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                                                           Seller Loan Agreement









                                         PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                                       (Trustee)


                                                          ST.GEORGE BANK LIMITED
                                                               (Approved Seller)


                                                      CRUSADE MANAGEMENT LIMITED
                                                                       (Manager)


                                              Crusade Global Trust No. 2 of 2001








                                                          ALLENS ARTHUR ROBINSON
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333



                                       (C) Copyright Allens Arthur Robinson 2001
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Seller Loan Agreement                                     Allens Arthur Robinson
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TABLE OF CONTENTS

1.    DEFINITIONS AND INTERPRETATION                                   1
      1.1                                                    Definitions   1
      1.2                                  Master Trust Deed definitions   2
      1.3                                                 Interpretation   2
      1.4   Determination, statement and certificate sufficient evidence   2
      1.5                                           Transaction Document   3
      1.6                                               Limited to Trust   3
      1.7                                             Trustee as trustee   3
      1.8                                           Knowledge of Trustee   3
      1.9                                                 Unsecured loan   3

2.    PURPOSE                                                          3

3.    DRAWINGS                                                         3
      3.1                                                        Advance   3
      3.2                                              Making of Advance   4

4.    INTEREST AND FEES                                                4

5.    REPAYMENT                                                        4

6.    PAYMENTS                                                         4
      6.1                                                         Manner   4
      6.2                             Payment to be made on Business Day   4

7.    CONDITIONS PRECEDENT                                            4

8.    REPRESENTATIONS AND WARRANTIES                                  5
      8.1                                 Representations and warranties   5
      8.2                     Reliance on representations and warranties   5

9.    UNDERTAKINGS                                                     6
      9.1                                           General undertakings   6
      9.2                                 Undertakings relating to Trust   6
      9.3                                           Term of undertakings   7

10.   CONTROL ACCOUNTS                                                 7

11.   WAIVERS, REMEDIES CUMULATIVE                                     7

12.   SEVERABILITY OF PROVISIONS                                       7

13.   SURVIVAL OF REPRESENTATIONS                                      7

14.   INDEMNITY AND REIMBURSEMENT OBLIGATION                           8

15.   MORATORIUM LEGISLATION                                           8

16.   CONSENTS AND OPINIONS                                            8

17.   ASSIGNMENTS                                                      8

18.   NOTICES                                                          8


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19.   AUTHORISED SIGNATORIES                                           9

20.   GOVERNING LAW AND JURISDICTION                                   9

21.   COUNTERPARTS                                                     9

22.   ACKNOWLEDGEMENT BY TRUSTEE                                       9

23.   LIMITED RECOURSE                                                 9
      23.1                                                       General   9
      23.2        Liability of Trustee limited to its right to indemnity  10
      23.3                                         Unrestricted remedies  11
      23.4                                           Restricted remedies  11

24.   APPROVED SELLER'S OBLIGATIONS                                   11

25.   SUCCESSOR TRUSTEE                                               11

ANNEXURE A                                                               14
      DRAWDOWN NOTICE                                                    14


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Seller Loan Agreement                                     Allens Arthur Robinson
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DATE                                                        2001.
--------

PARTIES
--------

     1.    PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
           7, 39 Hunter Street, Sydney, New South Wales 2000 in its capacity as
           trustee of the Crusade Global Trust No. 2 of 2001 (the TRUSTEE);

     2.    ST.GEORGE BANK LIMITED (ABN 92 055 513 070) incorporated in New South
           Wales of 4-16 Montgomery Street, Kogarah, New South Wales 2217 (the
           APPROVED SELLER); and

     3.    CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in the
           Australian Capital Territory of 4-16 Montgomery Street, Kogarah, New
           South Wales 2217 (the MANAGER).

RECITALS
--------

     A     The Trustee is the trustee of the Crusade Global Trust No. 2 of 2001
           and proposes to issue Notes pursuant to the Master Trust Deed and the
           Supplementary Terms Notice.

