<PAGE>


                                                       Redraw Facility Agreement

                                         Perpetual Trustees Consolidated Limited

                                                                       (Trustee)

                                                          St.George Bank Limited

                                                      (Redraw Facility Provider)

                                                      Crusade Management Limited

                                                                       (Manager)

                                              Crusade Global Trust No. 1 of 2004

                                                               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 2004

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Redraw Facility Agreement                                 Allens Arthur Robinson
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Table of Contents

<TABLE>
<S>                                                                                                       <C>
1.       Definitions and interpretation                                                                    1
         1.1      Definitions                                                                              1
         1.2      Master Trust Deed definitions                                                            4
         1.3      Interpretation                                                                           4
         1.4      Determination, statement and certificate sufficient evidence                             4
         1.5      Transaction Document                                                                     4
         1.6      Limited to Trust                                                                         4
         1.7      Trustee as trustee                                                                       4
         1.8      Knowledge of Trustee                                                                     5

2.       Purpose                                                                                           5

3.       Drawings                                                                                          5
         3.1      Redraw Advance                                                                           5
         3.2      Making of Redraw Advances                                                                6

4.       Fees                                                                                              6
         4.1      Availability fee                                                                         6
         4.2      Draw Margin                                                                              6
         4.3      Capitalisation                                                                           7
         4.4      GST                                                                                      7

5.       Cancellation of redraw limit                                                                      7
         5.1      During Term                                                                              7
         5.2      At end of Term                                                                           7
         5.3      Cancellation by Redraw Facility Provider                                                 7
         5.4      Rollover Term renewal                                                                    8

6.       Repayment                                                                                         8
         6.1      Repayment of Redraw Advances                                                             8
         6.2      Final repayment                                                                          8

7.       Prepayments                                                                                       8
         7.1      Voluntary prepayments                                                                    8
         7.2      Draw Margin                                                                              8
         7.3      Limitation on prepayments                                                                8

8.       Payments                                                                                          9
         8.1      Manner                                                                                   9
         8.2      Payment to be made on Business Day                                                       9
         8.3      Appropriation where insufficient moneys available                                        9

9.       Changes in law                                                                                    9
         9.1      Additional payments                                                                      9
         9.2      Minimisation                                                                            10
         9.3      Survival                                                                                10

10.      Conditions precedent                                                                             10
         10.1     Conditions precedent to initial Drawdown Notice                                         10
</TABLE>


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                                                                        Page (i)
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Redraw Facility Agreement                                 Allens Arthur Robinson
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<TABLE>
<S>                                                                                                       <C>
         10.2     Conditions precedent to each Redraw Advance                                             11

11.      Representations and warranties                                                                   11
         11.1     Representations and warranties                                                          11
         11.2     Reliance on representations and warranties                                              12

12.      Undertakings                                                                                     12
         12.1     General undertakings                                                                    12
         12.2     Undertakings relating to Trust                                                          13
         12.3     Term of undertakings                                                                    13

13.      Events of default                                                                                13
         13.1     Events of Default                                                                       13
         13.2     Consequences                                                                            14

14.      Control accounts                                                                                 14

15.      Waivers, remedies cumulative                                                                     14

16.      Severability of provisions                                                                       14

17.      Survival of representations                                                                      14

18.      Indemnity and reimbursement obligation                                                           14

19.      Moratorium legislation                                                                           15

20.      Consents and opinions                                                                            15

21.      Assignments                                                                                      15

22.      Notices                                                                                          15

23.      Authorised signatories                                                                           16

24.      Governing law and jurisdiction                                                                   16

25.      Counterparts                                                                                     16

26.      Acknowledgement by trustee                                                                       16

27.      Limited recourse                                                                                 16
         27.1     General                                                                                 16
         27.2     Liability of Trustee limited to its right to indemnity                                  16
         27.3     Unrestricted remedies                                                                   18
         27.4     Restricted remedies                                                                     18

28.      Redraw Facility Provider's obligations 19

29.      Successor trustee                                                                                18

30.      Code of Banking Practice (2003)                                                                  18

Annexure A                                                                                                21
         Drawdown Notice                                                                                  21
</TABLE>


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                                                                       Page (ii)
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Redraw Facility Agreement                                 Allens Arthur Robinson
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Date                                  2003
-------------

Parties
-------------

      1.    PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
            Level 7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its
            capacity as trustee of the Crusade Global Trust No. 1 of 2004 (the
            Trustee);

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

      3.    CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in
            Australia and registered 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. 1 of 2004
            and proposes to issue Notes pursuant to the Master Trust Deed and
            Supplementary Terms Notice.

