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                                                     ISDA Schedule to the Master
                                                Agreement for Interest Rate Swap


                                                          ST.GEORGE BANK LIMITED

                       PERPETUAL TRUSTEES CONSOLIDATED LIMITED AS TRUSTEE OF THE
                                              CRUSADE GLOBAL TRUST NO. 2 OF 2001

                                                      CRUSADE MANAGEMENT LIMITED

                                        CREDIT SUISSE FIRST BOSTON INTERNATIONAL


                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                             Tel  61 2 9230 4000
                                                             Fax  61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2001



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ISDA Schedule to the Master Agreement for
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DATE
-------------
PARTIES
-------------

1.   ST.GEORGE BANK LIMITED (ABN 92 055 513 070) (PARTY A)

2.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 387 133) as trustee of
     CRUSADE GLOBAL TRUST NO. 2 0F 2001 (PARTY B)

3.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) (MANAGER) and

4.   CREDIT SUISSE FIRST BOSTON INTERNATIONAL (CSFBI)

--------------------------------------------------------------------------------



PART 1.  TERMINATION PROVISIONS

     (a)  SPECIFIED ENTITY is not applicable in relation to Party A or Party B:

     (b)  Sections 5(a)(ii), (iii), (iv), (v), (vi), (viii), 5(b)(ii), (iii) and
          (iv) will not apply to Party A and Party B.

     (c)  The BANKRUPTCY provisions of Section 5(a)(vii) are replaced by "An
          Insolvency Event has occurred in respect of the Party A, Party B or
          CSFBI". The occurrence of an Insolvency Event in respect of Party B in
          its personal capacity will not constitute an Event of Default provided
          that within thirty Business Days of that occurrence, Party A, Party B,
          the Manager and CSFBI are able to procure the novation of this
          Agreement and all Transactions to a third party in respect of which
          the Designated Rating Agencies confirm that the novation will not
          cause a reduction or withdrawal of the rating of the Notes.

     (d)  Section 5(a)(i) is amended to replace THIRD with TENTH and the
          following sentence is added:

          Even if CSFBI makes a payment under this Agreement, a failure
          by Party A to remedy, within the period stipulated in this
          subclause 5(a)(i), its failure to make that payment or
          delivery by the due date shall still constitute an Event of
          Default.

          For the avoidance of doubt, but without limiting Section 17,
          Party B is not obliged to pay any amount attributable to any
          Break Payment which is due by, but not received from, an
          Obligor or any Loan Offset Interest Amount which is due by,
          but not received from, the Approved Seller, and the failure by
          Party B to pay that amount shall not be an Event of Default.

     (e)  The AUTOMATIC EARLY TERMINATION provision of Section 6(a):

          will not apply to Party A
          will not apply to Party B

          Any event which, upon its occurrence, constitutes an Event of
          Default, is deemed not to be an essential term of the
          Transaction so that the occurrence of any Event of Default
          shall not be implied to constitute a repudiation of this
          Agreement. This does not in any way restrict


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          or limit the right of a Non-Defaulting Party under Section
          6(a) to terminate following an Event of Default.

     (f)  PAYMENTS ON EARLY TERMINATION. Subject to Section 15(u) only, for the
          purpose of Section 6(e) of this Agreement, neither Party A nor Party B
          is required to make any payment if this Agreement is terminated and
          Section 6(e) shall not apply.

     (g)  There is no Termination Currency.

     (h)  An ADDITIONAL TERMINATION EVENT set out in Part 5(q) of this Schedule
          (under Section 15(r)), will apply.

     (i)  In the TRANSFER provision of Section 7, add a new paragraph (c):

          (c)  Party B may transfer to a Successor Trustee (as defined below) or
               to avoid an illegality as specified in Section 5(b)(i).

     (j)  Add a new paragraph to Section 7 immediately below paragraph (c):

          In the event that a trustee is appointed as a successor to
          Party B under the Trust Deed ("Successor Trustee"), Party A
          undertakes that it shall (unless, at the time the Successor
          Trustee is so appointed, Party A is entitled to terminate the
          Transaction under Section 6, in which case it may) novate to
          the Successor Trustee the Transaction on the same terms or on
          other terms to be agreed between Party A, Party B and the
          Successor Trustee, and give written notice to the Designated
          Rating Agencies of such novation.