     B     The Manager has arranged for the Approved Seller to provide the
           Trustee with a loan of A$[*] for the purchase of Receivables by the
           Trustee.

     C     The Approved Seller has agreed to provide the loan to the Trustee on
           the terms and conditions contained in this agreement.

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IT IS AGREED as follows.

1.   DEFINITIONS AND INTERPRETATION
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1.1  DEFINITIONS

     In this agreement the following definitions apply unless the context
     requires otherwise, or unless otherwise defined.

     ADVANCE means the advance made or to be made under this agreement.

     DRAWDOWN NOTICE means a notice under clause 3.1.

     LIMIT means A$[*], or such greater amount as may be agreed by the Trustee,
     Approved Seller and Manager.

     MASTER TRUST DEED means the deed entitled "Master Trust Deed" between,
     among others, the Trustee and the Manager dated 14 March 1998.


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Seller Loan Agreement                                     Allens Arthur Robinson
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     NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated on
     or before the date of this agreement issued under the Master Trust Deed in
     relation to the Trust.

     PRINCIPAL OUTSTANDING means, at any time, the total principal amount of the
     Advance at that time.

     SECURED MONEYS has the meaning given in the Security Trust Deed.

     SECURITY TRUST DEED means the Security Trust Deed dated on or before the
     date of this agreement between, among others, the Trustee, the Manager and
     P.T. Limited.

     SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice issued by
     the Manager on or about the date of this agreement under the Master Trust
     Deed.

     TRUST means the Crusade Global Trust No. 2 of 2001 constituted under the
     Master Trust Deed on the terms of the Supplementary Terms Notice.

     TRUST DOCUMENT means:

     (a)   this agreement;

     (b)   the Master Trust Deed;

     (c)   the Notice of Creation of Trust;

     (d)   the Supplementary Terms Notice;

     (e)   the Custodian Agreement;

     (f)   the Security Trust Deed;

     (g)   the Servicing Agreement;

     (h)   the Note Trust Deed;

     (i)   the Agency Agreement; and

     (j)   the Support Facilities.

     TRUSTEE means the trustee of the Trust at the date of this agreement or any
     person which becomes a successor trustee under clause 20 of the Master
     Trust Deed.

1.2  MASTER TRUST DEED DEFINITIONS

     Words and expressions which are defined in the Master Trust Deed (as
     amended by the Supplementary Terms Notice) and the Supplementary Terms
     Notice (including in each case by reference to another agreement) have the
     same meanings when used in this agreement, unless the context otherwise
     requires or unless otherwise defined in this agreement.

1.3  INTERPRETATION

     Clause 1.2 of the Master Trust Deed applies to this agreement as if set out
     in full, except that references to THIS DEED are references to THIS
     AGREEMENT.

1.4  DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

     Except where otherwise provided in this agreement any determination,
     statement or certificate by the Approved Seller or an Authorised Signatory
     of the Approved Seller provided for in this agreement is sufficient
     evidence unless proven wrong.


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1.5  TRANSACTION DOCUMENT

     This agreement is a TRANSACTION DOCUMENT for the purposes of the Master
     Trust Deed.

1.6  LIMITED TO TRUST

     The rights and obligations of the parties under this agreement relate only
     to the Trust, and do not relate to any other Trust (as defined in the
     Master Trust Deed). Without limitation, the Approved Seller has no
     obligation under this agreement to provide financial accommodation to the
     Trustee as trustee of any other such Trust.

1.7  TRUSTEE AS TRUSTEE

     In this agreement, except where provided to the contrary;

     (a)   a reference to the Trustee is a reference to the Trustee in its
           capacity as trustee of the Trust and in no other capacity; and

     (b)   a reference to the undertaking, property, assets, business or money
           of the Trustee is a reference to the undertaking, property, assets,
           business or money of the Trustee in its capacity referred to in
           paragraph (a).

