Exhibit 10.3

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                              National RMBS Trust 200[ ]-[ ]
                              Redraw Facility Agreement

Date:                         [               ]

Parties:                      [NAME AND ABN OF ISSUER TRUSTEE] in its capacity
                              as trustee of the Trust and having its
                              registered office at [address of Issuer Trustee]
                              ("Issuer Trustee")
                              NATIONAL GLOBAL MBS MANAGER PTY LTD (ABN 36 102
                              668 226) having an office at Level 24, 500
                              Bourke Street, Melbourne VIC 3000, Australia
                              ("Global Trust Manager")
                              [NAME AND ABN OF REDRAW FACILITY PROVIDER]
                              having its registered office at [address of
                              Redraw Facility Provider] ("Redraw Facility
                              Provider").

1        Interpretation
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          1.1       The following words have these meanings in this agreement
                    unless the contrary intention appears.

                    Available Redraw Amount means, on a Determination Date, an
                    amount equal to:

                    (a)       the Redraw Limit on that Determination Date;
                              less

                    (b)       the Redraw Principal Outstanding on the previous
                              Determination Date.

                    Availability Period means the period commencing on the
                    Closing Date and ending on the Redraw Facility Termination
                    Date.

                    Changed Costs Event means:

                    (a)       the introduction or commencement after the date
                              of this agreement of, or any change in, or in
                              the interpretation, application or
                              administration of the compliance by, or a change
                              in the method of compliance by, the Redraw
                              Facility Provider with any law or regulation;

                    (b)       the incurrence of any new Taxes (other than a
                              Tax on the overall net income of the Redraw
                              Facility Provider); or

                    (c)       the imposition by any regulatory authority in
                              respect of the Redraw Facility Provider of any
                              new, or change in the imposition of any (as at
                              the date of this agreement), reserve
                              requirement, statutory reserve deposit, special
                              deposit, capital adequacy ratio, equity ratio,
                              liquidity ratio, liabilities ratio or other
                              similar requirement,
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                    whether such event results in an increase or a decrease in
                    the relevant amount or cost referred to in clause 10.1.

                    Definitions Schedule means the deed entitled "National
                    RMBS Trusts Definitions Schedule" dated [ ] between the
                    parties named in schedule 1 to that deed (as amended from
                    time to time).

                    Drawdown Date means the date on which a drawing is or is
                    to be made under the Redraw Facility, which date must be a
                    Payment Date in respect of the Trust.

                    Drawdown Notice means a notice given in accordance with
                    clause 4.1.

                    Performing Mortgage Loans Amount means, at any time, the
                    aggregate of:

                    (a)       the Outstanding Principal Balance of all Housing
                              Loans which comprise part of the Purchased
                              Mortgage Loans in respect of which no payment
                              due from the Debtor has been in arrears for a
                              period of more than 90 consecutive days; and

                    (b)       the Outstanding Principal Balance of all Housing
                              Loans which comprise part of the Purchased
                              Mortgage Loans in respect of which a payment
                              from the Debtor has been in arrears for a period
                              of more than 90 consecutive days and in respect
                              of which a valid claim is available under a
                              Mortgage Insurance Policy.

                    Redraw Drawing means a drawing made under the Redraw
                    Facility.

                    Redraw Event of Default has the meaning given to it in
                    clause 15.1.

                    Redraw Facility means the facility granted pursuant to
                    this agreement.

                    Redraw Facility Termination Date means the earliest of:

                    (a)       the Scheduled Termination Date;

                    (b)       the date upon which the Redraw Facility Provider
                              makes a determination under clause 11.1;

                    (c)       the date upon which the Redraw Limit is
                              cancelled or reduced to zero under clause 9; and

                    (d)       the date upon which the Redraw Facility Provider
                              terminates the Redraw Facility under clause
                              15.2.

                    Redraw Facility Provider Termination Date means the date
                    determined under clause 23.3.

                    Redraw Interest Period means each period determined in
                    accordance with clause 5.

                    Redraw Interest Rate means, in respect of a Redraw
                    Drawing, the interest rate calculated in accordance with
                    clause 6.2.
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                    Redraw Limit means, at any time, the lesser of:

                    (a)       $[ ];

                    (b)       the Performing Mortgage Loans Amount on the last
                              day of the previous Collection Period; and

                    (c)       the amount (if any) to which the Redraw Limit
                              has been reduced to at that time in accordance
                              with clause 9.2.

                    Scheduled Termination Date means the date which is 364
                    days after the date of this agreement or such later date
                    as is specified by the Redraw Facility Provider under
                    clause 2.7.

                    Supplemental Deed means the deed entitled "National RMBS
                    Trust 200[ ]-[ ] Supplemental Deed" dated on or about the
                    date of this agreement between, amongst others, the Issuer
                    Trustee, the Global Trust Manager and the Security
                    Trustee.

                    Trust means the National RMBS Trust 200[ ]-[ ].

Other definitions
          1.2       Unless otherwise defined in this agreement, words and
                    phrases defined in the Definitions Schedule or the
                    Supplemental Deed have the same meaning in this agreement
                    with each reference to "this deed" being construed as a
                    reference to "this agreement". In the event of an
                    inconsistency between a definition in the Definitions
                    Schedule or the Supplemental Deed and this agreement, the
                    definition in this agreement prevails. In the event of an
                    inconsistency between a definition in the Definitions
                    Schedule and the Supplemental Deed, the definition in the
                    Supplemental Deed prevails.

Interpretation
          1.3       Clauses 1.2 to 1.5 (inclusive) of the Definitions Schedule
                    are deemed to be incorporated in this agreement as if they
                    were set out in full in it.

Limitation
          1.4       The rights and obligations of the parties under this
                    agreement relate only to the Trust. The Redraw Facility
                    Provider has no obligation under this agreement to provide
                    financial accommodation to the Issuer Trustee in respect
                    of any other trust established under the Master Trust
                    Deed.

2        The Redraw Facility
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Redraw Facility

          2.1       The Redraw Facility Provider grants to the Issuer Trustee
                    a loan facility in [Australian dollars] in respect of the
                    Trust in an amount equal to the Redraw Limit. If the
                    Issuer Trustee wants to use the Redraw Facility, then it
                    may do so by one or more requests made in accordance with
                    clause 4. Subject to this agreement, the Redraw Facility
                    Provider agrees to provide financial accommodation
                    requested by the Issuer Trustee under this agreement.
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Purpose
          2.2       The Redraw Facility is only available to be drawn to meet
                    any Redraw Shortfall in relation to the Trust.

Redraw Shortfall
          2.3       The Redraw Limit will be available only if and to the
                    extent that there is a Redraw Shortfall on any
                    Determination Date.