PART 2.  TAX REPRESENTATIONS

     (a)  PAYER TAX REPRESENTATIONS.

          For the purpose of Section 3(e) of this Agreement each of Party A,
          Party B and CSFBI will make the following representation.

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other than interest under Section 2(e),
          6(d)(ii) or 6(e) of this Agreement) to be made by it to the other
          party under this Agreement. In making this representation, it may rely
          on:

          (i)  the accuracy of any representations made by the other party
               pursuant to Section 3(f) of this Agreement;

          (ii) the satisfaction of the agreement of the other party contained in
               Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy
               and effectiveness of any document provided by the other party
               pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and

          (iii) the satisfaction of the agreement of the other party contained
               in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation where
         reliance is placed on Section (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.


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     (b)  PAYEE TAX REPRESENTATIONS.

          For the purpose of Section 3(f) of this Agreement, each of Party A and
          Party B represents that it is an Australian resident and does not
          derive the payments under this Agreement in whole or in part in
          carrying on business in a country outside Australia at or through a
          permanent establishment of itself in that country.

     (c)  DEDUCTION OR WITHHOLDING FOR TAX. SECTION 2(d) is replaced with the
          following Section:

               All payments under this Agreement will be made subject to
               deduction or withholding for or on account of any Tax. If a party
               (including CSFBI) is so required to deduct or withhold, then that
               party ("X") will:

               (i)  promptly notify the other party ("Y") of such requirement;

               (ii) pay to the relevant authorities the full amount required to
                    be deducted or withheld promptly upon the earlier of
                    determining that such deduction or withholding is required
                    or receiving notice that such amount has been assessed
                    against Y;

               (iii) promptly forward to Y an official receipt (or a certified
                    copy), or other documentation reasonably acceptable to Y,
                    evidencing such payment to such authorities;

               (iv) pay to Y the amount Y would have received had no deduction
                    or withholding been required.

               Paragraph (iv) shall not apply to payments to be made by Party B.

PART 3.  AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver to the other as soon as reasonably practicable following a request by
the other party, any document or certificate reasonably required by a party in
connection with its obligations to make a payment under this Agreement which
would enable that party to make the payment free from any deduction or
withholding for or on account of Tax or as would reduce the rate at which the
deduction or withholding for or on account of Tax is applied to that payment.

PART 4.  MISCELLANEOUS

     (a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
          Agreement:

          Address for notices or communications to Party A:

          Address:          Level 12, 55 Market Street, Sydney NSW 2000
          Attention:        Middle Office Compliance Manager
          Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

          Address for notices or communications to Party B:

          Address:          Level 3, 39 Hunter Street,  Sydney  NSW 2000
          Attention:        Manger, Securitisation
          Facsimile No:     (02) 9221 7870   Telephone No: (02) 9229 9000


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          Address for notices or communications to the Manager:

          Address:          Level 12, 55 Market Street, Sydney NSW 2000
          Attention:        Middle Office Compliance Manager
          Facsimile No:     (02) 9320 5589   Telephone No: (02) 9320 5526

          Address for notices or communications to CSFBI:

          (i)  in the case of all communications (other than facsimile
               communications):


                  Address: One Cabot Square, London E14 4QJ, England
                  Attention:     (1) Head of Credit Risk Management;
                                 (2) Managing Director - Operations Department;
                                 (3) Director - Legal and Compliance Department.
                  Telex No.:     264521
                  Answerback:    CSFBI G

          and

          (ii) a copy of each communication sent to the address in sub-paragraph
               (i) (other than a notice or communication under Section 5 or 6),
               and any facsimile communications

                  Facsimile No.:    020 7888 2686
                  Attention:        Managing Director - Legal and Compliance
                                    Department

                  Telephone number for oral confirmation of receipt of
                  facsimile in legible form: 020 7888 2028. Designated
                  responsible employee for the purposes of Section 12(a)(iii):
                  Senior Legal Secretary

     (b)  PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

          Party A appoints as its Process Agent: None.
          Party B appoints as its Process Agent: None.
          CSFBI appoints as its Process Agent:

          Credit Suisse First Boston International (Australia) Limited.
          Address: Level 31 Gateway, 1 Macquarie Place, Sydney NSW 2000.
          Tel:  +612 8205 4400; Fax:  +612 8205 4397

     (c)  OFFICES. The provisions of Section 10(a) will not apply to this
          Agreement.