      B.    The Manager has arranged for the Redraw Facility Provider to provide
            the Trustee with the Redraw Facility under which loans of up to 2%
            of the sum of the aggregate of the Stated Amounts of the Notes may
            be made available to the Trustee.

      C.    The Redraw Facility Provider has agreed to provide the Redraw
            Facility to the Trustee on the terms and conditions contained in
            this agreement.

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

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.

      Available Redraw Amount means at any time the greater of:

      (a)   the Redraw Limit at that time less the Redraw Principal Outstanding
            at that time; and

      (b)   zero.

      Drawdown Date means, in relation to a Redraw Advance, the date on which
      the Redraw Advance is or is to be made under this agreement in accordance
      with the Drawdown Notice.

      Drawdown Notice means a notice under clause 3.1.


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Redraw Facility Agreement                                 Allens Arthur Robinson
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      Event of Default means any of the events specified in clause 13.

      Final Repayment Date means the Final Maturity Date.

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

      Notice of Creation of Trust means the Notice of Creation of Trust dated 31
      December 2003 issued under the Master Trust Deed in relation to the Trust.

      One Month Bank Bill Rate on any date means the rate quoted on the Reuters
      Screen BBSW Page at approximately 10.00 am, Sydney time, on that date (the
      Calculation Day) for each Reference Bank so quoting (but not fewer than
      five) as being the mean buying and selling rate for a bill (which for the
      purpose of this definition means a bill of exchange of the type specified
      for the purpose of quoting on the Reuters Screen BBSW Page) having a tenor
      of 30 days eliminating the highest and lowest mean rates and taking the
      average of the remaining mean rates and then (if necessary) rounding the
      resultant figure upwards to four decimal places. If on the Calculation Day
      fewer than five Reference Banks have quoted rates on the Reuters Screen
      BBSW Page, the rate for the Calculation Day shall be calculated as above
      by taking the rates otherwise quoted by five of the Reference Banks on
      application by the parties for such a bill of the same tenor. If on the
      Calculation Day the rate cannot be determined in accordance with the
      foregoing procedures then the rate for the Calculation Day shall mean such
      rate as is agreed between the Manager and the Trustee having regard to
      comparable indices then available, PROVIDED THAT on the first Reset Date
      of any Redraw Advance the One Month Bank Bill Rate shall be an
      interpolated rate calculated with reference to the tenor of the period
      from (and including) that Reset Date to (but not including) the next Reset
      Date.

      Redraw Advance means any advance made or to be made under this agreement.

      Redraw Facility means the redraw facility provided by the Redraw Facility
      Provider under this agreement.

      Redraw Limit means 2% of the sum of the aggregate of the Stated Amounts of
      the Class A Notes, Class B Notes and Class C Notes (as adjusted by the
      Manager on each anniversary of this agreement) or any other amount as
      agreed in writing between the Redraw Facility Provider, the Trustee and
      the Manager, as reduced or cancelled under this agreement, provided that
      the Redraw Limit may not be increased unless each Designated Rating Agency
      has confirmed in writing that the increase would not result in a
      downgrading of the rating given to any Note or the withdrawal of the
      rating of any Note.

      Redraw Principal Outstanding means, at any time, the total principal
      amount of all outstanding Redraw Advances at that time less the Carryover
      Redraw Charge Offs at that time.

      Reference Bank has the meaning given in the ISDA Definitions.

      Reset Date means in relation to a Redraw Advance:

      (a)   the Drawdown Date for that Redraw Advance; and

      (b)   each Payment Date while that Redraw Advance is outstanding.


