount  outstanding  in  respect  of  the  relevant
                  Mortgage  Loan (as recorded on the  Mortgage  Loan System) and
                  any accrued but unpaid  interest and any  outstanding  fees in
                  respect of the Mortgage Loan  (calculated in both cases at the
                  time of Agreement  between the Trustee and CBA or the Servicer
                  or by CBA's or the Servicer's  external auditors,  as the case
                  may be).

16.15    LITIGATION

         The Servicer may institute  litigation in respect of the  collection of
         any amount  owing  under a Mortgage  Loan which is then an Asset of the
         Series Trust but is not required to do so or to continue any litigation
         if the Servicer has reasonable  grounds for believing,  based on advice
         from its legal advisers (either internal or external), that

         (a)      (Mortgage  Loan  unenforceable):  the Servicer is, or will be,
                  unable to enforce the  provisions  of the Mortgage  Loan under
                  which such amount is owing; or

         (b)      (Proceedings  uneconomical):  the  likely  proceeds  from such
                  litigation,  in  light  of the  expenses  in  relation  to the
                  litigation, do not warrant such litigation.

16.16    ENFORCEMENT ACTION

         (a)      (Servicer  may take  enforcement  action):  Subject  to clause
                  16.26(u),  the  Servicer  may take such  action  to  enforce a
                  Mortgage  Loan and any  related  Mortgage  or  First  Layer of
                  Collateral  Securities  which are then  Assets  of the  Series
                  Trust which it determines should be taken.

         (b)      (Servicer  must not  take or fail to take  action  in  certain
                  circumstances):  The  Servicer  must  not  knowingly  take any
                  action,  or knowingly fail to take any action,  if that action
                  or failure to take action will interfere with the  enforcement
                  by the Servicer or Trustee of any  Mortgage  Loan Rights


                                                                               4
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1



                  which are then Assets of the Series Trust  (unless such action
                  or failure is in accordance with the Servicing Standards).

16.17    INCURRING ADDITIONAL EXPENSES

         The  Servicer may incur any  Expenses  referred to in paragraph  (a) of
         that definition in connection with the management,  maintenance or sale
         of any  property  secured by a Mortgage or a First Layer of  Collateral
         Security which are then Assets of the Series Trust and the Trustee must
         reimburse  the  Servicer  for such  Expenses,  to the extent  funds are
         available  for  this  purpose  pursuant  to  clause  10.2(h),  on  each
         Distribution  Date and, if such Expenses are not  reimbursed in full on
         any  Distribution  Date,  must  reimburse  the  balance  unpaid on each
         subsequent  Distribution Date from the funds available for this purpose
         pursuant to clause 10.2(h) on that Distribution Date.

16.18    MORTGAGE INSURANCE AND INSURANCE POLICY CLAIMS

         The  Servicer  may,  in  accordance   with  the  Servicing   Standards,
         compromise,  compound  or settle any claim in  respect of any  Mortgage
         Insurance  Policy or any Insurance Policy which is then an Asset of the
         Series Trust.

16.19    INSURANCE POLICY PROCEEDS

         (a)      (Release of insurance proceeds):  Proceeds received in respect
                  of an  Insurance  Policy in  respect  of Land which is then an
                  Asset of the Series  Trust may be released,  on the  Trustee's
                  behalf, if:

                  (i)      such release of proceeds is  conducted in  accordance
                           with the Servicing Standards; and

                  (ii)     the proceeds are paid on an invoice-by-invoice  basis
                           directly  to  those  who  are  carrying  out  work to
                           rebuild,  reinstate  or repair the  property to which
                           the proceeds relate.

         (b)      (APPLICATION OF INSURANCE PROCEEDS):  Any proceeds referred to
                  in clause  16.19(a) which are not released in accordance  with
                  that clause must be applied in  compliance  with the Servicing
                  Guidelines  to  the  account  established  in  the  Servicer's
                  records for the  relevant  Mortgage  Loan up to the  principal
                  amount  outstanding  in  respect  of that  Mortgage  Loan plus
                  accrued but unpaid interest.

         (c)      (SERVICING  TRANSFER):  If a  Servicing  Transfer  occurs  the
                  Servicer  must  immediately  pay to the Trustee  all  proceeds
                  previously  retained  by it  under  paragraph  (a) and not yet
                  released under paragraph (a).

16.20    SELLER ADVANCES

         If a Seller makes a further advance to a Borrower and:

         (a)      (Separate  account and  trusts):  that Seller opens a separate
                  account in its records in relation to the advance, the advance
                  is  considered  for the  purposes  of this Deed to be an Other
                  Loan and upon  creation,  the Trustee  will  automatically  by
                  virtue of this Deed, and without the necessity for any further
                  act or thing to be done or brought  into  existence,  hold the
                  benefit of its right,  title and  interest  in such Other Loan
                  for that  Seller as trustee  of the CBA Trust and the  Trustee
                  will  hold any  Mortgage  and any  First  Layer of  Collateral
                  Securities  in respect of such Other Loan in  accordance  with
                  clause 7.2 and any Second Layer of  Collateral  Securities  in
                  respect of such Other Loan in accordance with clause 7.1;

         (b)      (Advance  leads to Scheduled  Balance  being  exceeded):  that
                  Seller  records  the  advance as a debit to the account in its
                  records  for an existing  Mortgage  Loan which is then part of
                  the Assets of the Series  Trust and the  advance  leads to the
                  Scheduled  Balance in respect of that  Mortgage Loan (prior to
                  the approval of the advance)  being  exceeded by more than one
                  scheduled  monthly  instalment,  the Mortgage Loan is, for the
                  purposes  of this Deed only,  treated as having been repaid in
                  full by the  payment by that  Seller to the Trustee of the sum
                  necessary to repay that Mortgage Loan.  Such payment from that
                  Seller  must equal the  principal  balance  plus  accrued  but
                  unpaid interest and fees owing in respect of the Mortgage Loan
                  before the advance was made and must be paid by that Seller to
                  the Trustee  and,  following  such  payment,  allocated by the
                  Trustee to the Collections Account of the Series Trust; or


                                                                               5
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1


         (c)      (Advance does not lead to Scheduled  Balance being  exceeded):
                  that Seller  records that advance as a debit to the account in
                  its records for an existing  Mortgage  Loan which is then part
                  of the  Assets of the  Series  Trust and this does not lead to
                  the  Scheduled  Balance in respect of that Mortgage Loan being
                  exceeded by more than one scheduled  monthly  instalment,  the
                  advance is treated as an advance made pursuant to the terms of
                  the relevant Mortgage Loan and the rights to repayment of such
                  will be a Mortgage  Loan Right  forming  part of the Assets of
                  the Series Trust.