1.8  KNOWLEDGE OF TRUSTEE

     In relation to the Trust, the Trustee will be considered to have knowledge
     or notice of or be aware of any matter or thing if the Trustee has
     knowledge, notice or awareness of that matter or thing by virtue of the
     actual notice or awareness of the officers or employees of the Trustee who
     have day to day responsibility for the administration of the Trust.

1.9  UNSECURED LOAN

     The Approved Seller acknowledges that the Advance is an unsecured loan, and
     does not have the benefit of any Security Interest under the Security Trust
     Deed.

2.   PURPOSE
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     The Manager directs the Trustee to, and the Trustee shall, apply the
     proceeds of the Advance to purchase Receivables specified in any Sale
     Notice and for no other purpose.

3.   DRAWINGS
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3.1  ADVANCE

     (a)   Subject to this agreement, the Manager may direct the Trustee to
           request the Advance by giving to the Trustee a duly completed but
           unsigned Drawdown Notice by no later than 10 am on the Closing Date
           (Sydney time).

     (b)   The Drawdown Notice must be:

           (i)    in writing;

           (ii)   in or substantially in the form of Annexure A; and


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           (iii)  signed by the Trustee.

           The Trustee must sign and return the Drawdown Notice to the Manager
           by no later than 2 pm on the Closing Date (Sydney time).

     (c)   The amount requested in a Drawdown Notice must not exceed the Limit.

3.2  MAKING OF ADVANCE

     (a)   Subject to the terms of this agreement, the Advance shall be made
           available by the Approved Seller applying that amount to the purchase
           price for Receivables under a Sale Notice.

4.   INTEREST AND FEES
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     No interest or fees are payable by the Trustee in relation to the Advance
     or this agreement.

5.   REPAYMENT
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     The Trustee shall, at the direction of the Manager, repay the Principal
     Outstanding on the Business Day immediately following the date on which the
     Secured Moneys are fully and finally repaid, but only to the extent that
     amounts are available for that purpose under clause 5.7 of the
     Supplementary Terms Notice. That payment shall be in full and final
     settlement of the obligations of the Trustee under this agreement.

6.   PAYMENTS
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6.1  MANNER

     The Trustee shall make all payments under this agreement:

     (a)   by cheque, electronic funds transfer or other agreed methods,
           provided to the Approved Seller at its address for service of notices
           or by transfer of immediately available funds to the account
           specified by the Approved Seller;

     (b)   without set-off, counterclaim or other deduction, except any
           compulsory deduction for Tax; and

     (c)   in accordance with, and only at the directions of the Manager, the
           Master Trust Deed, the Security Trust Deed and the Supplementary
           Terms Notice.

6.2  PAYMENT TO BE MADE ON BUSINESS DAY

     If any payment is due on a day which is not a Business Day, the due date
     will be the next Business Day.


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7.   CONDITIONS PRECEDENT
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     The right of the Trustee to give the initial Drawdown Notice and the
     obligations of the Approved Seller under this agreement are subject to the
     condition precedent that the Approved Seller receives all of the following
     in form and substance satisfactory to the Approved Seller:

     (a)   (TRUST DOCUMENTS) from the Manager a certified copy of each duly
           executed and (where relevant) stamped Trust Document;

     (b)   (MASTER TRUST DEED CONDITIONS PRECEDENT) from the Manager evidence
           that the conditions precedent referred to in clause 6 of the Master
           Trust Deed have been satisfied; and

     (c)   (NOTES) evidence that the Notes have been issued.

8.   REPRESENTATIONS AND WARRANTIES
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8.1  REPRESENTATIONS AND WARRANTIES

     The Trustee (in its capacity as trustee of the Trust) makes the following
     representations and warranties (so far as they relate to the Trust).

     (a)   (DOCUMENTS BINDING) This agreement constitutes (or will, when
           executed and delivered, constitute) its legal, valid and binding
           obligations (subject to laws generally affecting creditors' rights
           and to general principles of equity).