Global Trust Manager to make drawing
          2.4       If, on any Determination Date during the Availability
                    Period, the Global Trust Manager determines that there is
                    a Redraw Shortfall on that Determination Date, the Global
                    Trust Manager must arrange, by giving a direction to the
                    Issuer Trustee, for a Redraw Drawing to be made under the
                    Redraw Facility on the immediately following Payment Date
                    in accordance with this agreement and equal to the lesser
                    of:

                    (a)       the Redraw Shortfall on that Determination Date;
                              and

                    (b)       the Available Redraw Amount on that
                              Determination Date.

Limit
          2.5       Despite anything in this agreement, the Redraw Facility
                    Provider need not provide financial accommodation under
                    this agreement if to do so would result in the Redraw
                    Principal Outstanding exceeding the Redraw Limit.

Termination
          2.6       The Redraw Facility will terminate on the earlier of the
                    Redraw Facility Termination Date and the Redraw Facility
                    Provider Termination Date.

Extension
          2.7

                    (a)       Not less than 90 days before the then Scheduled
                              Termination Date, the Global Trust Manager may
                              deliver a notice in writing to the Redraw
                              Facility Provider (with a copy to the Issuer
                              Trustee) requesting the Redraw Facility Provider
                              to extend the Scheduled Termination Date.

                    (b)       Following the receipt by the Redraw Facility
                              Provider of the notice referred to in (a) above,
                              the Redraw Facility Provider may, in its
                              absolute discretion, send the Issuer Trustee a
                              notice in writing (copied to the Global Trust
                              Manager) extending the then Scheduled
                              Termination Date to a later date, such date not
                              to be more than 364 days after the date of the
                              notice.

3        Conditions precedent
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First Drawdown Notice

          3.1       The Issuer Trustee must not deliver the first Drawdown
                    Notice until the Issuer Trustee has received written
                    notice from the Redraw Facility Provider that the Redraw
                    Facility Provider has received the following in form and
                    substance satisfactory to it:
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                    (a)       (power of attorney) a certified copy of the
                              power of attorney under which a person signs and
                              delivers this agreement for the Issuer Trustee
                              and the Global Trust Manager and, if required by
                              the Redraw Facility Provider, evidence of its
                              stamping and registration;

                    (b)       (Transaction Documents) a certified copy of each
                              Transaction Document executed by each of the
                              parties to the respective document;

                    (c)       (registration of charge) evidence of
                              registration of, or intention to register, the
                              Deed of Charge with the relevant Governmental
                              Agencies; and

                    (d)       (opinions) a legal opinion addressed to the
                              Redraw Facility Provider from the Issuer
                              Trustee's solicitors in a form and substance
                              satisfactory to the Redraw Facility Provider.

Drawings in respect of a Trust
          3.2       The Redraw Facility Provider need not make any proposed
                    drawing available unless:

                    (a)       (statements true) it is reasonably satisfied
                              that the statements contained in the Drawdown
                              Notice are true at the date of the Drawdown
                              Notice and at the Drawdown Date;

                    (b)       (no Redraw Event of Default) no Redraw Event of
                              Default continues unremedied or would result
                              from the provision of the proposed drawing;

                    (c)       (representations and warranties) the
                              representations and warranties made or deemed to
                              be made by the Issuer Trustee and the Global
                              Trust Manager in any Transaction Document are
                              true and correct as of the date of the Drawdown
                              Notice and the Drawdown Date;

                    (d)       (other security interests) other than in respect
                              of priorities granted by statute, the Redraw
                              Facility Provider has not received notice from
                              any person that it claims to have a Security
                              Interest ranking in priority to or equal with
                              the Security Interest held for the benefit of
                              the Redraw Facility Provider in accordance with
                              the Master Security Trust Deed, the Deed of
                              Charge and the Supplemental Deed (other than the
                              Security Interests set out specifically in the
                              Master Security Trust Deed, the Deed of Charge
                              and the Supplemental Deed and ranking in
                              priority to or equal with the Security Interest
                              held for the benefit of the Redraw Facility
                              Provider);

                    (e)       (Notes) the Notes are still in existence and
                              have not been redeemed or repaid in full; and

                    (f)       (Availability Period) the Availability Period
                              has not expired.
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Certification
          3.3       Anything required to be certified under clause 3 must be
                    certified by an Authorised Person of the Issuer Trustee or
                    the Global Trust Manager (as applicable) as being true and
                    complete as at a date no earlier than the date of this
                    agreement.

Benefit of the Redraw Facility Provider
          3.4       The conditions precedent set out in this clause 3 are for
                    the benefit of the Redraw Facility Provider and any of
                    them may be waived by the Redraw Facility Provider in its
                    absolute discretion.

4        Redraw Drawings
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Use of Redraw Facility
          4.1       If the Issuer Trustee on the direction of the Global Trust
                    Manager wants to use the Redraw Facility to make a Redraw
                    Drawing, it must do so only in accordance with clause 2.4
                    and it must give a notice to the Redraw Facility Provider
                    meeting the requirements of clause 4.3 ("Drawdown
                    Notice").

Timing
          4.2       Each Redraw Drawing must be drawn down on a Payment Date
                    in respect of the Trust. Each Redraw Drawing must be
                    credited to the Collections Account and applied only in
                    accordance with clause 14 of the Supplemental Deed.

Form of notice
          4.3       A Drawdown Notice given under clause 4.1 must:

                    (a)       be in or substantially in the form of
                              Schedule 1;

                    (b)       be signed by an Authorised Person of the Issuer
                              Trustee;

                    (c)       specify the Drawdown Date, which must be a day
                              which complies with clause 4.2;

                    (d)       specify the amount of the proposed Redraw
                              Drawing and its method of calculation; and

                    (e)       be given no later than [ ] on the day which is 2
                              Business Days prior to the relevant Payment Date
                              (or such other period as may be agreed between
                              the Issuer Trustee, the Global Trust Manager and
                              the Redraw Facility Provider).

Effective
          4.4       A Drawdown Notice is effective on actual receipt in
                    legible form by the Redraw Facility Provider and is
                    irrevocable.

Agreement to make Redraw Drawing
          4.5       Subject to this agreement, the Redraw Facility Provider
                    agrees to deposit in the Collections Account the amount of
                    any Redraw Drawing in immediately available funds by [ ]
                    Melbourne time on the relevant Payment Date.
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5        Interest Periods
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Initial interest periods
          5.1       The first Redraw Interest Period in respect of a Redraw
                    Drawing commences on (and includes) its Drawdown Date and
                    ends on (but excludes) the next Payment Date. Each
                    subsequent Redraw Interest Period will commence on (and
                    include) a Payment Date and end on (but exclude) the next
                    Payment Date.