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Redraw Facility Agreement                                 Allens Arthur Robinson
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      Rollover Term means:

      (a)   the period from the date of this agreement to the date which is 364
            days after the date of this agreement; but

      (b)   if the Redraw Facility Provider has agreed to extend the term of
            this agreement in accordance with clause 5.4, the period from the
            commencement of that extended term to the date which is 364 days
            after the date of that commencement, in each case subject to clause
            5.4.

      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.

      Term means the period commencing on the date of this agreement and
      expiring on the earlier of:

      (a)   the date on which the Notes are redeemed in full in accordance with
            the Master Trust Deed and the Supplementary Terms Notice;

      (b)   the date declared by the Redraw Facility Provider under clause 13.2;

      (c)   the date on which the Trustee enters into a redraw facility, to
            replace this agreement with any person to enable it to fund Redraw
            Shortfalls;

      (d)   the date on which Crusade Management Limited retires or is removed
            as Manager under the Master Trust Deed;

      (e)   the date on which the Redraw Limit is cancelled in full by the
            Trustee under clause 5.1;


      (f)   the date which is 1 year after the Final Maturity Date;

      (g)   the date on which the Redraw Limit is cancelled in full by the
            Redraw Facility Provider under clause 5.3; and

      (h)   the expiry of the Rollover Term.

      Trust means the Crusade Global Trust No. 1 of 2004 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;

      (j)   each Note; or

      (k)   the Support Facilities.


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Redraw Facility Agreement                                 Allens Arthur Robinson
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      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 and:

      (a)   a reference to an asset includes any real or personal, present or
            future, tangible or intangible property or asset and any right,
            interest, revenue or benefit in, under or derived from the property
            or asset;

      (b)   an Event of Default subsists until it has been waived in writing by
            the Redraw Facility Provider; and

      (c)   a reference to an amount for which a person is contingently liable
            includes an amount which that person may become actually or
            contingently liable to pay if a contingency occurs, whether or not
            that liability will actually arise.

1.4   Determination, statement and certificate sufficient evidence

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

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 Redraw Facility Provider 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).


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Redraw Facility Agreement                                 Allens Arthur Robinson
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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.

2.    Purpose
--------------------------------------------------------------------------------

      The Manager directs the Trustee to, and the Trustee shall, apply the
      proceeds of each Redraw Advance to fund Redraw Shortfalls in relation to
      the Trust by paying it to the Approved Seller or to repay a previous
      Redraw Advance in accordance with clause 3.2(a) of this agreement and
      clause 5.8 of the Supplementary Terms Notice, and for no other purpose.

3.    Drawings
--------------------------------------------------------------------------------

3.1   Redraw Advance

      (a)   Subject to this agreement, if at any time during the Term the
            Manager determines that there is a Redraw Shortfall, the Manager may
            direct the Trustee to request a Redraw Advance by giving to the
            Trustee a duly completed but unsigned Drawdown Notice by no later
            than 10.00 am on the Business Day following the Determination Date
            on which the Redraw Shortfall is determined.

      (b)   A Drawdown Notice must be:

            (i)   in writing;

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

            (iii) signed by the Trustee.

            The Trustee must, at the direction of the Manager, sign and return
            the Drawdown Notice to the Manager by no later than 2.00 pm on the
            Business Day following the Determination Date on which the Redraw
            Shortfall is determined for delivery to the Redraw Facility
            Provider.

      (c)   The amount requested in a Drawdown Notice must be the lesser of:

            (i)   the relevant Redraw Shortfall; and

            (ii)  the Available Redraw Amount at that time (but assuming the
                  repayment of all Redraw Advances due to be repaid on or before
                  the relevant Drawdown Date).

      (d)   A Drawdown Notice may specify that the Drawdown Date is to be the
            same date as the Drawdown Notice only if:

            (i)   the Drawdown Notice is given to the Redraw Facility Provider
                  in accordance with this agreement before 10.00 am on that
                  date; and

            (ii)  the Redraw Advance is payable no earlier than 2.00 pm on that
                  date.


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Redraw Facility Agreement                                 Allens Arthur Robinson
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3.2   Making of Redraw Advances

      (a)   Subject to the terms of this agreement, a Redraw Advance requested
            in a Drawdown Notice shall be made available by the Redraw Facility
            Provider paying the proceeds of that Redraw Advance to the Approved
            Seller.