     (b)   (TRANSACTIONS PERMITTED) The execution of this agreement did not and
           will not contravene any applicable law or authorisation which affects
           the Trustee in its capacity as trustee of the Trust.

     (c)   (OTHER DEFAULT) It has no actual knowledge of any default by it or
           the Manager under either:

           (i)    the Master Trust Deed; or

           (ii)   any law, authorisation, agreement or obligation applicable to
                  the Assets of the Trust, which has not been remedied or waived
                  in writing.

     (d)   (TRUST) The Trust has been validly created and is in existence at the
           date of this agreement.

     (e)   (SOLE TRUSTEE) It is the sole trustee of the Trust at the date of
           this agreement.

     (f)   (REMOVAL) No notice has been given to it and to its knowledge no
           resolution has been passed or direction or notice has been given,
           removing it as trustee of the Trust.

8.2  RELIANCE ON REPRESENTATIONS AND WARRANTIES

     The Trustee acknowledges that the Approved Seller has entered into the
     Trust Documents in reliance on the representations and warranties in this
     clause.


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9.   UNDERTAKINGS
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9.1  GENERAL UNDERTAKINGS

     Each of the Trustee and the Manager severally undertake to the Approved
     Seller as follows in relation to the Trust, except to the extent that the
     Approved Seller consents.

     (a)   (AUTHORISATIONS) It will ensure that each Authorisation (which, in
           the case of the Trustee, is limited to any Authorisation relating to
           the Trustee in its capacity as trustee of the Trust and not to the
           Trust generally) required for:

           (i)    the execution, delivery and performance by it of the Trust
                  Documents to which it is expressed to be a party and the
                  transactions contemplated by those documents;

           (ii)   the validity and enforceability of those documents; and

           (iii)  the carrying on by it of its business as now conducted or
                  contemplated,

           is obtained and promptly renewed and maintained in full force and
           effect. It will pay all applicable fees for them. It will provide
           copies promptly to the Approved Seller when they are obtained or
           renewed.

     (b)   (NEGATIVE PLEDGE) It will not create or allow to exist a Security
           Interest over the Assets of the Trust other than:

           (i)    under the Trust Documents; or

           (ii)   a lien arising by operation of law in the ordinary course of
                  day-to-day trading and not securing indebtedness in respect of
                  financial accommodation where it duly pays the indebtedness
                  secured by that lien other than indebtedness contested in good
                  faith.

     (c)   (COMPLY WITH OBLIGATIONS) It will duly and punctually comply with its
           obligations under the Trust Documents.

     (d)   (NOTICE TO APPROVED SELLER) It will notify the Approved Seller as
           soon as it becomes actually aware of any proposal by a Government
           Agency to acquire compulsorily any Assets of the Trust.

9.2  UNDERTAKINGS RELATING TO TRUST

     Each of the Trustee, as trustee of the Trust, and the Manager severally
     undertakes to the Approved Seller as follows, except to the extent that the
     Approved Seller consents.

     (a)   (AMENDMENT TO MASTER TRUST DEED) It will not consent to any amendment
           to the Master Trust Deed, the Supplementary Terms Notice or any other
           Trust Document which would change:

           (i)    the basis upon which the amount of the Advance to be made is
                  calculated;

           (ii)   Clause 5.7 of the Supplementary Terms Notice; or

           (iii)  the basis of calculation or order of application of any amount
                  to be paid or applied under clause 5 of the Supplementary
                  Terms Notice unless the change would not be adverse to the
                  Approved Seller in respect of the Advance.


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     (b)   (RESETTLEMENT) It will not take any action that will result in a
           resettlement, setting aside or transfer of any asset of the Trust
           other than a transfer which complies with the Master Trust Deed, the
           Supplementary Terms Notice and the other Trust Documents.

     (c)   (NO ADDITIONAL TRUSTEE) It will act continuously as trustee or
           manager (as the case may be) of the Trust in accordance with the
           Master Trust Deed until the Trust has been terminated or until it has
           retired or been removed in accordance with the Master Trust Deed.