Final interest period
          5.2       A Redraw Interest Period in respect of a Redraw Drawing
                    which would otherwise end after the Final Termination Date
                    of the Trust ends on (but excludes) that Final Termination
                    Date.

6        Interest
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Payment of Interest
          6.1       The Issuer Trustee agrees to pay to the Redraw Facility
                    Provider interest on the daily balance of each Redraw
                    Drawing from and including its Drawdown Date until the
                    Redraw Drawing is repaid in full. On each Payment Date,
                    the Issuer Trustee will pay to the Redraw Facility
                    Provider accrued interest on each Redraw Drawing. If, on
                    any Payment Date, all amounts due in accordance with this
                    clause 6.1 are not paid in full, on each following Payment
                    Date the Issuer Trustee must pay so much of the amounts as
                    are available for that purpose in accordance with the
                    Supplemental Deed until such amounts are paid in full.

Calculation of Interest
          6.2       Interest is to be calculated for each Redraw Interest
                    Period. Interest accrues from day to day and is to be
                    calculated on actual days elapsed and a 365 day year.
                    Interest is payable quarterly in arrears on each Payment
                    Date in the manner contemplated by clause 6.1. The rate of
                    interest paid to the Redraw Facility Provider in respect
                    of a Redraw Interest Period is [insert provisions re
                    calculation of Redraw Interest Rate] ("Redraw Interest
                    Rate").

Interest on overdue amounts
           (a)       If any payment by the Issuer Trustee on a Payment
                              Date under clause 6.1 is insufficient to
                              pay the full amount of accrued interest on each
                              Redraw Drawing and any other interest due and
                              payable under clause 6.3(b) up to the close of
                              the Redraw Interest Period just ended, such
                              unpaid interest will itself capitalise and bear
                              interest in accordance with clauses 6.1 and 6.2
                              of this agreement.

                    (b)       The Issuer Trustee agrees to pay interest on any
                              amount payable by it under this agreement
                              (including without limitation on any unpaid
                              interest) from when it becomes due for payment
                              during the period that it remains unpaid.
                              Interest is payable at the rate set out in
                              clause 6.2, as if the amount is a Redraw Drawing
                              having successive Redraw Interest Periods
                              calculated in accordance with clause 5. The
                              first Redraw Interest Period commences on the
                              day when the outstanding amount becomes
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                              due for payment and each subsequent Redraw
                              Interest Period commences on the day when the
                              preceding Redraw Interest Period expires.

Obligation unaffected
                    6.4       The Issuer Trustee's obligation to pay the
                              outstanding amount on the date it becomes due
                              for payment is not affected by clause 6.3.

Interest following judgment or order
                    6.5       If a liability under this agreement becomes
                              merged in a judgment or order, then the Issuer
                              Trustee agrees to pay interest to the Redraw
                              Facility Provider on the amount of that
                              liability as an independent obligation. This
                              interest accrues from the date the liability
                              becomes due for payment both before and after
                              the judgment or order until it is paid, at a
                              rate that is the higher of the rate payable
                              under the judgment or order and the rate
                              referred to in clause 6.3(b).

7        Repayment of Redraw Drawings
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Repayment of Redraw Drawings
          7.1       Subject to clause 7.3, on each Payment Date, the Issuer
                    Trustee will repay to the Redraw Facility Provider so much
                    of the Redraw Principal Outstanding as there are funds
                    available for this purpose for that Payment Date in
                    accordance with clause 14 of the Supplemental Deed.

Re-Drawing
          7.2       Amounts repaid pursuant to clause 7.1 may be redrawn by
                    the Issuer Trustee in accordance with the terms of this
                    agreement.

Repayment on Termination Date
          7.3       Notwithstanding clause 7.1, on or before the Redraw
                    Facility Termination Date, the Issuer Trustee must repay:

                    (a)       the Redraw Principal Outstanding;

                    (b)       interest accrued thereon; and

                    (c)       all other money due under this agreement,

                    in each case to the extent that amounts are available for
                    that purpose in accordance with the Master Trust Deed and
                    the Supplemental Deed.

          7.4       If all amounts due in accordance with clause 7.3 are not
                    paid or repaid in full on the Payment Date immediately
                    following the Redraw Facility Termination Date, the Issuer
                    Trustee will repay so much of such amounts on succeeding
                    Payment Dates as is available for that purpose in
                    accordance with the Master Trust Deed and the Supplemental
                    Deed until all such amounts are paid or repaid in full.

          7.5       A Redraw Charge-Off made under clause 14.15 of the
                    Supplemental Deed reduces the amount of the Redraw
                    Principal Outstanding from the date on which the Redraw
                    Charge-Off is made by the amount of the Redraw Charge-Off.
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8        Availability Fee
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          8.1       The Issuer Trustee will pay to the Redraw Facility
                    Provider an availability fee of [ ]% per annum on the then
                    un-utilised portion of the Redraw Limit. The fee will be:
                    [insert provisions re calculation and payment of
                    Availability Fee]

          8.2       The availability fee payable under clause 8.1 may be
                    varied from time to time by the Global Trust Manager and
                    the Redraw Facility Provider (and notified to the Issuer
                    Trustee) provided that the Global Trust Manager notifies
                    each Current Rating Agency of the variation and receives
                    confirmation from each Current Rating Agency that the
                    variation will not have an Adverse Rating Effect.

9        Cancellation or reduction of the Redraw Facility
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Cancellation
          9.1

                    (a)       Subject to paragraph (b), the Issuer Trustee may
                              on the direction of the Global Trust Manager
                              cancel the Redraw Facility by written notice to
                              the Redraw Facility Provider.

                    (b)       The cancellation referred to in paragraph (a)
                              will only be effective if each Current Rating
                              Agency has confirmed that the cancellation of
                              the Redraw Facility will not have an Adverse
                              Rating Effect, unless all of the Notes have been
                              or will be redeemed on or before the date such
                              cancellation is to take effect in which case no
                              such confirmation is necessary.

Reduction of Redraw Limit
          9.2       The Issuer Trustee may on the direction of the Global
                    Trust Manager reduce the Redraw Limit in whole or in part
                    by written notice to the Redraw Facility Provider and must
                    notify each Current Rating Agency of the reduction.

When notices effective
          9.3       A notice given by the Issuer Trustee pursuant to either
                    clause 9.1 or 9.2 will be effective on the day which is 3
                    Business Days after receipt by the Redraw Facility
                    Provider (or such other period agreed between the Issuer
                    Trustee, the Global Trust Manager and the Redraw Facility
                    Provider).

