`EXHIBIT 99.4`

`Our ref  SGB-04CustAUPGlbl041-MP
                                                 Contact  Max Pollock 9335 8138`

`Mr. Roger Desmarchelier
Executive Manager Securitisation
Crusade Management Limited
55 Market Street
Sydney NSW 2000`

`12 April 2005`

`Dear Roger`

`Agreed Upon Procedures - Crusade Global Trust No. 1 of 2005`

`St.George Custodial Pty Ltd required an audit to be performed in accordance with
the  Crusade  Global  Trust  No.  1  of  2005  Custodian  Agreement  (`Custodian
Agreement').`

`Our  engagement  was  undertaken in  accordance  with the basic  principles  and
general guidance set out in Australian Auditing Standard AUS 904 "Engagements to
Perform Agreed-upon Procedures".`

`Procedures`

`In  accordance  with the  requirements  set out in  Schedule 1 of the  Custodian
Agreement, an audit of the custodial role with respect to the Relevant Documents
for Crusade Global Trust No. 1 of 2005 was performed.  The following  procedures
were undertaken to perform the audit:`

`a)   Through management inquiry and observation,  ensured that adequate controls
     and procedures are in place to:`

`i)   segregate  relevant documents from other mortgage title documents held
          by the Custodian; and`

`ii)  safeguard the relevant  documents from being removed or tampered with,
          except with appropriate authorisation.`

`b)   Through  discussions with management,  ensured that there is an appropriate
     security packet tracking system to identify:`

`i)   the relevant  documents as separate and distinct  from other  mortgage
          title documents held by the custodian; and`

`ii)  identify the location of the relevant documents at any time.`

---

`(c)  A random sample of 10 security  packets was  selected.  For each
     security  pack in the  sample  we cited the  following  relevant
     documents:`

`i)   Mortgage Deed;`

`ii)  Certificate of Title; and`

`iii) Loan  application  signed by the borrower,  or loan contract signed by
          the borrower for loans originated on or after November 1996.`

`(d)  For each security  pack in the sample we traced the pack's  actual  storage
     location to the location information contained on the system.`

`Findings`

`No exceptions were noted for the procedures performed above.`

`Statement`

`Based on the results of the  procedures  performed in accordance  with steps (a)
through (d), we grade the custodial  performance of St.George  Custodial Pty Ltd
as "Good".`

`Disclaimer`

`The  foregoing  procedures  do  not  constitute  an  audit  in  accordance  with
Australian  Auditing  Standards or a review made in accordance  with  Australian
Auditing Standard AUS 902 "Review of Financial Reports."`

`This letter is solely for the  information  of the addressee in connection  with
the role of St.George  Custodial Pty Ltd as custodian  for Crusade  Global Trust
No. 1 of 2005. It is not to be used,  circulated,  quoted or otherwise  referred
to, in whole or in part for any other purpose without our written consent.`

`Yours sincerely`

`/s/ Andrew Yates`

`Andrew Yates
Partner`

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`Our ref  SGB04-CrusConsentPublishLtr-L1312-JMW`

`The Directors
Crusade Management Limited
Level 4
4-16 Montgomery Street
Kogarah NSW 2217`

`13 December 2005`

`Dear Sirs`

`CRUSADE GLOBAL TRUSTS`

`This consent is given by KPMG concerning the submission of the 10K report to the
SEC for the year ended 30 September 2005 in respect of Crusade Global Trust No. 1
of 2004, and Crusade Global Trust No. 1 of 2005.`

`KPMG consents to its custodial agreed upon procedures reports, in respect of the
Crusade Global Trust No. 1 of 2004, Crusade Global Trust No. 2 of 2004,
and Crusade Global Trust No. 1 of 2005 (dated 12 April 2005) being included in the
submission of the 10K report.`

`Yours faithfully`

`/s/ John Teer`

`John Teer
Partner`