9.3  TERM OF UNDERTAKINGS

     Each undertaking in this clause continues from the date of this agreement
     until all moneys actually or contingently owing under this agreement are
     fully and finally repaid or cease to be outstanding.

10.  CONTROL ACCOUNTS
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     The accounts kept by the Approved Seller constitute sufficient evidence,
     unless proven wrong, of the amount at any time due from the Trustee under
     this agreement.

11.  WAIVERS, REMEDIES CUMULATIVE
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     (a)   No failure to exercise and no delay in exercising any right, power or
           remedy under this agreement operates as a waiver. Nor does any single
           or partial exercise of any right, power or remedy preclude any other
           or further exercise of that or any other right, power or remedy.

     (b)   The rights, powers and remedies provided to the Approved Seller in
           this agreement are in addition to, and do not exclude or limit, any
           right, power or remedy provided by law.

12.  SEVERABILITY OF PROVISIONS
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     Any provision of this agreement which is prohibited or unenforceable in any
     jurisdiction is ineffective as to that jurisdiction to the extent of the
     prohibition or unenforceability. That does not invalidate the remaining
     provisions of this agreement nor affect the validity or enforceability of
     that provision in any other jurisdiction.

13.  SURVIVAL OF REPRESENTATIONS
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     All representations and warranties in this agreement survive the execution
     and delivery of this agreement and the provision of advances and
     accommodation.

14.  INDEMNITY AND REIMBURSEMENT OBLIGATION
--------------------------------------------------------------------------------

     Unless stated otherwise, each indemnity, reimbursement or similar
     obligation in this agreement:

     (a)   is a continuing obligation;

     (b)   is a separate and independent obligation;

     (c)   is payable on demand; and


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     (d)   survives termination or discharge of this agreement.

15.  MORATORIUM LEGISLATION
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     To the full extent permitted by law all legislation which at any time
     directly or indirectly:

     (a)   lessens, varies or affects in favour of the Trustee any obligation
           under a Trust Document; or

     (b)   delays, prevents or prejudicially affects the exercise by the
           Approved Seller of any right, power or remedy conferred by this
           agreement, is excluded from this agreement.

16.  CONSENTS AND OPINIONS
--------------------------------------------------------------------------------

     Except where expressly stated the Approved Seller may give or withhold, or
     give conditionally, approvals and consents, may be satisfied or
     unsatisfied, may form opinions, and may exercise its rights, powers and
     remedies, at its absolute discretion.

17.  ASSIGNMENTS
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     Neither party may assign or transfer any of its rights or obligations under
     this agreement without the prior written consent of the other party or if
     the rating of the Notes would be withdrawn or reduced as a result of the
     assignment, except for the creation of a charge by the Trustee under the
     Security Trust Deed.

18.  NOTICES
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     All notices, requests, demands, consents, approvals, agreements or other
     communications to or by a party to this agreement:

     (a)   must be in writing;

     (b)   must be signed by an Authorised Signatory of the sender; and

     (c)   will be taken to be duly given or made:

           (i)    (in the case of delivery in person or by post) when delivered,
                  received or left at the address of the recipient shown in this
                  agreement or to any other address which it may have notified
                  the sender;

           (ii)   (in the case of facsimile transmission) on receipt of a
                  transmission report confirming successful transmission; and

           (iii)  (in the case of a telex) on receipt by the sender of the
                  answerback code of the recipient at the end of transmission,

           but if delivery or receipt is on a day on which business is not
           generally carried on in the place to which the communication is sent
           or is later than 4.00 pm (local time), it will be taken to have been
           duly given or made at the commencement of business on the next day on
           which business is generally carried on in that place.


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19.  AUTHORISED SIGNATORIES
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     The Trustee irrevocably authorises the Approved Seller to rely on a
     certificate by persons purporting to be its directors and/or secretaries as
     to the identity and signatures of its Authorised Signatories. The Trustee
     warrants that those persons have been authorised to give notices and
     communications under or in connection with this agreement.