16.21    RESTRICTIONS ON SELLER ADVANCES

         CBA shall not, and shall ensure that the other Seller does not:

         (a)      (ADVANCE OVER SCHEDULED  BALANCE IF  NON-PERFORMING):  make an
                  advance  pursuant to clause 16.20(b) in relation to a Mortgage
                  Loan which the Servicer has determined, in accordance with the
                  Servicing Standards, is a non-performing loan; or

         (b)      (ADVANCE UNDER SCHEDULED BALANCE IF  NON-PERFORMING):  make an
                  advance pursuant to clause 16.20(c) if the then aggregate of:

                  (i)      all  Seller  Advances  not  repaid  by  the  relevant
                           Borrower  (calculated  on the  basis  that,  for this
                           purpose only, any payments on account of principal in
                           respect of a Mortgage Loan first reduce the amount of
                           the Seller Advances made in relation to that Mortgage
                           Loan) in relation to the Mortgage  Loans then part of
                           the Assets of the Series Trust; and

                  (ii)     the then Standby Redraw Facility Principal,

                  exceed,  or will as a result of the  advance  exceed, the then
                  Standby Redraw Facility Limit.

         If a Seller makes an advance to a Borrower which results in a breach of
         CBA's obligations under this clause then:

         (c)      (TREATED AS AN ADVANCE):  that advance will, for all purposes,
                  be treated as a Seller  Advance  (and as if  properly  made in
                  accordance with clause 16.20(c)); and

         (d)      (CBA  INDEMNITY):  CBA indemnifies the Trustee (whether on its
                  own account or for the account of the  Securityholders  of the
                  Series Trust) against any costs, damages or loss it suffers as
                  a result of such  breach  (except  to the extent to which such
                  costs,  damages or loss is recoverable by the Trustee pursuant
                  to a Mortgage Insurance Policy).

16.22    SERVICER'S ACTIONS BINDING ON TRUSTEE

         Without limiting in any way the Servicer's liability to the Trustee for
         breaching  the  provisions  of this Deed,  any act by the  Servicer  in
         servicing  Mortgage Loan Rights which are Assets of the Series Trust is
         binding  on the  Trustee  whether  or not  such act or  omission  is in
         compliance with this clause 16.

16.23    SERVICER TO PAY ITS OWN EXPENSES

         Subject to clause 16.17, the Servicer must pay from the amount received
         under  clause  19.4 all  expenses  incurred  by it in  connection  with
         servicing  the  Mortgage  Loans,  including  expenses  related  to  the
         collection  of the  Mortgage  Loans,  the  fees  and  disbursements  of
         independent  accountants  and all other fees and expenses which are not
         expressly stated in this Deed or the Master Trust Deed to be payable by
         the Trustee.  The Servicer  must,  at least 5 Business Days before each
         Distribution  Date,  forward to the Manager a list of expenses  for the
         Collection  Period  just  ended for which it is  seeking  reimbursement
         pursuant to this clause.

16.24    SERVICER TO TRANSMIT INFORMATION TO MANAGER

         The Servicer  must prepare and transmit to the Manager on or before the
         day  which  is 2  Business  Days  before  each  Distribution  Date  the
         information  necessary  to enable the Manager to prepare the  Quarterly
         Certificate and the Pool  Performance Data in respect of the Collection
         Period just ended.  The  Servicer  will not be in breach of this clause
         16.24 if it fails to provide the Pool  Performance  Data to the Manager
         provided  that it has used  reasonable  endeavours  to produce the Pool
         Performance  Data for that Collection  Period but has been unable to do
         so with  sufficient  accuracy (as determined by the Servicer and taking
         into account the likely  distribution of the Pool  Performance Data and
         uses to be made of the Pool Performance Data).

16.25    PROSPECT AMENDMENTS TO SERVICING GUIDELINES

         The Servicer must deliver copies of all proposed material amendments to
         the  Servicing  Guidelines  which  relate to the  Servicer's  servicing
         functions in respect of the Mortgage Loan Rights then comprising Assets
         of the Series Trust to each Support Facility Provider where the consent
         of such  Support  Facility  Provider  to  such  material  amendment  is
         required under the terms of the  corresponding  Support  Facility.  The
         adoption of those  amendments  by the  Servicer  takes  effect upon the
         consent of the Support Facility Provider to the proposed amendment (or,
         where  provided  under  the  Support


                                                                               6
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1



         Facility, upon the date that the Support Facility Provider is deemed to
         have consented to the proposed amendment).  The Servicer must deliver a
         copy of any proposed material amendment to the Servicing  Guidelines to
         the Trustee, the Manager and the Rating Agencies. The Servicer must not
         amend the Servicing Guidelines unless each Rating Agency has either:

         (a)      (CONFIRMED  NO  DOWNGRADE):  confirmed  (either  orally  or in
                  writing)  that the  proposed  amendment  will not  result in a
                  reduction,  qualification  or  withdrawal  of its then current
                  rating of the Securities; or

         (b)      (10 BUSINESS DAYS AFTER  DELIVERY):  not notified the Servicer
                  of its intention not to reaffirm the then current  rating of a
                  Security,  within 10 Business Days after the delivery to it of
                  the proposed amendments.