     (d)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

          Party A is not a Multibranch Party.
          Party B is not a Multibranch Party.
          CSFBI is not a Multibranch Party.

     (e)  CALCULATION AGENT. The Calculation Agent is the Manager unless
          otherwise specified in a Confirmation in relation to the relevant
          Transaction.

     (f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

          In relation to Party A:    Nil.
          In relation to Party B:    Security Trust Deed


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     (g)  CREDIT SUPPORT PROVIDER. Credit Support Provider means:

          In relation to Party A: CSFBI
          In relation to Party B:  Nil.

     (h)  GOVERNING LAW. This Agreement will be governed by and construed in
          accordance with the laws in force in New South Wales and Section
          13(b)(i) is deleted and replaced with the following:

          each party submits to the non-exclusive jurisdiction of the courts of
          New South Wales and Court of Appeal from them.

     (i)  NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this
          Agreement will apply to net Transactions in the same Confirmation and
          will not apply to net Transactions specified in different
          Confirmations.

     (j)  AFFILIATE will have the meaning specified in Section 14 of this
          Agreement. For the purpose of Section 3(c), each of Party A and Party
          B are deemed not to have any Affiliates.

PART 5.  OTHER PROVISIONS

     (A)  ISDA DEFINITIONS: This Agreement, each Confirmation and each
          Transaction are subject to the 2000 ISDA Definitions (published by the
          International Swap and Derivatives Association, Inc.) as amended from
          time to time (the "ISDA DEFINITIONS"), and will be governed in all
          respects by any provisions set forth in the ISDA Definitions, without
          regard to any amendments to the ISDA Definitions made after the date
          of this Agreement. The ISDA Definitions are incorporation by reference
          in, and shall be deemed to be part of this Agreement and each
          Confirmation. (b) In Section 2(a)(i) add the following sentence:

          Each payment will be by way of exchange for the corresponding payment
          or payments payable by the other party.

     (c)  In Section 2(a)(ii), after freely transferable funds add free of any
          set-off, counterclaim, deduction or withholding (except as expressly
          provided in this Agreement).

     (d)  A new Section 2(a)(iv) is inserted as follows:

          (iv) The condition precedent in Section 2(a)(iii)(1) does not apply to
               a payment due to be made to a party if it has satisfied all its
               payment obligations under Section 2(a)(i) of this Agreement and
               has no future payment obligations, whether absolute or contingent
               under Section 2(a)(i).

     (e)  For the purpose of Section 2(b) of this Agreement, CHANGE OF ACCOUNT,
          any new account so designated shall be in the same tax jurisdiction as
          the original account.

     (f)  ADDITIONAL REPRESENTATIONS: In Section 3 add the following immediately
          after paragraph (f):

          (g)  Non Assignment. It has not assigned (whether absolutely, in
               equity or otherwise) or declared any trust over any of its rights
               under any Transaction (other than, in respect of Party B, the
               trusts created pursuant to the Trust Deed) and has not given any
               charge over its assets, in the case of Party A, or the assets of
               the Trust (other than as provided in the Security Trust Deed), in
               the case of Party B.

     (g)  Party B also represents to Party A (which representations will be
          deemed to be repeated by Party B on each date on which a Transaction
          is entered into) that:


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          (i)  TRUST VALIDLY CREATED. The Trust has been validly created and is
               in existence at the date of this Agreement.

          (ii) SOLE TRUSTEE. Party B has been validly appointed as trustee of
               the Trust and is presently the sole trustee of the Trust.

          (iii) NO PROCEEDINGS TO REMOVE. No notice has been given to Party B
               and to Party B's knowledge no resolution has been passed, or
               direction or notice has been given, removing Party B as trustee
               of the Trust.

          (iv) POWER. Party B has power under the Trust Deed to enter into this
               Agreement and the Security Trust Deed in its capacity as trustee
               of the Trust.