20.  GOVERNING LAW AND JURISDICTION
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     This agreement is governed by the laws of New South Wales. The Trustee
     submits to the non-exclusive jurisdiction of courts exercising jurisdiction
     there.

21.  COUNTERPARTS
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     This agreement may be executed in any number of counterparts. All
     counterparts together will be taken to constitute one instrument.

22.  ACKNOWLEDGEMENT BY TRUSTEE
--------------------------------------------------------------------------------

     The Trustee confirms that:

     (a)   it has not entered into this agreement in reliance on, or as a result
           of, any statement or conduct of any kind of or on behalf of the
           Approved Seller (including any advice, warranty, representation or
           undertaking); and

     (b)   the Approved Seller is not obliged to do anything (including disclose
           anything or give advice), except as expressly set out in this
           agreement.

23.  LIMITED RECOURSE
--------------------------------------------------------------------------------

23.1 GENERAL

     Clause 30 of the Master Trust Deed applies to the obligations and
     liabilities of the Trustee and the Manager under this agreement.

23.2 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

     (a)   The Trustee enters into this agreement only in its capacity as
           trustee of the Trust and in no other capacity (except where the
           Transaction Documents provide otherwise). Subject to paragraph (c)
           below, a liability arising under or in connection with this agreement
           or the Trust can be enforced against the Trustee only to the extent
           to which it can be satisfied out of the assets and property of the
           Trust which are available to satisfy the right of the Trustee to be
           exonerated or indemnified for the liability. This limitation of the
           Trustee's liability applies despite any other provision of this
           agreement and extends to all liabilities and obligations of the
           Trustee in any way connected with any representation, warranty,
           conduct, omission, agreement or transaction related to this agreement
           or the Trust.


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     (b)   Subject to paragraph (c) below, no person (including any Relevant
           Party) may take action against the Trustee in any capacity other than
           as trustee of the Trust or seek the appointment of a receiver (except
           under the Security Trust Deed), or a liquidator, an administrator or
           any similar person to the Trustee or prove in any liquidation,
           administration or arrangements of or affecting the Trustee.

     (c)   The provisions of this clause 23.2 shall not apply to any obligation
           or liability of the Trustee to the extent that it is not satisfied
           because under a Transaction Document or by operation of law there is
           a reduction in the extent of the Trustee's indemnification or
           exoneration out of the Assets of the Trust as a result of the
           Trustee's fraud, negligence, or Default.

     (d)   It is acknowledged that the Relevant Parties are responsible under
           this agreement or the other Transaction Documents for performing a
           variety of obligations relating to the Trust. No act or omission of
           the Trustee (including any related failure to satisfy its obligations
           under this agreement) will be considered fraud, negligence or Default
           of the Trustee for the purpose of paragraph (c) above to the extent
           to which the act or omission was caused or contributed to by any
           failure by any Relevant Party or any person who has been delegated or
           appointed by the Trustee in accordance with the Transaction Documents
           to fulfil its obligations relating to the Trust or by any other act
           or omission of a Relevant Party or any such person.

     (e)   In exercising their powers under the Transaction Documents, each of
           the Trustee, the Security Trustee and the Noteholders must ensure
           that no attorney, agent, delegate, receiver or receiver and manager
           appointed by it in accordance with this agreement or any other
           Transaction Documents has authority to act on behalf of the Trustee
           in a way which exposes the Trustee to any personal liability and no
           act or omission of any such person will be considered fraud,
           negligence, or Default of the Trustee for the purpose of paragraph
           (c) above.

     (f)   In this clause, RELEVANT PARTIES means each of the Manager, the
           Servicer, the Custodian, the Calculation Agent, each Paying Agent,
           the Note Trustee and the provider of any Support Facility.

     (g)   Nothing in this clause limits the obligations expressly imposed on
           the Trustee under the Transaction Documents.

