EXHIBIT 99.1

             Annual Independent Certified Public Accountant's Report

KPMG
161 Collins Street
Melbourne VIC 3000
Australia

Attention Ms J Kwok
HomeSide Global MBS Manager, Inc.
Perpetual Trustee Company Ltd
Level 7
9 Castlereagh Street
Sydney   NSW   2001

22 March 2002

Dear Kwok

HomeSide Mortgage Securities Trust 2001 -1 Report of Factual Findings - Document
Custody Audit

HomeSide  Global MBS Manager,  Inc. (the "Global  Trust  Manager") and Perpetual
Trustee  Company  Limited (the  "Trustee")  required an audit to be performed in
accordance with the HomeSide Mortgage Securities Trusts Servicing Agreement (the
"Servicing Agreement").

Our  engagement  was  performed in accordance  with the terms of our  engagement
letter dated 28 February 2002 between the Trustee and ourselves.  Our engagement
was undertaken in accordance with the basic  principles and general guidance set
out in Australian  Auditing Standard AUS 904 "Engagement to Perform  Agreed-upon
Procedures".

Procedures

In  accordance  with the  requirements  set out in clause  4.3 of the  Servicing
Agreement, an audit of the custodial role with respect to the Relevant Documents
for HomeSide  Mortgage  Securities  Trust 2001-1 was  performed.  The  following
procedures were undertaken to perform the audit:

   (a)   Review the custodial  procedures of the National Australia Bank Limited
         (the "Servicer") to ensure that:

   (i)   The  mortgage  loans  forming  part of the assets of HomeSide  Mortgage
         Securities Trust 2001-1 (the "Trust") are capable of identification and
         are distinguishable from the other assets of the Servicer;

   (ii)  Controls exist such that the mortgage title documents  relating to such
         mortgage  loans  may  not be  removed  or  tampered  with  except  with
         appropriate authorisation; and


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   (iii) An  appropriate  tracking  system is in place such that the location of
         the security packets containing the mortgage title documents in respect
         of the mortgage loans of the Trust can be detected at any time.

   (b)   Review a sample  of 30  security  packets  to  determine  whether  they
         contain the following:

   (i)   An  original  counterpart  of  the  corresponding   Mortgage  and  each
         Collateral Security;

   (ii)  Loan contract signed by the borrower; and

   (iii) Certificate  of Title  (if  any) in  respect  of the  Land  that is the
         subject of the Mortgage.

Findings

No exceptions were noted for the procedures performed above.

Statement

Based on the results of the  procedures  performed in accordance  with steps (a)
and (b), we grade the custodial  performance of the Servicer as "Good" (i.e. all
control  procedures  and accuracy of information in respect of the mortgage loan
testing was completed without exception).

Disclaimer

The  foregoing  procedures  do not  constitute  an  "audit" in  accordance  with
Australian  Auditing  Standards or a review made in accordance  with  Australian
Auditing Standard AUS 902 "Review of Financial Reports".  Rather, our engagement
was  undertaken  in  accordance  with  Australian   Auditing  Standard  AUS  904
"Engagement  to Perform  Agreed-Upon  Procedures".  If we  performed an audit in
accordance  with  Australian  Auditing  Standards or a review in accordance with
Australian Auditing Standards applicable to review engagements other matters may
have come to our attention that would be reported to you.

This letter is solely for the  information  of the addressee in connection  with
the role of the National  Australia  Bank Ltd as Servicer for HomeSide  Mortgage
Securities Trust 2001-1. It is not to be used,  circulated,  quoted or otherwise
referred  to,  in whole or in part for any other  purpose  without  our  written
consent.

Yours faithfully


/s/ Darren M. Scammell
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