16.26    FURTHER SERVICER UNDERTAKINGS

         The Servicer  further  undertakes  for the benefit of the Trustee,  the
         Manager, the Security holders and the Unitholders that it will:

         (a)      (AUDITED  ACCOUNTS):  give the Trustee the audited Accounts of
                  the Servicer for each  financial  year of the Servicer  within
                  120 days of the end of that year;

         (b)      (KEEP PROPER BOOKS): keep proper and adequate books of account
                  (which  may be  kept  electronically)  for the  Mortgage  Loan
                  Rights of the Series Trust;

         (c)      (INFORMATION):  Subject to the  provisions  of the Privacy Act
                  and the  Servicer's  duty of  confidentiality  to its  clients
                  under general law or otherwise, promptly make available to the
                  Manager,  the Auditor  and the  Trustee any books,  reports or
                  other oral or written  information and supporting  evidence of
                  which the Servicer is aware that they reasonably  request with
                  respect to the Series  Trust or the Assets of the Series Trust
                  from  time  to  time or with  respect  to all  matters  in the
                  possession of the Servicer in respect of the activities of the
                  Servicer to which this Deed relates;

         (d)      (NOTIFY MATERIAL  MISREPRESENTATIONS):  notify the Manager and
                  the  Trustee  promptly if it becomes  actually  aware that any
                  material  representation  or warranty made or taken to be made
                  by or on behalf of a Seller or the Servicer in connection with
                  a  Transaction  Document in  relation  to the Series  Trust is
                  incorrect when made or taken to be made;

         (e)      (CERTIFICATE):  within 5 Business  Days of a request  from the
                  Manager or the Trustee, provide the Manager or the Trustee (as
                  the case may be) with a certificate  from the Servicer  signed
                  by 2  Authorised  Officers of the Servicer on its behalf which
                  states  whether to the best of the  Servicer's  knowledge  and
                  belief a Servicer  Default or a Perfection  of Title Event has
                  occurred  (a  request  under this  clause  will be made by the
                  Trustee only once in each 6 calendar month period,  unless the
                  Trustee  when making the request sets out  reasonable  grounds
                  for believing that a Servicer Default or a Perfection of Title
                  Event is subsisting);

         (f)      (NOTIFY SERVICER DEFAULT OR PERFECTION OF TITLE EVENT): notify
                  the Trustee promptly after the Servicer becomes actually aware
                  of any Servicer Default or the occurrence of any Perfection of
                  Title  Event  and at the  same  time or as  soon  as  possible
                  thereafter provide full details thereof;

         (g)     (COMPLY  WITH  LAWS):  comply  with  the  requirements  of any
                  relevant  laws in  carrying  out  its  obligations  under  the
                  Transaction  Documents  for the  Series  Trust  including  the
                  Consumer Credit Code;

         (h)      (AUTHORISATIONS):  obtain  and  maintain  all  authorisations,
                  filings and  registrations  necessary to properly  service the
                  Mortgage Loans;

         (i)      (NOT MERGE WITHOUT ASSUMPTION):  not merge or consolidate into
                  another entity, unless the surviving entity assumes its rights
                  and  obligations  as a  Seller  and  the  Servicer  under  the
                  Transaction  Documents  for the  Series  Trust and the  Rating
                  Agencies are notified;

         (j)      (NOT ENTER INTO LIQUIDATION  ETC.):  subject to the provisions
                  of the  Banking  Act  1959  (Commonwealth),  not  present  any
                  application or pass any resolution for the  liquidation of the
                  Servicer,  or,  subject  to clause  16.26(i),  enter  into any
                  scheme of arrangement,  merger or consolidation with any other
                  person or enter into any other scheme under which the Servicer
                  ceases to exist, the assets or liabilities of the Servicer are
                  vested in or  assumed  by any other  person or either of those
                  events occur;

         (k)      (PAY TAX):  duly and punctually file all returns in respect of
                  Tax which are required to be filed and pay, or procure payment
                  when due, all Taxes and other  outgoings  payable by it as and
                  when the same  respectively  become due and payable other than
                  outgoings which are being contested in good faith and promptly
                  pay or cause to be paid those  contested  outgoings  after the
                  final determination or settlement of such contest;

         (l)      (NOT SET-OFF):  not, without the prior consent of the Trustee,
                  apply, transfer or set off the whole or any part of any amount
                  payable or owed to the  Servicer  or to which the  Servicer is
                  entitled under this Deed or any other Transaction Document for
                  the Series Trust towards  satisfaction  of any obligation with
                  is owed by the  Servicer to the  Trustee or the Manager  under
                  this Deed or any other  Transaction  Document  for the  Series
                  Trust, other than as contemplated under this Deed or any other
                  Transaction Document for the Series Trust;


                                                                               7
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1



         (m)      (NOT CLAIM  ASSETS OF SERIES  TRUST):  other than as a Secured
                  Creditor,  not  claim  any  Security  Interest,  lien or other
                  possessory right in any of the Assets of the Series Trust;

         (n)      (NOTIFY CLAIMS): following receipt of actual notice of a claim
                  by a third  party  with  respect  to a  challenge  to the sale
                  and/or  assignment  to the Trustee of any Mortgage Loan Rights
                  forming part of the Assets of the Series Trust,  promptly give
                  notice in writing of such  action or claim to the  Trustee and
                  the Manager;

         (o)      (NOT ENCUMBER  MORTGAGE LOAN  RIGHTS):  not transfer,  assign,
                  exchange or otherwise grant a Security Interest over the whole
                  or any part of its  right,  title and  interest  in and to any
                  Mortgage Loan Rights  forming part of the Assets of the Series
                  Trust;

         (p)      (GIVE ACCURATE INFORMATION TO RATING AGENCIES): use reasonable
                  efforts to cause all information  provided by it to any Rating
                  Agency in  relation  to the Series  Trust to be  complete  and
                  accurate in all material respects;

         (q)      (FOLLOW  DIRECTIONS  OF  TRUSTEE  AFTER  PERFECTION  OF  TITLE
                  EVENT):  upon being directed to do so by the Trustee following
                  the  occurrence of a Perfection of Title Event,  promptly take
                  all action  required or permitted by law to assist the Trustee
                  and the  Manager to perfect the  Trustee's  legal title to the
                  Mortgage Loan Rights  forming part of the Assets of the Series
                  Trust in accordance with the requirements of this Deed;

          (r)     (COMPLY  WITH  OTHER  UNDERTAKINGS):  comply  with  all  other
                  undertakings  given by the  Servicer in this Deed or the other
                  Transaction Document relating to the Series Trust;

