EXHIBIT 99.2

                          DOCUMENT CUSTODY AUDIT REPORT




[LOGO] ERNST & YOUNG
                              363 George Street            Tel:  61 2 9248 5555
                              Sydney NSW 2000              Fax:  61 2 9262 6565
                              Australia                    DX:   Sydney Stock
                                                                 Exchange 10172
                              GPO Box 4329
                              Sydney NSW  2001

2 December 2002

Monica Stephen
Perpetual Trustee Company Limited
Level 7
9 Castlereagh Street
SYDNEY NSW  2000


Dear Ms. Stephen

DOCUMENT CUSTODY PROCEDURES - 30 SEPTEMBER 2002
O     SERIES 1997-1 MEDALLION TRUST
O     SERIES 1998-1 MEDALLION TRUST
O     SERIES 2000-1G MEDALLION TRUST
O     SERIES 2000-2G MEDALLION TRUST
O     SERIES 2001-1G MEDALLION TRUST
O     SERIES 2002-1G MEDALLION TRUST

1.    TERMS OF ENGAGEMENT

Commonwealth  Bank of  Australia  ("CBA"),  as Seller and Servicer of the Series
1997-1 Medallion Trust,  Series 1998-1 Medallion Trust,  Series 2000-1G,  Series
2000-2G,  Series 2001-1G and Series 2002-1G  Medallion Trust (the "Trusts"),  by
letters  of  instruction  dated  3 June  2002,  engaged  us to  perform  certain
procedures in connection with CBA's role as custodian of the Mortgage  Documents
forming  part of the Assets of the  Trusts.  The  engagement  is pursuant to the
requirements of clause 25.6 of the Trusts' Series Supplement (the "Deed").

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


2.    AGREED UPON PROCEDURES

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

o     review of custodial procedures adopted by CBA; and

o     review of the accuracy of information in respect of the Trusts'
      Mortgage Loans contained on the:

      (a)      Security Register; and
      (b)      monthly computer diskette sent to the Trustee.
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[LOGO] ERNST & YOUNG
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Responsibility  for  the  performance  of  the  custodial   procedures  and  the
preparation  of the monthly  Trustee  information,  is that of the management of
CBA. This includes compliance with the requirements of the Deed,  maintenance of
adequate accounting records and internal controls.


3.    NATURE AND EXTENT OF PROCEDURES

The agreed upon procedures performed included the following:

3.1.  GENERAL

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

2.    Obtained a diskette copy of the "Trustee Monthly Report" (sourced directly
      from the Home Loan System  ("HLS")) as at 30 September 2002 for the Series
      1997-1, Series 1998-1, Series 2000-1G,  Series 2000-2G, Series 2001-1G and
      Series 2002-1G pool of loans,  which details  information on all the loans
      held in the Trusts as at that date.

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

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

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

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

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


SERIES 1997-1:

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                   259                  26.43
QLD                                   149                  15.21
SA                                     70                   7.14
VIC                                   407                  41.53
WA                                     95                   9.69
------------------------- ---------------------- -----------------------
Total                              980                     100.00
------------------------- ---------------------- -----------------------

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[LOGO] ERNST & YOUNG
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SERIES 1998-1

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                   365                    33.80
QLD                                   124                    11.48
SA                                     43                     3.98
VIC                                   416                    38.52
WA                                    132                    12.22
------------------------- ---------------------- -----------------------
Total                               1,080                   100.00
------------------------- ---------------------- -----------------------


SERIES 2000-1G:

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                 2,900                    31.23
QLD                                 1,263                    13.60
SA                                    521                     5.62
VIC                                 3,269                    35.20
WA                                  1,333                    14.35
------------------------- ---------------------- -----------------------
Total                               9,286                   100.00
------------------------- ---------------------- -----------------------


SERIES 2000-2G

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                 3,674                    28.26
QLD                                 2,454                    18.87
SA                                  1,102                     8.48
VIC                                 4,099                    31.53
WA                                  1,673                    12.86
------------------------- ---------------------- -----------------------
Total                              13,002                   100.00
------------------------- ---------------------- -----------------------