          (v)  GOOD TITLE. Party B is the equitable owner of the Assets of the
               Trust and has power under the Trust Deed to mortgage or charge
               them in the manner provided in the Security Trust Deed, and,
               subject only to the Trust Deed, the Security Trust Deed and any
               Security Interest (as defined in the Trust Deed) permitted under
               the Security Trust Deed, as far as Party B is aware, those assets
               are free from all other Security Interests

     (h)  In Section 3(c)

          (i)  delete the words AGENCY OR OFFICIAL; and

          (ii) in the third line, insert "materially" before the word "affect".

     (i)  In Section 4 add a new paragraph as follows:

          (f)  CONTRACTING AS PRINCIPAL. Party A and CSFBI will enter into all
               Transactions as principal and not otherwise and Party B will
               enter into all Transactions in its capacity as trustee of the
               Trust and not otherwise.

          (j)  In Section 6(d)(i), in the last line, insert in the absence of
               manifest error after the word EVIDENCE.

          (k)  CONFIRMATIONS. Notwithstanding the provisions of Section
               9(e)(ii), each Confirmation in respect of a Swap Transaction
               which is confirmed by electronic messaging system, an exchange of
               telexes or an exchange of facsimiles will be further evidenced by
               an original Confirmation signed by the parties, however any
               failure to sign an original Confirmation will not affect the
               validity or enforceability of any Swap Transaction.

          (l)  Section 12 is amended as follows:

               (i)  in Section 12(a), insert and settlement instructions
                    requiring payment to an entity other than the original
                    counterparty after Section 5 or 6 in line 2.

               (ii) Section 12(a)(iii) is replaced with:

                           (iii)   if sent by facsimile transmission, on the
                                   date a transmission report is produced by the
                                   machine from which the facsimile was sent
                                   which indicates that the facsimile was sent
                                   in its entirety to the facsimile number of
                                   the recipient notified for the purpose of
                                   this Section, unless the recipient notifies
                                   the sender within one Local Business Day of
                                   the facsimile being sent that the facsimile
                                   was not received in its entirety and in
                                   legible form.

     (m)  Any reference to a:


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          (i)  SWAP TRANSACTION in the ISDA Definitions is deemed to be a
               reference to a TRANSACTION for the purpose of interpreting this
               Agreement or any Confirmation; and

          (ii) TRANSACTION in this Agreement or any Confirmation is deemed to be
               a reference to a SWAP TRANSACTION for the purpose of interpreting
               the ISDA Definitions.

     (n)  The SEPTEMBER 1992 AUSTRALIAN ADDENDUM NO. 10 - (AS AMENDED IN MARCH
          1994) NETTING TO SCHEDULE TO MASTER AGREEMENT OF INTERNATIONAL SWAPS
          AND DERIVATIVES ASSOCIATION, INC. is deemed to be incorporated in this
          Agreement, except that in the event of any inconsistency between that
          addendum and this Schedule or any Confirmation, the Confirmation or
          this Schedule shall take precedence.

     (o)  TRUST DEED means the Master Trust Deed dated 14 March 1998 as amended
          by the Crusade Global Trust No. 2 of 2001 Supplementary Terms Notice
          dated on or about the date of this Agreement between Party B, Party A
          and the Manager (the SUPPLEMENTARY TERMS NOTICE), and each of the
          following expressions shall have the meanings given to them in the
          Trust Deed and the Supplementary Terms Notice:

                   APPROVED BANK
                   APPROVED SELLER
                   ASSETS
                   BANK
                   BREAK PAYMENT
                   CLASS
                   DESIGNATED RATING AGENCY
                   FINAL MATURITY DATE
                   FIXED RATE LOAN
                   HOUSING LOAN PRINCIPAL
                   INSOLVENCY EVENT
                   LOAN OFFSET INTEREST AMOUNT
                   MASTER TRUST DEED
                   NOTE
                   OBLIGOR
                   PAYMENT DATE
                   PURCHASED RECEIVABLE
                   SECURITY TRUST DEED
                   SERVICER
                   SUPPORT FACILITY PROVIDER
                   TRUST

     (P)  TRUST DEED: The Parties acknowledge and agree that for the purposes of
          the Trust Deed, this Agreement is an HEDGE AGREEMENT and Party A and
          CSFBI are SUPPORT FACILITY PROVIDERS.