10       Changed costs event
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Determination

          10.1      Subject to clause 19, if, as a result of a Changed Costs
                    Event, the Redraw Facility Provider determines that:

                    (a)       there is any direct or indirect change in the
                              cost to the Redraw Facility Provider of
                              providing, agreeing to provide, maintaining its
                              commitment to provide, funding or maintaining
                              financial accommodation under this agreement;
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                    (b)       there is any direct or indirect change in any
                              amount received or receivable by the Redraw
                              Facility Provider in the effective return to the
                              Redraw Facility Provider in connection with
                              financial accommodation provided or to be
                              provided under this agreement (including,
                              without limitation, the return on the Redraw
                              Facility Provider's overall capital which could
                              have been achieved but for the occurrence of the
                              Changed Costs Event); or

                    (c)       the Redraw Facility Provider is required to make
                              a payment or to forgo interest or other return
                              on or calculated by reference to an amount
                              received or receivable under this agreement,

                    then the Issuer Trustee must on the direction of the
                    Global Trust Manager pay (if applicable) to the Redraw
                    Facility Provider on the next Payment Date the additional
                    amount which the Redraw Facility Provider certifies is
                    necessary to compensate the Redraw Facility Provider for
                    the changed cost, reduction, payment or forgone interest
                    or other return.

Indirect cost
          10.2      If the changed cost, reduction, payment or forgone
                    interest or other return is indirect, the Issuer Trustee
                    (if applicable) agrees to pay the Redraw Facility Provider
                    the proportion of it which the Redraw Facility Provider
                    determines to be fairly attributable to the financial
                    accommodation made available under this agreement.

Certificate
          10.3      The Redraw Facility Provider must provide a certificate to
                    the Global Trust Manager setting out details of the
                    relevant Changed Costs Event and the calculations made by
                    the Redraw Facility Provider to determine the new amount
                    payable under clause 10.1. Any such certificate signed by
                    the Redraw Facility Provider as to an amount payable by
                    the Issuer Trustee under this clause 10 is conclusive
                    evidence of the amount stated in it in the absence of
                    manifest error. In determining additional amounts payable
                    under this clause 10, the Redraw Facility Provider may use
                    averaging and attribution methods commonly used by
                    financiers or any other reasonable averaging or
                    attribution method.

Minimisation
          10.4      If the Redraw Facility Provider is to receive any
                    additional payment under clause 10.1, the Redraw Facility
                    Provider must use its best endeavours to make the relevant
                    advances or financial accommodation available by some
                    alternative means (including, without limitation, changing
                    its lending office or making the advances or financial
                    accommodation available through a Related Entity of the
                    Redraw Facility Provider) which would avoid the necessity
                    for the additional payment or reduce the amount of it.
                    Nothing in this clause 10.4 affects the obligations of the
                    Issuer Trustee under clauses 10.1 and 10.2.

11       Illegality
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          11.1      If as a result of any change in a law, regulation, code of
                    practice or an official directive which has the force of
                    law or compliance with which is
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                    in accordance with the practice of responsible bankers in
                    the jurisdiction concerned, or in their interpretation or
                    administration after the date of this agreement, the
                    Redraw Facility Provider determines that it is or has
                    become apparent that it will become contrary to that
                    official directive, impossible or illegal for the Redraw
                    Facility Provider to fund, provide or maintain financial
                    accommodation or otherwise observe its obligations under
                    this agreement then the Issuer Trustee, on the immediately
                    following Payment Date, must, to the extent that there are
                    Principal Collections available on that Payment Date,
                    prepay so much of the Redraw Principal Outstanding as the
                    Redraw Facility Provider specifies to the Issuer Trustee
                    in writing together with accrued interest and other
                    amounts payable by the Issuer Trustee under this
                    agreement. The Redraw Facility Provider's obligations to
                    the Issuer Trustee under this agreement terminate on the
                    giving of the notice.

          11.2      If, on any Payment Date, all amounts due in accordance
                    with clause 11.1 are not paid or repaid in full, on each
                    following Payment Date the Issuer Trustee will pay or
                    repay so much of the amounts as there are funds available
                    for that purpose on that Payment Date in accordance with
                    the Supplemental Deed until such amounts are paid or
                    repaid in full.

12       Payments and taxes
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Manner of payment
          12.1      The Issuer Trustee agrees to make payments to the Redraw
                    Facility Provider under this agreement not later than [ ]
                    local time in the place of payment on the due date in
                    immediately available funds to the account of the Redraw
                    Facility Provider at the bank which the Redraw Facility
                    Provider designates by prior written notice to the Issuer
                    Trustee. All payments must be made in accordance with the
                    Master Trust Deed and the Supplemental Deed.

No set off, etc
          12.2      The Issuer Trustee agrees to make payments under this
                    agreement without set-off or counterclaim and free and
                    clear of any withholding or deduction for Taxes unless
                    prohibited by law.

13       Representations and warranties
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General representations and warranties
          13.1      The Issuer Trustee represents and warrants to the Redraw
                    Facility Provider as follows:

                    (a)       (incorporation) it is validly incorporated and
                              existing under the laws pursuant to which it
                              purports to have been incorporated;

                    (b)       (corporate power) it has the corporate power to
                              own its assets and to carry on its business as
                              it is now being conducted and as proposed to be
                              conducted under this agreement and under each of
                              the Transaction Documents to which it is a
                              party;
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                    (c)       (power) it has full power and authority to enter
                              into and perform its obligations under this
                              agreement and each of the Transaction Documents
                              to which it is a party;

                    (d)       (all action taken) it has taken all necessary
                              internal corporate action to authorise the
                              execution, delivery and performance of this
                              agreement and each of the Transaction Documents
                              to which it is a party in accordance with their
                              respective terms and no additional approval or
                              consent of any person is required;

                    (e)       (validity of obligations) this agreement and
                              each of the Transaction Documents to which it is
                              a party constitute legal, valid and binding
                              obligations of it and, subject to any necessary
                              stamping and registration and to doctrines of
                              equity and laws and defences generally affecting
                              creditors' rights, are enforceable in accordance
                              with their respective terms;

                    (f)       (no violation) the execution, delivery and
                              performance by it of this agreement and each of
                              the Transaction Documents to which it is a party
                              does not and will not violate in any respect any
                              material provision of:

                              (i)       any law, regulation, authorisation,
                                        ruling, consent, judgement, order or
                                        decree of any Governmental Agency; or

                              (ii)      its constitution; or

                              (iii)     any Encumbrance or document which is
                                        binding upon it or any of its assets,