          (s)     (DIRECT  RECEIPTS):  subject to clause  22,  take all steps to
                  ensure that:

                  (i)      while the Collections  Account is maintained with the
                           Servicer,  the amounts referred to in clause 22.5 are
                           paid into the Collections  Account in accordance with
                           that clause; or

                  (ii)     if the  Servicer is not an Eligible  Depository,  all
                           payments received during the corresponding Collection
                           Period  under or in  respect  of the  Mortgage  Loans
                           (other than insurance  premiums and related  charges)
                           are deposited into the  Collections  Account no later
                           than 5 Business Days following receipt;

         (t)      (COLLECT ALL MONEYS DUE): make  reasonable  efforts to collect
                  all moneys due under the terms and  provisions of the Mortgage
                  Loan  Rights of the  Series  Trust  and,  to the  extent  such
                  efforts will be consistent with this Deed,  follow such normal
                  collection procedures as it deems necessary and advisable;

         (u)      (ENFORCEMENT  OF MORTGAGE  LOANS):  if a Material  Default has
                  occurred and is  continuing  with  respect to a Mortgage  Loan
                  Right  forming  part of the Assets of the Series  Trust,  take
                  such action on such basis as the Trustee and the  Servicer may
                  agree (in accordance  and in  conjunction  with the Servicer's
                  normal  enforcement  procedures) to enforce such Mortgage Loan
                  Rights  (but only to the extent that the  Servicer  determines
                  that  enforcement  proceedings  should  be  taken)  so  as  to
                  maximise  the  return  to  the  Securityholders,  taking  into
                  account, inter alia, the timing of any enforcement proceedings
                  and any relevant terms of any Support  Facility  provided that
                  the Servicer will not be required to institute litigation with
                  respect to collection  of any payment if there are  reasonable
                  grounds for  believing the  provisions of those  Mortgage Loan
                  Rights under which such payment is required are  unenforceable
                  or the payment is uncollectible; and

         (v)      (MAINTAIN TITLE): take such steps as are necessary to maintain
                  the Trustee's  title to the Mortgage Loan Rights of the Series
                  Trust.

16.27    SERVICER HOLDING ASSETS OF THE SERIES TRUST

         The  obligation  of the  Servicer  set out in clauses  22.4 and 22.5 in
         relation to the payment of amounts into the Collections  Account is the
         full extent of the Servicer's  obligation in respect of such moneys and
         the Servicer has no  obligation  or liability  whatsoever to account to
         the  Trustee  for any  interest,  income or other  benefit  derived  in
         connection with any payments  received by it under or in respect of the
         Mortgage Loans.

16.28    SERVICER'S POWER TO DELEGATE

         The  Servicer,  for the  purposes of carrying  out and  performing  its
         duties and obligations in relation to the Series Trust, may:


                                                                               8
<PAGE>

[LOGO] ERNST & YOUNG                                                  Appendix 1


         (a)      (APPOINT  ATTORNEYS):  by power of attorney appoint any person
                  to be attorney or agent of the Servicer for those purposes and
                  with those powers,  authorities and discretions (not exceeding
                  those  vested in the  Servicer)  as the  Servicer  thinks  fit
                  including,  without limitation,  a power to sub-delegate and a
                  power to  authorise  the issue in the name of the  Servicer of
                  documents bearing  facsimile  signatures of the Servicer or of
                  the attorney or agent either with or without proper manuscript
                  signatures of its officers on them; and

          (b)     (APPOINT AGENTS): appoint by writing any person to be agent of
                  the  Servicer as the Servicer  thinks  necessary or proper and
                  with those powers,  authorities and discretions (not exceeding
                  those vested in the Servicer) as the Servicer thinks fit,

                  provided  that,  in each such case,  except as provided in any
                  Transaction Documents,  the Servicer must not delegate to such
                  third  parties  a  material  part of its  powers,  duties  and
                  obligations  as Servicer in relation to Mortgage Loans forming
                  part of the Assets of the Series Trust.

16.29    SERVICER MAY REPLACE OR SUSPEND ATTORNEYS

                  The  Servicer  may replace or suspend any  attorney,  agent or
                  sub-agent appointed under clause 16.28 for any cause or reason
                  as the Servicer may in its sole  discretion  think  sufficient
                  with or without assigning any cause or reason.

16.30    SERVICER REMAINS LIABLE

         The Servicer at all times remains liable for:

         (a)      (ACTS,  OMISSIONS):  the  acts  or  omissions  of  any  person
                  appointed under clause 16.28, insofar as the acts or omissions
                  constitute a breach by the Servicer of its  obligations  under
                  this Deed; and

         (b)      (PAYMENT):  the payment of fees to any person  appointed under
                  clause 16.28.




                                                                               9
<PAGE>

[LOGO] ERNST & YOUNG
<TABLE>
<CAPTION>

APPENDIX 2

     <S>        <C>                                                            <C>


      #          USAP REQUIREMENT                                               TRUST DEED REQUIREMENT (INCLUDING 2003-1G
                                                                                SUPPLEMENTARY NOTICE)

      1.         MORTGAGE PRINCIPAL, INTEREST AND
                 AMORTISATION

      1.1        Reconciliations shall be prepared on                           CLAUSE 22.8
                 a monthly basis for all custodial bank                         The Collections Account and all rights to it and the
                 accounts and related bank clearing                             funds standing to its credit from time to time is an
                 accounts.  These reconciliations shall:                        Asset of Series Trust.  At all times the Collections
                                                                                Account will be under the sole control of the
                 o    be mathematically accurate;                               Trustee.
                 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.


      1.2        Funds of the servicing entity shall be advanced                N/A - overdraft facilities are not available on loan
                 in cases where there is an overdraft in an                     accounts in Medallion 2003-1G.
                 investor's or a  mortgagor's account.

      1.3        Each custodial account shall be maintained at a                CLAUSE 22.1
                 federally insured depository institution in trust for          The Trustee will establish and maintain in the State
                 the applicable investor                                        of New South Wales (or in such other place as the
                                                                                Manager selects from time to time), in  accordance
                                                                                with this clause 22, an account in the name of the
                                                                                Trustee which must be an Eligible Deposit Account.


