EXHIBIT 99.3

Independent auditor's Annual Servicer Compliance Certificate
to the Directors of Crusade Management Limited (Trust Manager)

Scope

We have reviewed St.George Bank Limited's (the "Servicer's")  activities for the
purpose of determining its compliance with the servicing  standards contained in
the Master  Trust Deed dated 14 March  1998,  the Crusade  Euro Trust  Servicing
Agreement dated 19 March 1998, and the Supplementary Terms Notice  (collectively
the  "Documents"),  attached as  Appendix  1, in relation to the Crusade  Global
Trust  No.2 of 2004 (the  "Trust")  for the year  ended 30  September  2004,  in
accordance  with the  statement  by the Division of  Corporation  Finance of the
Securities  and Exchange  Commission  dated 21 February 2003, and our engagement
letter dated 13 December 2004.

We have reviewed the servicing standards contained in the Documents to enable us
to report on whether those servicing standards are similar to those contained in
the Uniform Single  Attestation  Program for Mortgage  Bankers  ("USAP"),  which
establishes a minimum servicing  standard for the asset backed securities market
in the United States of America. No equivalent of the USAP exists in Australia.

The  management  of the Servicer is  responsible  for  maintaining  an effective
internal control  structure  including  internal control policies and procedures
relating to the servicing of mortgage  loans.  We have  conducted an independent
review of the servicing  standards included in Appendix 1, in order to express a
statement on the Servicer's compliance with them to Crusade Management Limited.

Our review of the  servicing  standards has been  conducted in  accordance  with
Australian  Auditing Standards  applicable to performance audits and accordingly
included  such  tests  and   procedures  as  we  considered   necessary  in  the
circumstances.  In conducting our review we have also had regard to the guidance
contained in the USAP.  These  procedures  have been  undertaken to enable us to
report on whether  anything has come to our attention to indicate that there has
been  significant  deficiencies in the Servicer's  compliance with the servicing
standards contained in the Documents for the year ended 30 September 2004.

Our review did not  include  an  assessment  of the  adequacy  of the  servicing
standards themselves.

This statement has been prepared for the use of Crusade Management Limited as at
30 September 2004 in accordance  with the  requirements  of the statement by the
Division of Corporation  Finance of the Securities and Exchange Commission dated
21 February 2003, and the engagement  letter dated 13 December 2004. We disclaim
any assumption of responsibility  for any reliance on this review statement,  to
any person other than Crusade Management Limited.



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Statement

Based on our review;

-    nothing  has come to our  attention  to  indicate  that there have been any
     significant  deficiencies  in St.George Bank Limited's  compliance with the
     servicing standards contained in the Master Trust Deed dated 14 March 1998,
     the Crusade Euro Trust  Servicing  Agreement  dated 19 March 1998,  and the
     Supplementary  Terms  Notice,  attached  as  Appendix  1, in respect of the
     Crusade  Global  Trust  No.2 of 2004 (the  "Trust")  for the year  ended 30
     September 2004;

-    the servicing  standards  contained in the Master Trust Deed dated 14 March
     1998, the Crusade Euro Trust  Servicing  Agreement dated 19 March 1998, and
     the  Supplementary  Terms  Notice  are  similar  to the  minimum  servicing
     standards  contained in the Uniform Single Attestation Program for Mortgage
     Bankers ("USAP"), except for the following:

     -    Sections  I  (4),  V (3)  and V (4)  set  out  the  minimum  servicing
          standards for escrow accounts.  However, in Australia the mortgagee or
          Servicer is not responsible for taxes,  insurance,  and other payments
          associated with the home ownership. Hence there are no escrow accounts
          held by the Servicer.

     -    Section I (2) of USAP  requires  funds of the  servicing  entity to be
          advanced in cases where there is an  overdraft in an  investor's  or a
          mortgagor's  account.  The  Documents  do not  contain  an  equivalent
          standard to this USAP standard. The loans serviced under the Servicing
          Deed do not include overdraft accounts.