     (q)  Agreement by CSFBI to act as Standby Interest Rate Swap Provider:

          A new Section 15 is added as follows:

          15.      STANDBY INTEREST RATE SWAP PROVIDER

         (i)   For the purpose of this Section 15 the following additional
               definitions apply:


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          ACCEPTABLE ARRANGEMENT means an arrangement which each relevant
          Designated Rating Agency has confirmed in writing will result in the
          avoidance or reversal of any Note Downgrade.

          ACCEPTABLE RATING means, at any time, that Party A's long term rating
          from S&P is not below A- and its short term rating from S&P is not
          below A-1.

     (J)  APPROVED BANK means a Bank which has a short- term rating of at least
          A-1+ (S&P), P-1 (Moody's) and F1 (Fitch).

          CR means the amount calculated in accordance with the following
          formula:

          CR = MTM + VB

          where

          MTM means the mark-to-market value of the swap. Party A must mark the
          swap to market and post collateral on a weekly basis, with a cure
          period of 3 Business Days. The mark-to-market value should reflect the
          higher of 2 bids from counterparties that will be eligible and willing
          to provide the swap in the absence of Party A.

          VB means the volatility buffer, being the relevant percentage
          calculated from the table below:

                                 VOLATILITY BUFFER

COUNTERPARTY     MATURITIES UP TO 5   MATURITIES UP TO 10   MATURITIES MORE THAN
  restrict            YEARS                YEARS                10 YEARS

     A+                1.05               1.75                 3.0

     A                 1.35               2.45                 4.5

     A-                1.5                3.15                 6.0

          DOWNGRADE means CSFBI's rating by a Designated Rating Agency has been
          withdrawn or reduced resulting in CSFBI having:

          (i) a long term rating of less than AA- by S&P and a short term credit
          rating of less than A-1+ by S&P;

          (ii) a long term credit rating by Moody's of less than A2; or

          (iii) a short term rating of less than F1 by Fitch.

          MAJOR CSFBI DOWNGRADE means a CSFBI Downgrade resulting in CSFBI
          having:

          (i) a long term credit rating by S&P of less than A- and a short term
          credit rating by S&P of less than A-1;

          (i) a long term credit rating by Moody's of less than A3; or

          (ii) a short term credit rating by Fitch of less than F1.

          MINOR CSFBI DOWNGRADE means any CSFBI Downgrade which is not a Major
          CSFBI Downgrade.


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          NOTE DOWNGRADE means any actual or proposed withdrawal or downgrade of
          the ratings assigned to any Class of Notes by a Designated Rating
          Agency which results or would result in any rating assigned to that
          Class of Notes being less than that stipulated in Section 4.2(f) of
          the Supplementary Terms Notice.

          REPLACEMENT PROVIDER means:

          (i)  where Party A notifies CSFBI that it elects to replace itself as
               Interest Rate Swap Provider, then a Replacement Swap Provider; or


          (ii) where Party A notifies CSFBI that it elects to replace CSFBI as
               Standby Interest Rate Swap Provider, then a Replacement Standby
               Interest Rate Swap Provider

          REPLACEMENT STANDBY SWAP PROVIDER means a party that has agreed to
          replace CSFBI as Standby Interest Rate Swap Provider and has a rating
          greater than or equal to:

          (i)  A-1+ by S&P;

          (ii) F1 by Fitch; and

          (iii) who is suitably rated such that its appointment as Standby
               Interest Rate Swap Provider does not result in a Note Downgrade
               by Moody's.

          REPLACEMENT SWAP PROVIDER means a party that has agreed to replace
          Party A as Interest Rate Swap Provider, and the appointment of which
          each Designated Rating Agency has confirmed, in writing, will not
          result in a Note Downgrade and which CSFBI has approved in writing
          (which approval will not be unreasonably withheld).

     (k)  CSFBI agrees that if Party A is obliged to make a payment under a
          Confirmation that CSFBI has accepted or countersigned and CSFBI
          receives notice from the Manager requiring CSFBI to make that payment,
          CSFBI will comply with that notice by making the payment specified in
          the notice. The Manager must give this notice to CSFBI no later than
          2.00pm (Sydney time) on the Payment Date.