                              and (except in respect of the Deed of Charge)
                              does not and will not result in:

                              (iv)      the creation or imposition of any
                                        Encumbrance or restriction of any
                                        nature on any of its assets under the
                                        provision of; or

                              (v)       the acceleration of the date of
                                        payment of any obligation existing
                                        under,

                              any Encumbrance or document which is binding
                              upon it or its assets;

                    (g)       (Authorisations) it has obtained all
                              Authorisations necessary for it to enter into,
                              and perform its obligations under, the
                              Transaction Documents and such Authorisations
                              remain in full force and effect;

                    (h)       (no Redraw Event of Default) to its knowledge no
                              Redraw Event of Default or event which with the
                              giving of notice, lapse of time or other
                              applicable condition would become a Redraw Event
                              of Default has occurred which has not been
                              waived or remedied in accordance with this
                              agreement;
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                    (i)       (creation of Trust) the Trust has been validly
                              created;

                    (j)       (appointment of Issuer Trustee) it has been
                              validly appointed as the trustee of the Trust;

                    (k)       (sole trustee) it is the sole trustee of the
                              Trust;

                    (l)       (trust power) it has power under the Transaction
                              Documents to enter into, perform and comply with
                              its obligations, and to carry out the
                              transactions contemplated by, this agreement;

                    (m)       (no removal) as far as it is aware, there are no
                              proceedings to remove it as trustee of the
                              Trust; and

                    (n)       (vesting date) the vesting date has not occurred
                              in respect of the Trust.

          13.2      The Global Trust Manager represents and warrants to the
                    Redraw Facility Provider as follows:

                    (a)       (incorporation) it is validly incorporated and
                              existing under the laws pursuant to which it
                              purports to have been incorporated;

                    (b)       (corporate power) it has the corporate power to
                              own its assets and to carry on its business as
                              it is now being conducted and as proposed to be
                              conducted under this agreement and under each of
                              the Transaction Documents to which it is a
                              party;

                    (c)       (power) it has full power and authority to enter
                              into and perform its obligations under this
                              agreement and each of the Transaction Documents
                              to which it is a party;

                    (d)       (all action taken) it has taken all necessary
                              internal corporate action to authorise the
                              execution, delivery and performance of this
                              agreement and each of the Transaction Documents
                              to which it is a party in accordance with their
                              respective terms and no additional approval or
                              consent of any person is required;

                    (e)       (validity of obligations) this agreement and
                              each of the Transaction Documents to which it is
                              a party constitute legal, valid and binding
                              obligations of it and, subject to any necessary
                              stamping and registration and to doctrines of
                              equity and laws and defences generally affecting
                              creditors' rights, are enforceable in accordance
                              with their respective terms;

                    (f)       (no violation) the execution, delivery and
                              performance by it of this agreement and each of
                              the Transaction Documents to which it is a party
                              does not and will not violate in any respect any
                              material provision of:

                              (i)       any law, regulation, authorisation,
                                        ruling, consent, judgement, order or
                                        decree of any Governmental Agency; or

                              (ii)      its constitution;
<PAGE>
                                                                            14
-------------------------------------------------------------------------------
                    (g)       (Authorisations) it has obtained all
                              Authorisations necessary for it to enter into,
                              and perform its obligations under, the
                              Transaction Documents and such Authorisations
                              remain in full force and effect; and

                    (h)       (no Redraw Event of Default) to its knowledge no
                              Redraw Event of Default or event which with the
                              giving of notice, lapse of time or other
                              applicable condition would become a Redraw Event
                              of Default has occurred which has not been
                              waived or remedied in accordance with this
                              agreement.

Repetition
          13.3      These representations and warranties are taken to be also
                    made on each date upon which a Drawdown Notice is provided
                    and each Payment Date with reference to the facts and
                    circumstances then subsisting, as if made on such day.

14       General undertakings by Issuer Trustee
-------------------------------------------------------------------------------
          14.1      The Issuer Trustee undertakes to:

                    (a)       (act as trustee) act continuously as trustee of
                              the Trust in accordance with the Master Trust
                              Deed and the Supplemental Deed until the Trust
                              is terminated or until it has retired or been
                              removed in accordance with the Master Trust
                              Deed;

                    (b)       (take actions) do everything and take all such
                              actions which are necessary (including, without
                              limitation, obtaining all such Authorisations
                              and approvals as are appropriate) to ensure that
                              it is able to exercise all its powers and
                              remedies and perform all its obligations under
                              this agreement and any other arrangements
                              entered by it pursuant to the Transaction
                              Documents to which it is party;

                    (c)       (Authorisations) ensure that each Authorisation
                              required for it to act as trustee of the Trust
                              and for the business of the Trust to be
                              conducted as now conducted or as contemplated by
                              the Transaction Documents, is obtained and
                              promptly renewed and maintained in full force
                              and effect;

                    (d)       (not amend) not consent to amend or revoke the
                              provisions of the Master Trust Deed (insofar as
                              it affects the Trust) or the Supplemental Deed
                              without the prior written consent of the Redraw
                              Facility Provider (such consent not to be
                              unreasonably withheld or delayed); and

                    (e)       (Event of Default) notify the Redraw Facility
                              Provider as soon as practicable after becoming
                              aware of an Event of Default or a Redraw Event
                              of Default.

          14.2      The Global Trust Manager undertakes to:

                    (a)       (take actions) do everything and take all such
                              actions which are necessary (including, without
                              limitation, obtaining all such
<PAGE>
                                                                            15
-------------------------------------------------------------------------------
                              Authorisations and approvals as are appropriate)
                              to ensure that it is able to exercise all its
                              powers and remedies and perform all its
                              obligations under this agreement and any other
                              arrangements entered by it pursuant to the
                              Transaction Documents to which it is party;

                    (b)       (Authorisations) ensure that each Authorisation
                              required for it to act as manager of the Trust
                              and for the business of the Trust to be
                              conducted as now conducted or as contemplated by
                              the Transaction Documents, is obtained and
                              promptly renewed and maintained in full force
                              and effect;

                    (c)       (Event of Default) notify the Redraw Facility
                              Provider as soon as practicable after becoming
                              aware of an Event of Default or a Redraw Event
                              of Default;

                    (d)       (act as manager) act continuously as manager of
                              the Trust in accordance with the Master Trust
                              Deed and the Supplemental Deed until the Trust
                              is terminated or until it has retired or been
                              removed in accordance with the Master Trust
                              Deed; and

                    (e)       (not amend) not consent to amend or revoke the
                              provisions of the Master Trust Deed (insofar as
                              it affects the Trust) or the Supplemental Deed
                              without the prior written consent of the Redraw
                              Facility Provider (such consent not to be
                              unreasonably withheld or delayed).