      (b)   The Redraw Facility Provider is not obliged to provide a Redraw
            Advance if as a result the aggregate of Redraw Principal Outstanding
            and the Carryover Redraw Charge Offs would exceed the Redraw Limit.

4.    Fees
--------------------------------------------------------------------------------

4.1   Availability fee

      (a)   An availability fee accrues at 0.10% per annum on the daily amount
            of the Available Redraw Amount (if any) due from day to day from the
            date of this agreement.

      (b)   The availability fee is calculated on the actual number of days
            elapsed and a year of 365 days.

      (c)   The Manager must direct the Trustee to, and the Trustee shall, pay
            to the Redraw Facility Provider any accrued availability fee in
            arrears on:

            (i)   each Quarterly Payment Date; and

            (ii)  at the end of the Term.

4.2   Draw Margin

      (a)   A draw margin accrues due from day to day on the daily amount of
            each Redraw Advance at the following rates:

            (i)   the sum of 0.30% per annum and the One Month Bank Bill Rate
                  calculated as of that date (if that date is a Reset Date) or
                  (otherwise) the Reset Date immediately before that date, if
                  the Redraw Advance has been outstanding for less than 12
                  months; and

            (ii)  the sum of 0.40% per annum and the One Month Bank Bill Rate
                  calculated as of that date (if that date is a Reset Date) or
                  (otherwise) the Reset Date immediately before that date, if
                  the Redraw Advance has been outstanding for 12 months or more.

      (b)   Each draw margin is calculated on the actual number of days elapsed
            and a year of 365 days.

      (c)   The Manager must direct the Trustee to, and the Trustee shall, pay
            to the Redraw Facility Provider any accrued draw margin in arrears
            on:

            (i)   each Payment Date; and

            (ii)  at the end of the Term.

      (d)   The One Month Bank Bill Rate as at any date will be the One Month
            Bank Bill Rate determined:


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                                                                          Page 6
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Redraw Facility Agreement                                 Allens Arthur Robinson
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            (i)   if that date is a Payment Date, on that Payment Date; and

            (ii)  on any other date, on the Payment Date immediately preceding
                  that date.

4.3   Capitalisation

      Any draw margin payable under this clause 4 which is not paid when due
      will immediately be capitalised. The draw margin is payable on any
      capitalised amount at the rate and in the manner referred to in this
      clause 4.

4.4   GST

      Neither the availability fee nor the draw margin specified in this clause
      4 are to be increased by reference to any goods and services tax unless:

      (a)   the Trustee, the Manager and the Redraw Facility Provider otherwise
            agree (that agreement not to be unreasonably withheld); and

      (b)   the increase will not result in a downgrading or withdrawal of the
            rating of any Notes.

5.    Cancellation of redraw limit
--------------------------------------------------------------------------------

5.1   During Term

      (a)   On giving not less than 5 Business Days irrevocable notice to the
            Redraw Facility Provider the Trustee:

            (i)   may, in its absolute discretion and with no obligation to do
                  so; or

            (ii)  must, at the direction of the Manager,

            cancel all or part of the Redraw Limit during the Term.

      (b)   A partial cancellation must be in a minimum of A$250,000 and a whole
            multiple of A$50,000 unless the Redraw Facility Provider agrees
            otherwise.

5.2   At end of Term

      At the close of business (Sydney time) on the last day of the Term the
      Redraw Limit will be cancelled.

5.3   Cancellation by Redraw Facility Provider

      (a)   The Redraw Facility Provider may cancel all or part of the Redraw
            Limit during the Term immediately on giving notice to the Trustee
            and the Manager. The Redraw Limit shall be reduced by the amount of
            that cancellation on that notice.

      (b)   On each Payment Date following that cancellation, the Trustee shall
            pay to the Redraw Facility Provider the lesser of:

            (i)   an amount equal to the Redraw Principal Outstanding at that
                  Payment Date less the Redraw Limit at that Payment Date (if
                  positive); and

            (ii)  any amount available for distribution to the Redraw Facility
                  Provider under clauses 5.1(c)(iv) and 5.4(c)(iv) of the
                  Supplementary Terms Notice.