      1.4        Escrow funds held in trust for a mortgagor shall be            N/A
                 returned to the mortgagor within (30) calendar days
                 of payoff of the mortgage loan


      1.5        N/A                                                            CLAUSE 16.3(b)
                                                                                The Servicer must ensure that the servicing of
                                                                                the Mortgage Loan Rights which from time to time
                                                                                form part of the  Assets of the Series Trust
                                                                                (including  the exercise of the express powers
                                                                                set out in  this  clause 16) is:

                                                                                   o  (In accordance with Servicing Standards): to
                                                                                      the extent that this clause 16 does not
                                                                                      provide otherwise, in accordance with the
                                                                                      Servicing Standards.


                                                                                                                                   1
<PAGE>

 [Logo] ERNST & YOUNG                                                                                                     Appendix 2


      2.         MORTGAGE PAYMENTS

      2.1        Mortgage payments shall be deposited                           MTD 15.2(i)
                 into the custodial bank accounts and                           The manager covenants with the Trustee in
                 related bank clearing accounts                                 respect of each Series Trust that it will
                 within two business days of receipt                            until the Series Trust is terminated in
                                                                                accordance with this Deed or until it has
                                                                                retired or been removed as Manager in
                                                                                accordance with this Deed:

                                                                                o  (Pay Trustee): pay to the Trustee within
                                                                                   one Business Day of receipt of all money that
                                                                                   is payable by the Manager to the Trustee
                                                                                   under this Deed or the Corresponding Series
                                                                                   Supplement in relation to the Series Trust;

                                                                                CLAUSE 22.4
                                                                                Subject to clauses 22.5 and 22.11, the
                                                                                Servicer and each Seller, as applicable,
                                                                                must deposit in the Collections Account each
                                                                                amount comprising a Collection received by
                                                                                the Servicer or otherwise payable by that
                                                                                Seller or the Servicer or debited by the
                                                                                Servicer as contemplated by clause 22.4(a)
                                                                                within 5 Business Days of:

                                                                                o  (Receipt or Set-off): receipt of the
                                                                                   Collection by the Servicer or the debiting of
                                                                                   the Collection by the Services against an
                                                                                   account pursuant to a right of set-off or
                                                                                   right to combine accounts; or

                                                                                o  (Where otherwise payable): where
                                                                                   Collections are not received by the Servicer
                                                                                   but are otherwise payable by the Servicer or
                                                                                   a Seller in accordance with clauses 14,
                                                                                   15.1(j), 16, 18, 24, 25, 26 or 30 of this
                                                                                   Deed, when they fall due for payment to the
                                                                                   Trustee from the Servicer or that Seller.

                                                                                CLAUSE 22.5
                                                                                If the Collections Account is permitted to
                                                                                be maintained with the Servicer and:

                                                                                o  (A-1+/P-1 Rating): the Servicer is
                                                                                   assigned short term credit ratings by the
                                                                                   Rating Agencies of no lower than A-1+ (in
                                                                                   the case of S&P) and no lower than P-1 (in
                                                                                   the case of Moody's), then the Servicer will
                                                                                   be entitled to retain any Collections in
                                                                                   respect of a Collection Period until 10.00
                                                                                   am on the Business Day which is two Business
                                                                                   Days preceding the Distribution Date for the
                                                                                   Collection Period;

                                                                                o  (A-1/P-1 Rating): the Servicer does not
                                                                                   have all the applicable credit ratings
                                                                                   specified in clause 22.5(a), but is assigned
                                                                                   short term credit ratings of no lower than
                                                                                   A-1 (in the case of S&P) and no lower than
                                                                                   P-1 (in the case of Moody's), then the
                                                                                   Servicer will be entitled to retain any
                                                                                   Collections in respect of a Collection
                                                                                   Period until 10.00 am on the Business Day
                                                                                   which is the earlier of two Business Days
                                                                                   preceding the Distribution Date for the
                                                                                   Collection Period and 30 days from receipt
                                                                                   of such Collections, provided that while the
                                                                                   sum of:

                                                                                   o  all Collections then held by the Servicer; and

                                                                                   o  the aggregate value of the Authorised
                                                                                      Short-Term Investments in relation to the
                                                                                      Series Trust which are with, or issued by, a
                                                                                      bank or financial institution which then has
                                                                                      assigned to it by S&P a short term credit
                                                                                      rating of A-1,

                                                                                   exceeds 20% of the then aggregate of the
                                                                                   Stated Amounts of the Securities, the
                                                                                   Servicer will only be entitled to retain any
                                                                                   additional Collections received in respect of
                                                                                   a Collections Period until 10.00 am on the
                                                                                   Business Day which is 2 Business Days from
                                                                                   the receipt of such Collections; or

                                                                                o  (Lower than A-1/P-1 Rating): the Servicer has
                                                                                    no credit ratings or is assigned a short term
                                                                                    credit rating by the Rating Agencies lower
                                                                                    than A-1 (in the case of S&P) and lower than
                                                                                    P-1 (in the case of Moody's), then the
                                                                                    Servicer will be entitled to retain any
                                                                                    Collections, in respect of a Collection
                                                                                    Period until 10.00 am on the Business Day
                                                                                    which is two Business Days from receipt of
                                                                                    such Collections,

                                                                                and must at that time pay such Collections
                                                                                into the Collections Account together with an
                                                                                amount of interest (in the case of paragraphs
                                                                                (a) and (b)) equal to the amount that
                                                                                would have been earned had such Collections
                                                                                been paid into the Collections Account within
                                                                                5 Business Days of their receipt by the
                                                                                Servicer.


                                                                                                                                   2
<PAGE>

 [Logo] ERNST & YOUNG                                                                                                     Appendix 2

      2.         MORTGAGE PAYMENTS (cont.)

      2.2        Mortgage payments made in accordance                           CLAUSE 16.26(t)
                 with the mortgagor's loan documents                            The Servicer further undertakes for the benefit of
                 shall be posted to the applicable                              the Trustee, the Manager, the Security holders and
                 mortgagor records within two business days                     the Unitholders that it will:
                 of receipt
                                                                                o  (Collect all moneys due): make reasonable
                                                                                   to collect all moneys due under the terms and
                                                                                   provisions of the Mortgage Loan Rights of the
                                                                                   Series Trust and, to the extent such efforts
                                                                                   will be consistent with this Deed, follow such
                                                                                   normal collection procedures as it deems
                                                                                   necessary and advisable.