15       Redraw Events of Default
-------------------------------------------------------------------------------
Redraw Events of Default

          15.1      A Redraw Event of Default occurs if:

                    (a)       (failure to pay) the Issuer Trustee fails to
                              pay:

                              (i)       any amount owing under this agreement
                                        where funds are available for that
                                        purpose under the Supplemental Deed;
                                        or

                              (ii)      any amount due in respect of interest
                                        pursuant to clause 6 where funds are
                                        available for that purpose under the
                                        Supplemental Deed,

                              in the manner contemplated by this agreement, in
                              each case within 5 Business Days of the due date
                              for payment of such amount;

                    (b)       (breach of undertaking) the Issuer Trustee
                              alters the priority of payments under the
                              Transaction Documents without the consent of the
                              Redraw Facility Provider or breaches any of its
                              undertakings under the Transaction Documents
                              which affect its ability to perform its
                              obligations thereunder and that breach has a
                              Material Adverse Effect in respect of the Redraw
                              Facility Provider;

<PAGE>
                                                                            16
-------------------------------------------------------------------------------

                    (c)       (Event of Default) an Event of Default occurs in
                              respect of the Trust and the Security Trustee
                              (acting on the instructions of the Secured
                              Creditors) appoints a Receiver to the Assets of
                              the Trust or is directed to sell or otherwise
                              realise the Assets of the Trust in accordance
                              with the Master Security Trust Deed and the Deed
                              of Charge; or

                    (d)       (Insolvency Event) an Insolvency Event occurs in
                              respect of the Issuer Trustee in its capacity as
                              trustee of the Trust and the Issuer Trustee is
                              not replaced (by either the Global Trust Manager
                              or a replacement trustee) in accordance with the
                              Master Trust Deed within 30 days of such
                              Insolvency Event.

                    [insert additional Redraw Events of Default specific to
                    Series]

Consequences
          15.2      If a Redraw Event of Default occurs, then the Redraw
                    Facility Provider may:

                    (a)       declare at any time that the Redraw Principal
                              Outstanding, interest on the Redraw Principal
                              Outstanding, and all other amounts actually or
                              contingently payable under this agreement are
                              immediately due and payable; and/or

                    (b)       terminate the Redraw Facility Provider's
                              obligations in respect of the Redraw Facility.

                    The Redraw Facility Provider may do either or both of
                    these things with immediate effect.

16       Notices
-------------------------------------------------------------------------------
Notice

          16.1      A notice, approval, consent or other communication in
                    connection with this agreement:

                    (a)       may be given by an Authorised Person of the
                              relevant party;

                    (b)       must be in writing; and

                    (c)       must be left at the address of the addressee or
                              sent by prepaid ordinary post to the address of
                              the addressee or sent by facsimile to the
                              facsimile number of the addressee, or sent by
                              e-mail to the e-mail address of the addressee
                              specified below (or to such other details as are
                              notified by a party to each other party on or
                              after the date of execution of this agreement):

                              Issuer Trustee:

                              Address:           [        ]

                              Facsimile:[ ]
                              Attention: [ ]
                              E-mail: [ ]
<PAGE>
                                                                            17
-------------------------------------------------------------------------------
                              Global Trust Manager:

                              Address:      Level 24
                                            500 Bourke Street
                                            Melbourne   VIC   3000
                              Facsimile:    [(613) 8641 0906]
                              Attention:    [Manager, Group Funding]
                              E-mail:       [                       ]

                              Redraw Facility Provider:

                              Address:           [        ]
                              Facsimile:         [        ]
                              Attention:         [        ]
                              E-mail:            [        ]

When effective
          16.2      Unless a later time is specified in it, a notice,
                    approval, consent or other communication takes effect from
                    the time it is received.

Secured receipt
          16.3      A notice, request, certificate, demand, consent or other
                    communication under this agreement is deemed to have been
                    received:

                    (a)       where delivered in person, upon receipt;

                    (b)       where sent by post, on the third (or seventh, if
                              outside Australia) day after posting;

                    (c)       where sent by facsimile, on production by the
                              dispatching facsimile machine of a transmission
                              report which indicates that the facsimile was
                              sent in its entirety to the facsimile number of
                              the recipient; and

                    (d)       in the case of an e-mail, on receipt by the
                              sender of an e-mail from the recipient stating
                              that the e-mail was delivered in its entirety
                              and the contents and attachments of the e-mail
                              have been received.

                    However, if the time of deemed receipt of any notice is
                    not before 4.00pm local time on a Business Day at the
                    address of the recipient it is deemed to have been
                    received at the commencement of business on the next
                    Business Day.

17       Security Interests and assignment
-------------------------------------------------------------------------------
                    Other than as contemplated by the Transaction Documents,
                    the Issuer Trustee may not, without the consent of the
                    Redraw Facility Provider, create or allow to exist a
                    Security Interest over, or an interest in, this agreement
                    or assign or otherwise dispose of or deal with its rights
                    under this agreement. The Redraw Facility Provider at any
                    time may do any of those things.
<PAGE>
                                                                            18
-------------------------------------------------------------------------------
18       Miscellaneous
-------------------------------------------------------------------------------
Certificate
          18.1      A certificate signed by the Redraw Facility Provider about
                    a matter (including, without limitation, the Interest Rate
                    in respect of a Redraw Drawing) or about a sum payable to
                    the Redraw Facility Provider in connection with this
                    agreement is sufficient evidence of the matter or sum
                    stated in the certificate unless the matter or sum is
                    proved to be false.

Exercise of rights
          18.2      A party may exercise a right, power or remedy at its
                    discretion, and separately or concurrently with another
                    right, power or remedy. A single or partial exercise of a
                    right, power or remedy by the party does not prevent a
                    further exercise of that or an exercise of any other
                    right, power or remedy. Failure by the party to exercise
                    or delay in exercising a right, power or remedy does not
                    prevent its exercise. The party is not liable for any loss
                    caused by the exercise or attempted exercise of, failure
                    to exercise, or delay in exercising, the right, power or
                    remedy.

Waiver and variation
          18.3      A provision of, or a right created under, this agreement
                    may not be waived or varied except in writing signed by
                    the party or parties to be bound.

Supervening legislation
          18.4      Any present or future legislation which operates to vary
                    the obligations of the Issuer Trustee in connection with
                    this agreement with the result that the Redraw Facility
                    Provider's rights, powers or remedies are adversely
                    affected (including, without limitation, by way of delay
                    or postponement) is excluded except to the extent that its
                    exclusion is prohibited or rendered ineffective by law.