SERIES 2001-1G

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                 2,519                    15.57
QLD                                   682                     4.22
SA                                    944                     5.83
VIC                                10,054                    62.13
WA                                  1,983                    12.25
------------------------- ---------------------- -----------------------
Total                              16,182                   100.00
------------------------- ---------------------- -----------------------


SERIES 2002-1G

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Population
------------------------- ---------------------- -----------------------
NSW                                 4,838                    28.78
QLD                                 3,671                    21.84
SA                                  1,096                     6.52
VIC                                 5,314                    31.62
WA                                  1,889                    11.24
------------------------- ---------------------- -----------------------
Total                              16,808                   100.00
------------------------- ---------------------- -----------------------

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[LOGO] ERNST & YOUNG
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3.2.  REVIEW OF CUSTODIAL PROCEDURES

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

o     South Australia

o     Queensland

o     Western Australia

Our  procedures  for this  review  were  taken at the LPCs in New  South  Wales,
Victoria  and South  Australia.  Deed  clause  25.7(a)  specifies  the review of
custodial procedures must consist of reporting whether:

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

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

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

Specific procedures performed were as follows:

1.    Obtained and reviewed a copy of the following:

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

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

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

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

o     physical security; and

o     tracking of these security packets.
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3.    At each  LPC  visited,  a tour of the  building  and  campactus  area  was
      undertaken to confirm the  representations  provided by CBA  management on
      the custodial requirements outlined above.

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

3.3.  ACCURACY OF INFORMATION

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

(i)      an original counterpart of the corresponding Mortgage;

(ii)     the Certificate of Title (if any) in respect of the Land the
         subject of the Mortgage; and

(iii)    (where applicable) any Mortgage Insurance Policy in respect
         of the corresponding Mortgage other than the policy from
         GE Mortgage Insurance Pty Ltd (GEMI), formerly known as
         HLIC (1997-1 & 1998-1), GE Mortgage Insurance Corporation
         (Australia) Pty Ltd (GEMICO) (2000-1G) and PMI Mortgage
         Insurance Ltd (2000-2G, 2001-1G and 2002-1G).

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

<TABLE>
------------------------------- --------------------- -------------------------- -----------------------
INFORMATION PROVIDED            SOURCE                ON OR IN SECURITY PACKET   CHECK TO BE PERFORMED
------------------------------- --------------------- -------------------------- -----------------------
<S>                            <C>                   <C>                        <C>

Location of the packet          HLS/Tracking System   N/A                        HLS to security packet

Mortgage Registration Number    HLS                   Yes                        HLS to security packet

Mortgagor(s)' surname           HLS                   Yes                        HLS to security packet

Title Particulars               HLS                   Yes                        HLS to security packet
------------------------------- --------------------- -------------------------- -----------------------
</TABLE>

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

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

o     whether or not the Servicer's policy is to allow non-GEMI insurance,
      and if so;
o     the mortgage insurance details recorded on the Servicer's information
      system.

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

The Series 1997-1, Series 1998-1, Series 2000-1G, Series 2000-2G, Series 2001-1G
and Series  2002-1G  pool of loans as at 30  September  2002  consisted  of 980,
1,080,  9,286,  13,002,  16,182  and 16,808  mortgage  loans,  respectively.  As
described in the General  procedures  section 3.1 above, the testing  parameters
and  confidence  levels were  applied to select our random  sample of loans,  on
which to perform our examination procedures. On this basis, we randomly selected
a sample of 60 loans from each pool.

The profile of the sample selected was as follows:

SERIES 1997-1:

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Sample
------------------------- ---------------------- -----------------------
NSW                                  16                      26.67
QLD                                  10                      16.67
SA                                    4                       6.67
VIC                                  25                      41.67
WA                                    5                       8.32
------------------------- ---------------------- -----------------------
TOTAL                                60                     100.00
------------------------- ---------------------- -----------------------


SERIES 1998-1:

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of  Sample
------------------------- ---------------------- -----------------------
NSW                                  20                      33.33
QLD                                   7                      11.68
SA                                    2                       3.33
VIC                                  23                      38.33
WA                                    8                      13.33
------------------------- ---------------------- -----------------------
TOTAL                                60                     100.00
------------------------- ---------------------- -----------------------


SERIES 2000-1G:

------------------------- ---------------------- -----------------------
LPC-Location              Count                  % of Sample
------------------------- ---------------------- -----------------------
NSW                                  17                      28.33
QLD                                  12                      20.00
SA                                    5                       8.33
VIC                                  18                      30.00
WA                                    8                      13.34
------------------------- ---------------------- -----------------------
TOTAL                                60                     100.00
------------------------- ---------------------- -----------------------


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[LOGO] ERNST & YOUNG
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SERIES 2000-2G:

------------------------- --------------------- -----------------------
LPC-Location              Count                 % of Sample
------------------------- --------------------- -----------------------
NSW                                 17                       28.32
QLD                                 13                       21.67
SA                                   4                        6.67
VIC                                 19                       31.67
WA                                   7                       11.67
------------------------- --------------------- -----------------------
TOTAL                               60                      100.00
------------------------- --------------------- -----------------------


SERIES 2001-1G:

------------------------- --------------------- -----------------------
LPC-Location              Count                 % of Sample
------------------------- --------------------- -----------------------
NSW                                 10                       16.67
QLD                                  2                        3.32
SA                                   4                        6.67
VIC                                 37                       61.67
WA                                   7                       11.67
------------------------- --------------------- -----------------------
Total                               60                      100.00
------------------------- --------------------- -----------------------

SERIES 2002-1G:

------------------------- --------------------- -----------------------
IPC Location              Count                 % of Sample
------------------------- --------------------- -----------------------
NSW                                 17                       28.32
QLD                                 13                       21.67
SA                                   4                        6.67
VIC                                 19                       31.67
WA                                   7                       11.67
------------------------- --------------------- -----------------------
Total                               60                      100.00
------------------------- --------------------- -----------------------

Specific procedures performed on the sample selected were as follows:

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

         (i)    an original mortgage;

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

         (iii)  Mortgage Insurance Policy certificate, if loan not
                insured under the GEMI policy.

2.       Agreed the following information provided on the 30 September 2002
         Trustee diskette to the security packets and HLS:

         o      location of the security packets

         o      Mortgage Registration Number

         o      mortgagor(s)' surname

         o      Certificate of Title details,
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         o      where applicable, any Mortgage Insurance policy in respect
                of the corresponding mortgage other than the GEMI
                Mortgage Insurance Policy.

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

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


4.       DISCLAIMER

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


5.       RESULTS OF AGREED-UPON PROCEDURES

5.1.     CUSTODIAL PROCEDURES

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

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

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

o     Securitised loan packets are kept separate from other loan packets and are
      clearly identified as "SECURITISED or another appropriate identifier";

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

o     Adequate  controls  appear  to exist at the LPCs  such  that the  Mortgage
      Documents  may  not be  removed  or  tampered  with,  without  appropriate
      authorisation; and

o     An appropriate security packet tracking system is used by the LPCs.
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[LOGO] ERNST & YOUNG
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5.2.     ACCURACY OF INFORMATION

5.2.1.   EXCEPTIONS NOTED DURING TESTING

The  following  exceptions,  categorised  by attribute  examined,  were noted in
relation to the accuracy of information reported in the monthly Trustee diskette
when compared to the source  documentation  in the security  packets and HLS for
the Trusts.

O     NO MORTGAGE HELD IN ACT LOAN PACKETS--ALL TRUSTS

Mortgage  documents are kept in the Land Title Office in the  Australia  Capital
Territory  (ACT).  This is consistent  with the local  practice in the ACT title
office.  We consider this to be a "Tolerable  Exception" in accordance  with the
attached Exception List.

O     NO CERTIFICATE OF TITLE HELD IN TAS LOAN PACKETS--ALL TRUSTS

Certificates of Titles are kept in the Land Title Office in Tasmania (TAS). This
is consistent with the local practice in the TAS title office.  We consider this
to be a "Tolerable Exception" in accordance with the attached Exception List.

o     MORTGAGE INSURANCE POLICY NUMBER NOT RECORDED ON SYSTEM--MT 2001-1G

Mortgage  insurance  policy  number  for loan  packet  number  231912904  is not
recorded on the HLS system.  We consider  this to be a "Tolerable  Exception" in
accordance with attached Exception List.