      2.3        Mortgage payments shall be allocated to                        CLAUSE 16.26(t)
                 principal, interest, insurance, taxes or other                 The Servicer further undertakes for the
                 escrow items in accordance with the mortgagor's                benefit of the Trustee, the Manager, the
                 loan documents                                                 Security holders and the Unitholders that it
                                                                                will:

                                                                                o  (Collect all moneys due): make reasonable
                                                                                   efforts to collect all moneys due under the
                                                                                   terms and provisions of the Mortgage
                                                                                   Loan Rights of the Series Trust and,
                                                                                   to the extent such efforts will be consistent
                                                                                   with this Deed, follow such normal collection
                                                                                   procedures as it deems necessary and
                                                                                   advisable.

     2.4         Mortgage payments identified as loan                           CLAUSE 16.6(f)
                 payoffs shall be allocated in accordance                       The Servicer undertakes for the benefit of
                 with the mortgagor's loan documents                            the Trustee, that it will either directly
                                                                                (including by the exercise of its delegated
                                                                                powers under this Deed and the Master Trust
                                                                                Deed from the Trustee and the Sellers) or
                                                                                indirectly:

                                                                                o  (Make calculations): upon receipt of notice
                                                                                   that a Borrower desires to repay a Mortgage
                                                                                   Loan in full, prepare and make available
                                                                                   documentation and make such calculations as
                                                                                   are necessary to enable the rpmt of the
                                                                                   Mortgage Loan and discharge of the
                                                                                   corresponding Mortgage and any Collateral
                                                                                   Securities (provided that the Servicer is not
                                                                                   required to discharge a Mortgage or
                                                                                   Collateral Securities if they also secure
                                                                                   another Mortgage Loan or an Other Loan)

     2.5         N/A                                                            CLAUSE 16.9
                                                                                Variation or Relaxation of Terms of Mortgage Loans

                                                                                a) (Variations): Subject to clauses 16.9(b)
                                                                                   and 16.25, the Servicer may vary, extend or
                                                                                   relax the time to maturity, the terms of rpmt
                                                                                   or any other term of a Mortgage Loan and its
                                                                                   related Mortgage and First Layer of
                                                                                   Collateral Securities which are then Assets
                                                                                   of the Series Trust.

                                                                                b) (Limitations on variations): Except as
                                                                                   contemplated by clause 16.14 or where a
                                                                                   Mortgage Loan is regarded as having been
                                                                                   repaid in full as provided in clause
                                                                                   16.20(b), the Servicer must not grant any
                                                                                   extension of the time to maturity of a
                                                                                   Mortgage Loan which is then an Asset of the
                                                                                   Series Trust beyond 30 years from the
                                                                                   Settlement Date for the Mortgage Loan or
                                                                                   allow any reduced monthly payment that
                                                                                   would result in such an extension.



                                                                                                                                   5
<PAGE>

 [Logo] ERNST & YOUNG                                                                                                     Appendix 2


     3           DISBURSEMENTS

     3.1         Disbursements made via wire transfer                           CLAUSE 16.26(h)
                 on behalf of a mortgagor or investor                           The Servicer further undertakes for the
                 shall be made only by authorized                               benefit of the Trustee, the Manager, the
                 personnel.                                                     Security holders and the Unitholders that it
                                                                                will:

                                                                                o   (Authorisations): obtain and maintain all
                                                                                    authorisations, filings and registrations
                                                                                    Snecessary to properly service the Mortgage
                                                                                    Loans.

     3.2         Disbursements made on behalf of a                              MTD 15.2(i)
                 mortgagor or investor shall be                                 The  manager covenants with the Trustee in
                 posted within two business days to                             respect of each Series Trust that it will until
                 the mortgagor's or investor's records                          the Series Trust is terminated in accordance
                 maintained by the servicing entity.                            with this Deed or until it has retired or
                                                                                been removed as Manager in accordance with
                                                                                this Deed:

                                                                                o  (Pay Trustee): pay to the Trustee within
                                                                                   one Business Day of receipt of all money that
                                                                                   is payable by the Manager to the Trustee
                                                                                   under this Deed or the Corresponding Series
                                                                                   Supplement in relation to the Series Trust;

                                                                                CLAUSE 22.6
                                                                                Subject to this Deed, the Trustee will
                                                                                withdraw funds from the Collections Account
                                                                                and apply the same when necessary for the
                                                                                following outgoings:

                                                                                o  (Payments to Securityholders and
                                                                                   Unitholders): making payments to the
                                                                                   Securityholders or the Unitholders;

                                                                                o  (Eligible Investments): purchasing
                                                                                   Authorised Short-Term Investments in
                                                                                   compliance with this Deed and making payments
                                                                                   required in connection with Authorised
                                                                                   Short-Term Investments;

                                                                                o  (Expenses and Taxes): paying Expenses and
                                                                                   Taxes in accordance with this Deed or the
                                                                                   Master Trust Deed; and

                                                                                o  (Other payments): making payments, in
                                                                                   accordance with the Transaction Documents to
                                                                                   (or at the direction of) the Trustee, the
                                                                                   Manager, the Servicer, the Security Trustee,
                                                                                   any Support Facility Provider or any other
                                                                                   Creditor of the Series Trust.

     3.3         Tax and insurance payments shall be                            N/A - to loans in Australia
                 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

     3.4         Any late payment penalties paid in                             N/A - to loans in Australia
                 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

     3.5         Amounts remitted to investors per the                          MTD 23 (IN SUMMARY)
                 servicer's investor reports                                    Clause 23 includes provisions covering
                 shall agree with canceled checks or                            monies payable by Trustees to investors of
                 other forms of payment, or                                     the Series Trust and the methods by which
                 custodial bank statements                                      such monies can be paid.