Approvals and consent
          18.5      The Redraw Facility Provider may give (conditionally or
                    unconditionally) or withhold its approval or consent in
                    its absolute discretion unless this agreement expressly
                    provides otherwise.

Remedies cumulative
          18.6      The rights, powers and remedies provided in this agreement
                    are cumulative with, and not exclusive of, the rights,
                    powers or remedies provided by law independently of this
                    agreement.

Indemnities
          18.7      Each indemnity in this agreement is a continuing
                    obligation, separate and independent from the other
                    obligations of the Issuer Trustee and survives termination
                    of this agreement. It is not necessary for the Redraw
                    Facility Provider to incur expense or make payment before
                    enforcing a right of indemnity conferred by this
                    agreement.

Time of the essence
          18.8      Time is of the essence of this agreement in respect of an
                    obligation of the Issuer Trustee to pay money.
<PAGE>
                                                                            19
-------------------------------------------------------------------------------
Further assurances
          18.9      At the Redraw Facility Provider's request the Issuer
                    Trustee must, at the expense of the Trust:

                    (a)       execute and use its best endeavours to cause its
                              successors to execute documents and do
                              everything else necessary or appropriate to bind
                              the Issuer Trustee and its successors under this
                              agreement; and

                    (b)       use its best endeavours to cause relevant third
                              parties to do likewise to bind every person
                              intended to be bound under this agreement.

19       Liability of Issuer Trustee and limited recourse
-------------------------------------------------------------------------------
                    Clause 2 of the Definitions Schedule applies to this
                    agreement as if set out in full in it (with any
                    consequential changes as are necessary to give effect to
                    that clause in this agreement).

20       Governing law, jurisdiction and service of process
-------------------------------------------------------------------------------
Governing law
          20.1      This agreement is governed by the law in force in the
                    Australian Capital Territory.

Submission to jurisdiction
          20.2      Each party irrevocably and unconditionally submits to the
                    non-exclusive jurisdiction of the courts of the Australian
                    Capital Territory and courts of appeal from them. Each
                    party waives any right it has to object to an action being
                    brought in those courts including, without limitation, by
                    claiming that the action has been brought in an
                    inconvenient forum or that those courts do not have
                    jurisdiction.

Address for service
          20.3      Without preventing any other mode of service, any document
                    in an action (including, without limitation, any writ of
                    summons or other originating process or any third or other
                    party notice) may be served on any party by being
                    delivered to or left for that party at its address for
                    service of notices under clause 16.

21       Counterparts
-------------------------------------------------------------------------------
                    This agreement may consist of a number of counterparts and
                    the counterparts taken together constitute one and the
                    same instrument.

22       Costs, Charges, Expenses and Indemnities
-------------------------------------------------------------------------------
          22.1      The Issuer Trustee will indemnify the Redraw Facility
                    Provider on each Payment Date following a demand from the
                    Redraw Facility Provider for:
<PAGE>
                                                                            20
-------------------------------------------------------------------------------
                    (a)       the costs, charges and expenses of the Redraw
                              Facility Provider in connection with any
                              consent, approval, exercise or non-exercise of
                              rights (including, without limitation, in
                              connection with the contemplated or actual
                              enforcement or preservation of any rights under
                              any Transaction Document), waiver, variation,
                              release or discharge in relation to any
                              Transaction Document;

                    (b)       Taxes (excluding any Taxes on the overall net
                              income of the Redraw Facility Provider) and fees
                              (including, without limitation, registration
                              fees) and fines and penalties in respect of
                              these (except where any such amount is incurred
                              as a result of an act or omission of the Redraw
                              Facility Provider), which may be payable or
                              determined to be payable in connection with any
                              Transaction Document or a payment or receipt or
                              any other transaction contemplated by any
                              Transaction Document; and

                    (c)       costs, charges and expenses of the Redraw
                              Facility Provider in connection with any enquiry
                              by any authority involving the Issuer Trustee,
                              any Secured Creditor or any of their Related
                              Entities.

          22.2      The Issuer Trustee will indemnify the Redraw Facility
                    Provider against any liability or loss arising from, and
                    any costs, charges and expenses incurred in connection
                    with:

                    (a)       an Event of Default in respect of the Trust or
                              any Redraw Event of Default;

                    (b)       a proposed Redraw Drawing not being made
                              available in accordance with the relevant
                              Drawdown Notice for any reason;

                    (c)       any payment required to be made under any
                              Transaction Document not being made on its due
                              date in accordance with that document;

                    (d)       the Redraw Facility Provider acting in
                              connection with a Transaction Document in good
                              faith on facsimile or telephone instructions
                              purporting to originate from the offices of the
                              Issuer Trustee including, without limitation,
                              liability, loss, costs, charges or expenses on
                              account of funds borrowed, contracted for or
                              used to fund any amount payable under the
                              Transaction Document and including, in each case
                              (but without limitation), legal costs and
                              expenses on a full indemnity basis or solicitor
                              and own client basis, whichever is the higher;
                              or

                    (e)       a breach by the Issuer Trustee of any
                              representation and warranty contained in clause
                              13.1 of this agreement or of any of its
                              obligations under this agreement.

          22.3      The Issuer Trustee agrees to pay to the Redraw Facility
                    Provider an amount equal to any liability, loss, cost,
                    charge or expense of the kind referred to in clause 22.2
                    suffered or incurred by any employee, officer, agent or
                    contractor of the Redraw Facility Provider.

          22.4      The obligation of the Issuer Trustee under this clause
                    shall:
<PAGE>
                                                                            21
-------------------------------------------------------------------------------
                    (a)       be payable solely to the extent that funds are
                              available for that purpose under the
                              Supplemental Deed; and

                    (b)       survive any termination of this agreement.

          22.5      The indemnities in clauses 22.1, 22.2 and 22.3 do not
                    extend to any liability, loss, cost, charge or expense
                    that is finally and judicially determined to result from
                    any negligence, wilful default or breach of law by the
                    Redraw Facility Provider.

                    If the Redraw Facility Provider receives written notice of
                    any act, matter or thing which may give rise to a
                    liability, loss, cost, charge or expense in relation to
                    which the Issuer Trustee would be required to indemnify it
                    under clauses 22.1, 22.2 or 22.3, the Redraw Facility
                    Provider will notify the Issuer Trustee of that act,
                    matter or thing giving such details as it is practicable
                    to give as soon as it is reasonably practicable and in any
                    event within 5 Business Days of it coming to its
                    attention, provided that failure to do so will not result
                    in any loss or reduction in the indemnity contained in
                    clauses 22.1, 22.2 or 22.3 unless the Issuer Trustee has
                    been prejudiced in any material respect by such failure.