     (l)  CSFBI shall make such payment in full, without any set off,
          counterclaim or exercise of any similar right or defence, other than
          any netting permitted under this Agreement.

     (m)  If CSFBI receives a notice under Section 15(b) on or before 2.00 pm
          (Sydney time) on a Business Day, it will make the payment specified in
          that notice not later than 4.00 pm (Sydney time) on that Business Day.
          If it receives a notice after 2.00 pm (Sydney time) on a Business Day
          it will make the payment not later than 4.00 pm (Sydney time) on the
          next Business Day.

     (n)  CSFBI's obligations under this Section 15 with respect to a
          Confirmation commence on the Effective Date (specified in such
          Confirmation) and terminate on the earlier of the Final Maturity Date
          and the date on which the Confirmation is otherwise terminated in
          accordance with its terms.

     (o)  If, at any time, CSFBI is Downgraded and the downgrade constitutes a
          Minor CSFBI Downgrade, Party A shall, within 30 days (or such greater
          period as agreed by the relevant Designated Rating Agency), comply
          with Section 15(h).


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     (p)  If at any time CSFBI is Downgraded and the downgrade constitutes a
          Major CSFBI Downgrade, Party A shall, within 5 Business Days (or such
          greater period as agreed by the relevant Designated Rating Agency)
          comply with Section 15(h).

     (q)  Subject to Section 15(i), where Party A is required to comply with
          this Section 15(h) it shall, at its cost, and at its election do one
          of the following:

          (i)  (CASH COLLATERALISE) deposit into a Swap Collateral Account and
               maintain in the Swap Collateral Account (whilst the relevant
               downgrade subsists) sufficient funds to ensure that the amount
               standing to the credit of the Swap Collateral Account is equal to
               the greater of the following (the CASH COLLATERAL AMOUNT):

               (A)  zero;

               (B)  CR; and

               (C)  an amount acceptable to Moody's and Fitch and sufficient to
                    ensure that the ratings given to the Notes by Moody's and
                    Fitch are not adversely affected and that any Note Downgrade
                    is avoided or reversed (as the case may be);

          (ii) (NOVATE) enter into an agreement novating this Agreement to a
               Replacement Provider proposed by any of Party A, Party B or the
               Manager which each Designated Rating Agency has confirmed will
               not result in a withdrawal or downgrade of any credit rating
               assigned, by it, to the Notes; or

          (iii) (OTHER ARRANGEMENTS) enter into or procure entry into any
               Acceptable Arrangement.

     (r)  Notwithstanding anything to the contrary in this Section 15, where a
          Downgrade as described in paragraph (i) of the definition of
          Downgrade, has occurred, a party entitled to elect a course of action
          under this Section 15 may only elect to cash collateralise under
          Section (j)(i) if Party A has an Acceptable Rating and a short term
          credit rating of not less than F1 from Fitch.

     (s)  Where Party A is required to comply with Section 15(h) and fails to do
          so within the relevant time, CSFBI shall, subject to Section 15(i),
          either:

          (i)  deposit into, and maintain in, a Swap Collateral Account the Cash
               Collateral Amount in accordance with Section 15(h)(i);

          (ii) procure, at its cost, a Replacement Provider and pay the costs of
               novating the relevant obligations to that Replacement Provider in
               accordance with Section 15(h)(ii); or

          (iii) at its cost, enter into or procure entry into an Acceptable
               Arrangement in accordance with Section 15(h)(iii).

     (t)  Where either CSFBI or Party A procures a Replacement Provider in
          accordance with Section 15(h)(ii) or 15(j)(ii), each party to this
          Agreement shall do all things necessary to novate the relevant
          obligations to the Replacement Provider.

     (u)  If, at any time, CSFBI's obligations under this Agreement are novated
          in accordance with Section 15(h)(ii) or 15(j)(ii) or any Acceptable
          Arrangement is entered into in accordance


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          with Section 15(h)(iii) or 15(j)(iii) which results in CSFBI being
          replaced as Standby Interest Rate Swap Provider, CSFBI shall be
          immediately entitled to any cash collateral amount which it has
          deposited in the Swap Collateral Account.