23.3 UNRESTRICTED REMEDIES

     Nothing in clause 23.2 limits the Approved Seller in:

     (a)   obtaining an injunction or other order to restrain any breach of this
           agreement by any party;

     (b)   obtaining declaratory relief; or

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

23.4 RESTRICTED REMEDIES

     Except as provided in clause 23.3, the Approved Seller shall not:

     (a)   (JUDGMENT) obtain a judgment for the payment of money or damages by
           the Trustee;


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     (b)   (STATUTORY DEMAND) issue any demand under s459E(1) of the
           Corporations Act 2001 (Cth) (or any analogous provision under any
           other law) against the Trustee;

     (c)   (WINDING UP) apply for the winding up or dissolution of the Trustee;

     (d)   (EXECUTION) levy or enforce any distress or other execution to, on,
           or against any assets of the Trustee;

     (e)   (COURT APPOINTED RECEIVER) apply for the appointment by a court of a
           receiver to any of the assets of the Trustee;

     (f)   (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
           counterclaim against the Trustee; or

     (g)   (ADMINISTRATOR) appoint, or agree to the appointment, of any
           administrator to the Trustee,

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

24.  APPROVED SELLER'S OBLIGATIONS
--------------------------------------------------------------------------------

     The Trustee shall have no recourse to the Approved Seller in relation to
     this agreement beyond its terms, and the Approved Seller's obligations
     under this agreement are separate from, and independent to, any obligations
     the Approved Seller may have to the Trustee for any other reason (including
     under any other Trust Document).

25.  SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

     The Approved Seller shall do all things reasonably necessary to enable any
     successor Trustee appointed under clause 20 of the Master Trust Deed to
     become the Trustee under this agreement.

EXECUTED in Sydney.

Each attorney executing this agreement states that he or she has no notice of
revocation or suspension of his or her power of attorney.


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SIGNED by                               )
PERPETUAL TRUSTEES                      )
CONSOLIDATED LIMITED                    )
by its attorney under the Power
of Attorney dated                       )
                                        )
the presence of:                        )

                                         ---------------------------------------
                                                     Signature


------------------------------------     ---------------------------------------
Witness                                              Print name


------------------------------------
Print name




SIGNED on behalf of                     )
ST.GEORGE BANK LIMITED                  )
by its attorney under the Power of      )
Attorney dated                          )
in the presence of:                     )


                                         ---------------------------------------
                                                     Signature


------------------------------------     ---------------------------------------
Witness                                              Print name


------------------------------------
Print name


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SIGNED on behalf of                    )
CRUSADE MANAGEMENT LIMITED             )
                                       )
by its attorney under the Power of     )
Attorney dated                         )
in the presence of:                    )


                                         ---------------------------------------
                                                     Signature


------------------------------------     ---------------------------------------
Witness                                              Print name


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Seller Loan Agreement                                     Allens Arthur Robinson
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ANNEXURE A

DRAWDOWN NOTICE
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To:  St.George Bank Limited



                 SELLER LOAN AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Seller Loan Agreement dated on or about [*] 2001 (the FACILITY
AGREEMENT).

Under clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:

(1)  we wish to draw on the Closing Date;

(2)  the principal amount of the Advance is A$[*]; [NOTE: AMOUNT TO COMPLY WITH
     THE LIMITS IN CLAUSE 3.]

(3)  we request that the proceeds be remitted to account number [*] at [*];

(4)  to the best of our knowledge and, relying on the information provided by
     the Manager, the proceeds of the advance will be used for the purposes
     contemplated in the Facility Agreement;

(5)  all representations and warranties under clause 8 of the Facility Agreement
     are true as though they had been made at the date of this Drawdown Notice
     and the Drawdown Date specified above in respect of the facts and
     circumstances then subsisting.

Definitions in the Facility Agreement apply in this Drawdown Notice.

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

By:                     [Authorised Signatory]

DATED

Verified by Crusade Management Limited

By:                     [Authorised Signatory]

Dated


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