     -    Section III of USAP sets  minimum  servicing  standards  in respect of
          Disbursements.   In  respect  of  the  Trust,  this  function  is  the
          responsibility of the Trust Manager.




KPMG

/s/ John Teer

John Teer
Partner

Place:  Sydney, Australia

Date:  December 14, 2004


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APPENDIX ONE - ST.GEORGE SERVICING STANDARDS


I GENERAL UNDERTAKINGS

1        The Servicer must maintain all  qualifications,  licenses,  filings and
         registrations  as may be required  under any applicable law in order to
         properly service the Receivables.

2        The Servicer must comply with all Laws in connection with servicing the
         Receivables  and Receivable  Rights where failure to do so would have a
         material adverse effect.

3        The  Servicer  must  comply with the  Consumer  Credit  Legislation  in
         connection with servicing the Receivables and Receivable Rights.

4        The Servicer must promptly deliver Relevant  Documents to the Custodian
         in accordance with the Custodian Agreement.

5        If a material  default  occurs the  Servicer  is  required to take such
         action in accordance with the Servicer's normal enforcement procedures.

6        The  Servicer  shall  set  the  interest  rate  on the  Receivables  in
         accordance with the requirements of the Supplementary Terms Notice.

7        The Servicer  must notify the Trustee and Manager of any event which it
         reasonably  believes  is  likely  to  have a  material  adverse  effect
         promptly  after  becoming  aware  of such  event;  and the  Manager  of
         anything  else which the  Manager  reasonably  requires  regarding  any
         modification to any Receivable or Receivable Security and the Services.

8        The  Servicer  must  provide  information  reasonably  requested by the
         Trustee or Manager.

9        The Servicer must comply with all its obligations under any transaction
         document to which it is a party.

10       Subject  to  being   reimbursed  by  the  relevant   Obligor  or  being
         indemnified  by the  Trustee,  the  Servicer  shall pay all taxes  that
         relate to the Services.

11       The Servicer shall not claim any Security Interest over any Asset.


II VARIATIONS


1        The  Servicer  must not  consent to the  creation or  existence  of any
         Security  interest  in  favour  of a third  party  in  relation  to any
         Mortgaged  Property in connection  with a Receivable and the Receivable
         Rights  unless the third party  acknowledges  that the  Receivable  and
         Receivable  Rights ranks ahead in priority to the third party  Security
         Interest  or which  would rank  before or pari passu with the  relevant
         Receivable and Receivable Rights.


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2        Except as  required  by law the  Servicer  shall not release an Obligor
         from any amount owing in respect of a Receivable.

3        The  Servicer  must  attend to the  stamping  and  registration  of all
         relevant  documents for each Relevant  Trust  following any  amendment,
         consolidation or other action.  In relation to any Mortgage that is not
         registered at the relevant closing date, the Servicer shall ensure that
         it is lodged for registration not later than 120 days after the closing
         date.

4        The Servicer must not allow the interest rate on a Receivable  which is
         a fixed  rate loan to be  re-fixed  at the end of its fixed  term if it
         will result in a down grade or withdrawal of any Notes.

5        The Servicer  must not allow a Receivable  to convert from a fixed rate
         loan to a floating rate loan, or vice versa, if that  conversion  would
         result in a downgrade or withdrawal of any Notes.

6        The Servicer shall ensure that if the use of a mortgaged  property that
         relates to a Receivable  changes from owner occupied to investment,  or
         vice  versa,  that the  relevant  Receivable  continues  to satisfy the
         eligibility criteria.

7        The Servicer shall not provide to any Obligor  features in respect of a
         Receivable  which are  additional  to those applied on the closing date
         unless  those  additional   features  would  not  affect  any  mortgage
         insurance policy relating to the Receivables or result in the downgrade
         or withdrawal of the rating of any Notes.