23       Redraw Facility Provider Termination Date
-------------------------------------------------------------------------------
          23.1      Subject to clause 23.2, the Global Trust Manager may by
                    giving not less than 5 Business Days notice to the Redraw
                    Facility Provider and the Issuer Trustee, declare a
                    Payment Date as the date upon which:

                    (a)       the Redraw Facility Provider will be replaced by
                              a substitute Redraw Facility Provider; and

                    (b)       the Redraw Facility will terminate.

          23.2      On or before the declaration of the Payment Date by the
                    Global Trust Manager in accordance with clause 23.1, the
                    Global Trust Manager must obtain written confirmation from
                    the Current Rating Agencies that the termination of the
                    Redraw Facility and the appointment of the proposed
                    substitute Redraw Facility Provider on that Payment Date
                    will not result in an Adverse Rating Effect.

          23.3      The Redraw Facility Provider Termination Date will be the
                    later of:

                    (a)       the Payment Date declared in accordance with
                              clause 23.1; and

                    (b)       the date upon which the Issuer Trustee has paid
                              or repaid to the Redraw Facility Provider all
                              Redraw Drawings outstanding on the Payment Date
                              declared in accordance with clause 23.1 together
                              with all accrued but unpaid interest and all
                              other money outstanding under this agreement.

EXECUTED as an agreement.


<PAGE>
                                                                             22
-------------------------------------------------------------------------------
Schedule 1          Drawdown Notice (clause 4)
-------------------------------------------------------------------------------

                    To: [name of Redraw Facility Provider]


                    [Date]

                    Dear Sirs/Madams

                    Redraw Facility Agreement between[Name of Issuer Trustee],
                    National Global MBS Manager Pty Ltd and [Name of Redraw
                    Facility Provider] dated [#] ("Redraw Facility Agreement")

                    The Issuer Trustee gives notice under clause 4.1 of the
                    Redraw Facility Agreement that it wants to use the Redraw
                    Facility granted in respect of the National RMBS Trust
                    200[ ]-[ ] ("Trust").

                    The particulars of the Redraw Drawing required to be given
                    under clause 4.3 of the Redraw Facility Agreement are as
                    follows:

                    (a)       the proposed Drawdown Date is [ ];

                    (b)       the Redraw Drawing is to be made in respect of
                              the Trust;

                    (c)       the amount of the proposed Redraw Drawing is $[
                              ] and its method of calculation is as follows:

                              [ ]; and

                    (d)       the proposed Redraw Drawing is to be paid into
                              the Collections Account.

                    A term which has a defined meaning in (or is incorporated
                    in) the Redraw Facility Agreement has the same meaning as
                    in the Redraw Facility Agreement when used in this
                    Drawdown Notice.

                    Yours faithfully



                    ..............................................
                    [name of person]
                    being an Authorised Person of
                    [Name of Issuer Trustee]


<PAGE>
                                                                            23
-------------------------------------------------------------------------------
Execution page
-------------------------------------------------------------------------------

SIGNED by [                    ]           )
as attorney for [NAME OF ISSUER            )
TRUSTEE] under power of attorney           )
dated                                      )
[.................................]        )
                                           )
in the presence of:                        )
                                           )
..........................................  )
Signature of witness                       )
                                           )
..........................................  )
Name of witness (block letters)            )
                                           )    ............................
..........................................  )    By executing this agreement
Address of witness                         )    the attorney states that the
                                           )    attorney has received no
....................................        )    notice of revocation of the
Occupation of witness                      )    power of attorney





SIGNED by [     ] on behalf of             )
NATIONAL GLOBAL MBS                        )
MANAGER PTY LTD in the presence            )
of:                                        )
                                           )
.......................................     )
Signature of witness                       )
                                           )
.......................................     )
Name of witness (block letters)            )
                                           )    .............................
.......................................     )    By executing this agreement
Address of witness                         )    the signatory states that the
                                           )    signatory has received no
.................................           )    notice of revocation of the
Occupation of witness                      )    authority under which this
                                           )    agreement is executed
                                           )
                                           )
<PAGE>
                                                                            24
------------------------------------------------------------------------------

SIGNED by [                    ]           )
as attorney for [NAME OF REDRAW            )
FACILITY PROVIDER] under power             )
of attorney dated                          )
                                           )
in the presence of:                        )
                                           )
..........................................  )
Signature of witness                       )
                                           )
..........................................  )
Name of witness (block letters)            )
                                           )
..........................................  )    ...........................
Address of witness                         )    By executing this agreement
                                           )    the attorney states that the
....................................        )    attorney has received no
Occupation of witness                      )    notice of revocation of the
                                           )    power of attorney


<PAGE>
                                                                             1
-------------------------------------------------------------------------------
Contents                          National RMBS Trust 200[ ]-[ ]
                                  Redraw Facility Agreement
-------------------------------------------------------------------------------

              1     Interpretation                                           1


              2     The Redraw Facility                                      3


              3     Conditions precedent                                     4


              4     Redraw Drawings                                          6


              5     Interest Periods                                         7


              6     Interest                                                 7


              7     Repayment of Redraw Drawings                             8


              8     Availability Fee                                         9


              9     Cancellation or reduction of the Redraw Facility         9


              10    Changed costs event                                      9


              11    Illegality  10


              12    Payments and taxes                                      11


              13    Representations and warranties                          11


              14    General undertakings by Issuer Trustee                  14


              15    Redraw Events of Default                                15


              16    Notices     16


              17    Security Interests and assignment                       17


              18    Miscellaneous                                           18


              19    Liability of Issuer Trustee and limited recourse        19


              20    Governing law, jurisdiction and service of process      19


              21    Counterparts                                            19
<PAGE>
                                                                             2
------------------------------------------------------------------------------
              22    Costs, Charges, Expenses and Indemnities                19


              23    Redraw Facility Provider Termination Date               21


              Schedule 1        Drawdown Notice (clause 4)                  22



<PAGE>


             ---------------------------------------------------
             Dated

                              National RMBS Trust
                                  200[ ]-[ ]
                           Redraw Facility Agreement

                           [Name of Issuer Trustee]
                              ("Issuer Trustee")
                      National Global MBS Manager Pty Ltd
                           ("Global Trust Manager")
                      [Name of Redraw Facility Provider]
                         ("Redraw Facility Provider")

                           Mallesons Stephen Jaques
                                  Solicitors

                            Governor Phillip Tower
                                1 Farrer Place
                                Sydney NSW 2000
                          Telephone (61 2) 9296 2000
                          Facsimile (61 2) 9296 3999
                                 DX 113 Sydney
                                 Ref: AAV/SRF