                                                                                CLAUSE 8.1 Prior to each Distribution Date,
                                                                                based on information provided by the
                                                                                Servicer, the Manager must make all necessary
                                                                                determinations to enable the Trustee to make
                                                                                the payments or allocations to be made by the
                                                                                Trustee on that Distribution Date pursuant to
                                                                                this Deed (including, for the first
                                                                                Distribution Date, the aggregate of the
                                                                                Accrued Interest Adjustment) and must give to
                                                                                the Trustee a written direction by 11 am
                                                                                (Sydney time) on the Business Day prior to
                                                                                each Distribution Date in relation to the
                                                                                payments and allocations to be made on that
                                                                                Distribution Date in accordance with this
                                                                                Deed.

     3.6         Unissued checks shall be safeguarded                           MTD CLAUSE 23.3
                 so as to prevent unauthorized access                           The Trustee must prepare or cause to be
                                                                                prepared all cheques and notices which are to
                                                                                be issued in relation to a Series Trust and
                                                                                stamp the same as required by law at the
                                                                                expense of the relevant Series Trust, and the
                                                                                Trustee must sign (by autographical,
                                                                                mechanical or other means) such cheques for
                                                                                despatch by the day on which they ought to be
                                                                                despatched.


                                                                                                                                  4
<PAGE>

 [Logo] ERNST & YOUNG                                                                                                    Appendix 2


     4.          INVESTOR ACCOUNTING AND REPORTING

     4.1         The servicing entity's investor reports                        MTD 15.2(j)
                 The manager covenants with the Trustee in                      respect of each Series Trust that it will
                 shall agree with, or reconcile to,                             until the Series Trust is terminated in
                 investors' records on a monthly basis                          accordance with this Deed or until it has
                 as to the total unpaid principal balance                       retired or been removed as Manager in
                 and number of loans serviced by the                            accordance with this Deed:
                 servicing entity
                                                                                o  (Audited Accounts): give the Trustee the
                                                                                   audited Accounts of the Manager for each
                                                                                   financial year of the manager within 120 days
                                                                                   of the end of that year;

                                                                                MTD 22.1
                                                                                The Trustee must keep accounting records
                                                                                which correctly record and explain all
                                                                                amounts paid and received by the Trustee with
                                                                                respect to each Series Trust. The Manager
                                                                                must keep accounting records which correctly
                                                                                record and explain all other transactions and
                                                                                the financial position of each Series Trust.
                                                                                The Manager and the Trustee from time to time
                                                                                upon request must provide each other with any
                                                                                information necessary to enable the Manager
                                                                                and the Trustee to perform their respective
                                                                                functions under this clause 22. Based on
                                                                                these records, the Manager must keep at its
                                                                                principal place of business (or another place
                                                                                approved by the Trustee) proper books of
                                                                                account in relation to each Series Trust that
                                                                                enable the Accounts in relation to the Series
                                                                                Trust to be prepared and audited in
                                                                                accordance with this Deed. The books of
                                                                                account in relation to a Series Trust must be
                                                                                open to inspection by the Manager, the
                                                                                Trustee, the Nominated Servicer for the
                                                                                Series Trust and the Auditor in relation to a
                                                                                Series Trust. Separate books of account must
                                                                                be maintained for each Series Trust.

                                                                                MTD 22.2
                                                                                The Accounts for each Series Trust must be
                                                                                maintained in accordance with the Approved
                                                                                Accounting Standards. Subject to compliance
                                                                                with the Approved Accounting Standards, the
                                                                                Accounts for each Series Trust may be varied,
                                                                                augmented or limited as it is determined by
                                                                                the Manager, considered necessary by the
                                                                                Trustee or requested by the Auditor.

                                                                                MTD 22.3
                                                                                The Manager must ensure that the Accounts of
                                                                                a Series Trust are audited as at the end of
                                                                                each Financial Year of the Series Trust and
                                                                                reported on by the Auditor of the Series
                                                                                Trust in accordance with the Corporations Law
                                                                                within 120 days of the end of the Financial
                                                                                Year.

                                                                                CLAUSE 8.1
                                                                                Prior to each Distribution Date, based on
                                                                                information provided by the Servicer, the
                                                                                Manager must make all necessary
                                                                                determinations to enable the Trustee to make
                                                                                the payments or allocations to be made by the
                                                                                Trustee on that Distribution Date pursuant to
                                                                                this Deed (including, for the first
                                                                                Distribution Date, the aggregate of the
                                                                                Accrued Interest Adjustment) and must give to
                                                                                the Trustee a written direction by 11 am
                                                                                (Sydney time) on the Business Day prior to
                                                                                each Distribution Date in relation to the
                                                                                payments and allocations to be made on that
                                                                                Distribution Date in accordance with this
                                                                                Deed.


                                                                                                                                  5
<PAGE>

 [Logo] ERNST & YOUNG                                                                                                    Appendix 2


     5.          MORTGAGE LOAN ACCOUNTING

     5.1         The servicing entity's mortgage loan                           MTD 22.1
                 records shall agree with, or reconcile to,                     The Trustee must keep accounting records
                 the records of mortgagors with respect                         which correctly record and explain all
                 to the unpaid principal balance on a                           amounts paid and received by the Trustee with
                 monthly basis                                                  respect to each Series Trust. The Manager
                                                                                must keep accounting records which correctly
                                                                                record and explain all other transactions and
                                                                                the financial position of each Series Trust.
                                                                                The Manager and the Trustee from time to time
                                                                                upon request must provide each other with any
                                                                                information necessary to enable the Manager
                                                                                and the Trustee to perform their respective
                                                                                functions under this clause 22. Based on
                                                                                these records, the Manager must keep at its
                                                                                principal place of business (or another place
                                                                                approved by the Trustee) proper books of
                                                                                account in relation to each Series Trust that
                                                                                enable the Accounts in relation to the Series
                                                                                Trust to be prepared and audited in
                                                                                accordance with this Deed. The books of
                                                                                account in relation to a Series Trust must be
                                                                                open to inspection by the Manager, the
                                                                                Trustee, the Nominated Servicer for the
                                                                                Series Trust and the Auditor in relation to a
                                                                                Series Trust. Separate books of account must
                                                                                be maintained for each Series Trust.