     (v)  If the Manager becomes actually aware of the occurrence of a CSFBI
          Downgrade, the Manager shall notify Party A, CSFBI or both of the
          occurrence of such a reduction.

     (w)  Where Party B has not established a Swap Collateral Account and either
          Party A or CSFBI is required to deposit monies into a Swap Collateral
          Account, the Manager must direct Party B to establish, as soon as is
          practicable, and maintain, in the name of Party B an account with an
          Approved Bank which account, shall be, for the purposes of this
          Section 15 the SWAP COLLATERAL ACCOUNT.

     (x)  All interest on the Swap Collateral Account will accrue and be payable
          monthly to the party which provides the relevant Cash Collateral
          Amount.

     (y)  Party B may only make withdrawals from the Swap Collateral Account if
          directed to do so by the Manager and then only for the purpose of:

          (i)  novating obligations under this Agreement in accordance with
               Section 15(h)(ii) or 15(j)

          (ii) or entering into any other Acceptable Arrangement in accordance
               with 15(h)(iii) or 15(j)(iii); (ii) refunding to Party A or CSFBI
               (whichever provided the relevant Cash Collateral Amount) the
               amount of any reduction in the Swap Collateral Amount, from time
               to time and providing the Designated Rating Agencies have
               confirmed, in writing, that such refund will not result in a Note
               Downgrade;

          (iii) withdrawing any amount which has been incorrectly deposited into
               the Swap Collateral Account;

          (iv) paying financial institutions duty, bank accounts debit tax or
               other equivalent Taxes payable in respect of the Swap Collateral
               Account; or

          (v)  funding the amount of any payment due to be made by Party A under
               this Agreement following the failure by Party A to make that
               payment.

     (z)  CSFBI's obligations under this Section 15 shall:

          (i)  survive the termination of this Agreement; and

          (ii) terminate upon Party A complying with its obligations (if any)
               under Section 15(h) or CSFBI complying with its obligations under
               Section 15(j).

     (aa) Where:

          (i)  Party A fails to comply with Section 15(h); and

          (ii) CSFBI fails to comply with Section 15(j),

          (iii) this shall constitute an Additional Termination Event and Party
               A shall be the Affected Party for this purpose.

     (bb) In consideration of CSFBI agreeing to act as Standby Interest Rate
          Swap Provider, Party A agrees to pay to CSFBI quarterly in arrears a
          fee that accrues from day to day and is calculated at the rate of
          0.047% per annum of the Housing Loan Principal of all Fixed Rate


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          Loans on the relevant day. This fee is payable on each Payment Date,
          subject to (and to the extent that funds are available under) the
          cashflow allocation methodology in the Supplementary Terms Notice.

     (cc) None of the above fees in this Section 15 are to be increased by
          reference to any applicable goods and services tax unless:

          (i)  the parties to this Agreement agree (that agreement not to be
               unreasonably withheld); and

          (ii) the increase will not result in a Note Downgrade.

     (dd) In consideration of CSFBI agreeing, at the request of Party A, to act
          as Standby Interest Rate Swap Provider, Party A agrees to indemnify
          CSFBI on demand against any loss, charge, liability or expense that
          CSFBI may sustain or incur as a direct or indirect consequence of
          Party A failing to comply with its obligations under this Agreement,
          or the Manager requiring CSFBI to make a payment under this Agreement.

     (ee) If for any period CSFBI is required to make any payment under Section
          15(b), or otherwise comply with any obligation under a Confirmation in
          place of Party A:

          (i)  for so long as St.George Bank Limited is the Servicer during that
               period, St.George Bank will ensure; or

          (ii) if at any time during that period St.George is removed as
               Servicer, Party B must use its best endeavours to procure that
               any replacement Servicer agrees to ensure,

          (iii) that the fixed rate of interest charged in respect of any
               Floating Rate Loans which convert to Fixed Rate Loans during that
               period is a reasonable market rate of interest.