III MORTGAGE COLLECTIONS AND PAYMENTS

1        The  Servicer  shall on the behalf of the Trustee  collect the mortgage
         payments.  In discharging this duty the Servicer will act in accordance
         with the Procedures Manual, exercising the degree of diligence and care
         expected of an appropriately qualified lender.

2        Mortgage  payments  shall  be  remitted  into the  relevant  collection
         account within 5 days of receipt.

3        If a  collection  account  is not  maintained  with the  Servicer,  the
         Servicer  shall  deposit  all  mortgage  payments  into the  collection
         account no later than 2 business days following  their receipt.  If the
         collection  account is with the Servicer  then payments are required to
         be paid into the  collection  account on the  remittance  date for that
         collection  period if the Servicer has a short term rating of A-1+ from
         S&P and  interest  on the  collections  calculated  from the  fifth day
         forward.  If the  Servicer  does not have a short  term  rating of A-1+
         collections must be paid into the collections account no later than two
         business days following their receipt.

4        The  Servicer  shall pay to the relevant  collection  account all funds
         required  to be paid to the trustee by wire  transfer  or as  otherwise
         instructed by the Trustee.

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5        If the  Servicer  pays funds to the Trustee,  and the related  Obligors
         payment is then  dishonoured,  the  Servicer  is  entitled to have this
         money returned from the Trustee.

6        All payments to the Trustee shall be paid under a transaction  document
         no later than 4pm on the day when due.

7        The  Servicer  will not have a right to set off any  funds  held in the
         trust account for any amount owed to the Servicer.


IV DELINQUENCIES

1        All 1day  delinquency  housing loans must be identified in the mortgage
         service system.

2        At 14 days  delinquent  the  housing  loan must be  transferred  to the
         collection  system.  The collection  system provides  detailed lists of
         accounts that are overdue and the follow up procedures  that need to be
         taken.

3        The Servicer is required to issue legal notices and institute  recovery
         action by enforcing the mortgage security if satisfactory  arrangements
         can not be made to rectify a delinquent housing loan.

4        The Servicer shall report all actions that it takes on overdue  housing
         loans to the  mortgage  insurer  in  accordance  with the  terms of the
         mortgage insurance policies.


V INVESTOR ACCOUNTING AND REPORTING

1        The  Servicer  shall  maintain  a  database  as a master  record of all
         mortgage loans in relation to each trust.

2        The Servicer shall update the  Receivables  Register within 3 months of
         the closing date for each Relevant  Trust;  on the last business day of
         each calendar  year,  (if the holding  company has a rating of not less
         than A-1+), or (if the holding company does not have such a rating), on
         the last business day of each calendar quarter;  or within 30 days of a
         written request by the Trustee.

3        The Servicer shall notify the Manager immediately of each request by an
         Obligor to switch its Receivables to another product.

4        Each  Receivable  is to be  electronically  tagged so that all  related
         collections for that mortgage can be readily identified.

5        On or before each determination date for each Trust, the Servicer shall
         prepare and submit to the Manager and Trustee a report on collections.

6        At the  end  of  the  financial  year  the  Servicer  is to  produce  a
         certificate  for the Trustee and the Manager  containing  a schedule of
         information agreed with the Trustee and the Manager.


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VI INSURANCE POLICIES

1        The  Servicer  shall act in  accordance  with the terms of any Mortgage
         Insurance Policy.

2        The Servicer shall not do or omit to do anything which, or the omission
         of which,  would  prejudicially  affect  the  rights of the  Trustee in
         respect of a mortgage insurance policy.

3        The Servicer shall  promptly make a claim under any mortgage  insurance
         policy  in  accordance  with the  Procedures  Manual,  the  transaction
         documents and the terms of the mortgage insurance policy.

4        The  Servicer  shall  notify the Manager  when any  circumstances  have
         arisen under which the Servicer intends to make a claim.

5        The Servicer shall use reasonable endeavours by reference to Australian
         market practice to ensure that a current policy of general insurance is
         maintained in respect of each mortgaged Property.




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