                                                                                MTD 22.2
                                                                                The Accounts for each Series Trust must be
                                                                                maintained in accordance with the Approved
                                                                                Accounting Standards. Subject to compliance
                                                                                with the Approved Accounting Standards, the
                                                                                Accounts for each Series Trust may be varied,
                                                                                augmented or limited as it is determined by
                                                                                the Manager, considered necessary by the
                                                                                Trustee or requested by the Auditor.

                                                                                CLAUSE 16.3(b)

                                                                                The Servicer must ensure that the servicing
                                                                                of the Mortgage Loan Rights which from time
                                                                                to time form part of the Assets of the Series
                                                                                Trust (including the exercise of the express
                                                                                powers set out in this clause 16) is:

                                                                                o  (In accordance with Servicing Standards): to
                                                                                   the extent that this clause 16 does not
                                                                                   provide otherwise, in accordance with the
                                                                                   Servicing Standards.

     5.2        Adjustments on ARM loans shall be                               CLAUSE 13.1(a)
                computed based on the related                                   As at the Cut-Off Date, CBA represents and
                mortgage note and any ARM rider                                 warrants, for itself and for Homepath, to the
                                                                                Trustee in respect of each Mortgage Loan
                                                                                that:

                                                                                o  (Mortgage complied with laws): at the time
                                                                                   that the relevant Seller entered into the
                                                                                   Mortgage relating to the Mortgage Loan, the
                                                                                   Mortgage complied in all material respects
                                                                                   with applicable laws (including applicable
                                                                                   Consumer Credit Code laws)

     5.3         Escrow accounts shall be analyzed, in                          N/A
                 accordance with the mortgagor's loan
                 documents, on at least an annual basis

     5.4         Interest on escrow accounts shall be                           N/A
                 paid, or credited, to mortgagors in
                 accordance with the applicable state
                 laws


     6.          DELINQUENCIES

     6.1         Records documenting collection efforts                         Clause  16.3(b)
                 shall be maintained during the period a                        The Servicer must ensure that the servicing of the
                 loan is in default and shall be updated                        Mortgage Loan Rights which from time to time form
                 at least monthly.  Such records shall                          part of the Assets of the Series Trust
                 describe the entity's activities in                            (including the exercise of the express powers
                 monitoring delinquent loans including,                         set out in this clause 16) is:
                 for example,  phone calls,  letters and                        (In accordance with Servicing Standards): to
                 mortgage payment rescheduling plans                            the extent that this clause 16 does not
                 in cases where the delinquency is                              provide otherwise, in accordance with the
                 deemed temporary (e.g., illness or                             Servicing Standards.
                 unemployment.

     6.2         N/A                                                            Clause 16.6(c)
                                                                                The Servicer undertakes for the benefit of
                                                                                the Trustee, that it will either directly
                                                                                (including by the exercise of its delegated
                                                                                powers under this Deed and the Master Trust
                                                                                Deed from the Trustee and the Sellers) or
                                                                                indirectly:

                                                                                o  (Comply with Mortgage Insurance Polices):
                                                                                   notwithstanding any other provision in this
                                                                                   Deed, comply with its material obligations
                                                                                   under any Mortgage Insurance Policy in
                                                                                   respect of Mortgage Loans then forming part
                                                                                   of the Assets of the Series Trust.


                                                                                                                                  6
<PAGE>


 [Logo] ERNST & YOUNG                                                                                                    Appendix 2


     7.          INSURANCE POLICIES

     7.1         A fidelity bond and errors and                                 N/A -- no specific insurance requirement imposed
                 omissions policy shall be in effect on                         as a result of securitisation.  Not a standard in
                 the servicing entity throughout the                            Australia.
                 reporting period in the amount of
                 coverage represented to investors
                 in management's assertion

     7.1         N/A                                                            CLAUSE 16.6(a)
                                                                                The Servicer undertakes for the benefit of
                                                                                the Trustee, that it will either directly
                                                                                (including by the exercise of its delegated
                                                                                powers under this Deed and Master Trust Deed
                                                                                from the Trustee and the Sellers) or
                                                                                indirectly:

                                                                                o  (Comply with Mortgage Insurance Policies):
                                                                                   notwithstanding any other provision in this
                                                                                   Deed, comply with its material obligations
                                                                                   under any Mortgage Insurance Policy in
                                                                                   respect of Mortgage Loans then forming part
                                                                                   of the Assets of the Series Trust.


     8.          OTHER
                                                                                CLAUSE 16.8
     8.1         N/A                                                            Release or Substitution of Security

                                                                                a) (Substitution and release): The Servicer
                                                                                   may, in relation to a Mortgage Loan which is
                                                                                   then an Asset of the Series Trust, release or
                                                                                   substitute any corresponding Mortgage or
                                                                                   First Layer of Collateral Security provided
                                                                                   that this is in accordance with the
                                                                                   corresponding Mortgage Insurance Policy and
                                                                                   the Servicing Guidelines.

                                                                                b) (Indemnity): The Servicer indemnifies the
                                                                                   Trustee (whether on its own account or for
                                                                                   the account of the Securityholders of the
                                                                                   Series Trust) against any costs (including
                                                                                   legal costs charged at the usual commercial
                                                                                   rates of the relevant legal services
                                                                                   provider), damages or loss it suffers as a
                                                                                   result of any release or substitution of any
                                                                                   Mortgage or First Layer of Collateral
                                                                                   Securities which then are Assets of the
                                                                                   Series Trust not being in accordance with
                                                                                   clause 16.8(a). The amount of the costs,
                                                                                   damages and loss is to be determined by
                                                                                   agreement between the Trustee and the
                                                                                   Servicer or, failing agreement, by the
                                                                                   Servicer's external auditors. The amount
                                                                                   cannot exceed the principal amount
                                                                                   outstanding in respect of the Mortgage Loan
                                                                                   (as recorded on the Mortgage Loan System) and
                                                                                   any accrued but unpaid interest and any
                                                                                   outstanding fees in respect of the Mortgage
                                                                                   Loan (calculated at the time of Agreement
                                                                                   between the Trustee and the Servicer or by
                                                                                   the Servicer's external auditors, as the case
                                                                                   may be).


                                                                                                                                  7
</TABLE>