5.2.2.   EVALUATION OF SAMPLE RESULTS

The terms of our engagement specified the following testing parameters:
<TABLE>

------------------------------------------------------------------------------------  -------
CONFIDENCE LEVEL                                                                      95.0%
<S>                                                                                  <C>

This is the complement of sampling risk.  That is, for the purposes of our
sample testing, you wish to achieve a 95.0% confidence level that the results
from our testing will be statistically accurate.  Therefore, you accept that
there is a 5.0% chance that our results will not be representative of the
population.
------------------------------------------------------------------------------------  -------
UPPER ERROR LIMIT                                                                     5.0%
The upper error limit is the maximum possible error rate of deviations or
exceptions in the population.  This is the hypothesis that the testing is
designed to achieve.
------------------------------------------------------------------------------------  -------
EXPECTED ERROR RATE                                                                   0.0%
Reflects the anticipated rate of error in the population.  Given a sample is
representative of the population, this is also the expected error rate in the
sample.  In planning the sample size the expected error rate is the maximum
possible rate of deviations or exceptions permitted to achieve the stated
confidence level.
------------------------------------------------------------------------------------  -------
</TABLE>

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[LOGO] ERNST & YOUNG
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In analysing the results of testing it should be appreciated that,  depending on
the attribute being tested, the error rate can vary  significantly  (although if
errors were detected for any attribute this would have required us to adjust the
sample size to achieve the given confidence level).

Accordingly,  an  assessment  needs  to be made on an  item  by  item  basis  to
determine the  significance  of error rates  recorded for each of the attributes
tested.

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


6.    STATEMENT ON CUSTODIAL PERFORMANCE

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

On the basis of the above procedures:

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

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

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

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

     o     an appropriate tracking system is in place such that the location
           of the security packets can be detected at any time and the
           location of the mortgage documents can be detected at any time.
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(iii) in accordance with the following grading system (as defined in Clause 25.8
      of the Deed) we grade CBA's overall custodial performance as B, due to the
      minor exceptions noted.

      ----  -----------------------  -------------------------------------------
      A     Good                     All control and accuracy of information in
                                     respect of mortgage loan testing completed
                                     without exception.
      ----  -----------------------  -------------------------------------------
      B     Satisfactory             Minor exceptions noted.
      ----  -----------------------  -------------------------------------------
      C     Improvement Required     Base internal controls are in place but a
                                     number of issues were identified that need
                                     to be resolved for controls to be
                                     considered adequate; and/or Testing of
                                     the information in respect of mortgage
                                     loans identified a number of minor
                                     exceptions with are the result of
                                     non-compliance with the control system.
      ----  -----------------------  -------------------------------------------
      D     Adverse                  Major deficiencies in internal controls
                                     are identified.  Cannot rely on the
                                     integrity of the information in respect
                                     of mortgage loans on the security system
                                     and the trustee diskette.
      ----  -----------------------  -------------------------------------------

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

Please  contact  Jeff  Chamberlain  of  this  office  if we  can  be of  further
assistance in this matter.

Yours faithfully,

/S/  ERNST & YOUNG

ERNST & YOUNG



Attn:  Appendix 1:  Document Custody Procedures Exception List

cc:      Mr. Tim See, Group Treasury, Commonwealth Ban k of Australia
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<TABLE>

APPENDIX 1

<CAPTION>
DOCUMENT CUSTODY PROCEDURES EXCEPTION LIST

------------------------------------------------------------  ---------------------------------------------------------
<S>  <C>                                                     <C>   <C>
ERRORS                                                        TOLERABLE EXCEPTION (TO BE LISTED BUT NOT INCLUDED IN
                                                              SAMPLE ERROR RATE)
------------------------------------------------------------  ---------------------------------------------------------
o     Document missing (without reasonable explanation)       o     Reasonable explanation by Servicer (e.g.,
                                                                    local practice in title office jurisdiction,
                                                                    normal course of business)
------------------------------------------------------------  ---------------------------------------------------------
o     Information recorded on security register               o     Details record twice
      contains incomplete or misleading details as to:        o     Mortgage insurance policy number not recorded on
       -   Registered mortgage number                               system
       -   Certificate of Title reference; or                 o     Any other audit findings which are not
       -   Mortgagor's surname                                      Errors as defined in this Appendix.
------------------------------------------------------------ ---------------------------------------------------------
</TABLE>