     (ff) A new Section 16 is added as follows:

          16.  Trustee provisions

               (a)  Each party other than Party B acknowledges and agrees that
                    Party B has entered into this Agreement in its capacity as
                    trustee of the Trust and in no other capacity. Sections
                    1.2(p) and 30.16 of the Master Trust Deed apply to this
                    Agreement as if set out in full, with references to Deed
                    being construed as references to Agreement. Section 16 of
                    the Security Trust Deed shall apply to govern Party A's
                    priority to money received from the sale of Trust Assets or
                    other enforcement of the Charge under the Security Trust
                    Deed (each as defined in the Security Trust Deed).

               (b)  Nothing in paragraph (a) limits Party A in:

          (i)  obtaining an injunction or other order to restrain any breach of
               this Agreement by Party B;

          (ii) obtaining declaratory relief; or

          (iii) in relation to its rights under the Security Trust Deed.

               (c)  Except as provided in paragraphs (a) and (b), Party A shall
                    not:


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                    (i)  (JUDGMENT) obtain a judgment for the payment of money
                         or damages by Party B

                    (ii) (STATUTORY DEMAND) issue any demand under s459E(1) of
                         the Corporations Law (or any analogous provision under
                         any other law) against Party B;

                    (iii) (WINDING UP) apply for the winding up or dissolution
                         of Party B;

                    (iv) (EXECUTION) levy or enforce any distress or other
                         execution to, on or against any assets of Party B;

                    (v)  (COURT APPOINTED RECEIVER) apply for the appointment by
                         a court of a receiver to any of the assets of Party B;

                    (vi) (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise
                         any set-off or counterclaim against Party B; or

                    (vii) (ADMINISTRATOR) appoint, or agree to the appointment,
                         of any administrator to Party B,


                    or take proceedings for any of the above and Party A waives
                    its rights to make those applications and take those
                    proceedings.

     (gg) A new Section 17 is added as follows:

          17.  Break Payments

          (a)  Party B shall pay Break Payments which it receives to Party A in
               accordance with 5.1(c) of the Supplementary Terms Notice, to the
               extent that amounts are available to make that payment.

          (b)  Subject to paragraphs (c) and (d), if Party A in any capacity
               (including in its capacity as Servicer) waives or reduces the
               amount of any Break Payment otherwise due from an Obligor, each
               of Party A and CSFBI agree that Party B's obligation under
               paragraph (a) is reduced in respect of the Break Payment so
               waived or to the extent of the reduction of the Break Payment (as
               the case may be).

          (c)  Provided that CSFBI has not been required to make any payment
               under Section 15(b), CSFBI Party A and Party B agree that (unless
               Party A otherwise notifies CSFBI and Party B in writing) Party A
               will waive all Break Payments otherwise payable by an Obligor if
               the total principal prepayments by that Obligor under the
               relevant Purchased Receivable (excluding scheduled principal
               repayments) does not exceed $5,000 in any calendar year.

          (d)  If CSFBI has been required to make a payment under Section 15(b),
               Party A must not waive or reduce the amount of any Break Payment
               without the prior consent of CSFBI



IN WITNESS WHEREOF the parties have executed this schedule on the respective
dates specified below with effect from the date specified on the first page of
this document.


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Interest Rate Swap                                        Allens Arthur Robinson
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ST.GEORGE BANK LIMITED



By:                            By:
         ---------------             ---------------


Name:                          Name:
         ---------------             ---------------


Title:                         Title:
         ---------------             ---------------


Date:                          Date:
         ---------------             ---------------



PERPETUAL TRUSTEES CONSOLIDATED LIMITED



By:                           By:
         ---------------             ---------------


Name:                         Name:
         ---------------             ---------------


Title:                        Title:
         ---------------             ---------------


Date:                         Date:
         ---------------             ---------------



CRUSADE MANAGEMENT LIMITED


By:                           By:
         ---------------             ----------------


Name:                         Name:
         ---------------             ----------------


Title:                        Title:
         ---------------             ----------------


Date:                         Date:
         ---------------             ----------------


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Interest Rate Swap                                        Allens Arthur Robinson
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CREDIT SUISSE FIRST BOSTON INTERNATIONAL



By:                           By:
         ---------------            ---------------


Name:                         Name:
         ---------------            ---------------


Title:                        Title:
         ---------------            ---------------


Date:                         Date:
         ---------------            ---------------


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