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                                                                          Page 7
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Redraw Facility Agreement                                 Allens Arthur Robinson
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      (c)   Repayments under paragraph (b) will be applied against Redraw
            Advances in chronological order of their Drawdown Dates.

      (d)   This clause does not affect the Redraw Facility Provider's rights
            under clause 13 of this agreement or under clause 5.2(a)(ii)(C) of
            the Supplementary Terms Notice.

5.4   Rollover Term renewal

      If the Rollover Term will expire before the Final Repayment Date, then not
      later than 90 days before the expiry of the Rollover Term, the Redraw
      Facility Provider will notify the Trustee as to whether it will or will
      not renew the Redraw Facility for 364 days (unless the Final Repayment
      Date falls before the end of those 364 days, in which case the renewal
      will apply up until the Final Repayment Date) commencing on the date the
      notice of renewal is given. If the Redraw Facility Provider fails to
      provide such notice, it will be deemed not to have renewed the Redraw
      Facility.

6.    Repayment
--------------------------------------------------------------------------------

6.1   Repayment of Redraw Advances

      The Trustee shall, at the direction of the Manager, repay the Redraw
      Principal Outstanding on each Payment Date and at the end of the Term, to
      the extent that amounts are available for that purpose under clause
      5.4(c)(iv) of the Supplementary Terms Notice. Those repayments will be
      applied against Redraw Advances in chronological order of their Drawdown
      Dates.

6.2   Final repayment

      If following the Final Repayment Date, any Redraw Principal Outstanding or
      Carryover Redraw Charge Off or interest thereon has not been repaid after
      the distribution of all Assets of the Trust in accordance with the
      Supplementary Terms Notice, that Redraw Principal Outstanding or Carryover
      Redraw Charge Off or interest and any other amounts due hereunder will be
      cancelled and the Trustee will have no further obligation to pay that
      amount under this agreement.

7.    Prepayments
--------------------------------------------------------------------------------

7.1   Voluntary prepayments

      Subject to clause 7.3, if directed by the Manager, the Trustee must prepay
      all or part of the Redraw Principal Outstanding with the consent of the
      Redraw Facility Provider and on at least 5 Business Days' notice. The
      Trustee shall prepay in accordance with that notice.

7.2   Draw Margin

      When the Trustee prepays any amount of the Redraw Principal Outstanding,
      it shall also pay any draw margin accrued on that amount.

7.3   Limitation on prepayments

      The Trustee may not, and the Manager must not direct the Trustee to,
      prepay all or any part of the Redraw Principal Outstanding except as set
      out in this agreement and in accordance with the Supplementary Terms
      Notice and the Security Trust Deed.


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                                                                          Page 8
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Redraw Facility Agreement                                 Allens Arthur Robinson
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8.    Payments
--------------------------------------------------------------------------------

8.1   Manner

      The Trustee shall make all payments under this agreement:

      (a)   by cheque, electronic funds transfer or other agreed methods,
            provided to the Redraw Facility Provider at its address for service
            of notices or by transfer of immediately available funds to the
            account specified by the Redraw Facility Provider and, in either
            case, by 4.00 pm (local time) on the due date; and

      (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.

8.2   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 adjusted in accordance with the Modified Following Business Day
      Convention.

8.3   Appropriation where insufficient moneys available

      The Redraw Facility Provider may appropriate amounts it receives as
      between principal, interest and other amounts then payable as it sees fit.
      This will override any appropriation made by the Trustee.

9.    Changes in law
--------------------------------------------------------------------------------

9.1   Additional payments

      Whenever the Redraw Facility Provider determines that:

      (a)   the effective cost to the Redraw Facility Provider of making,
            funding or maintaining any Redraw Advance or the Redraw Limit is
            increased in any way;

      (b)   any amount paid or payable to the Redraw Facility Provider or
            received or receivable by the Redraw Facility Provider, or the
            effective return to the Redraw Facility Provider, under or in
            respect of this agreement is reduced in any way;

      (c)   the return of the Redraw Facility Provider on the capital which is
            or becomes directly or indirectly allocated by the Redraw Facility
            Provider to any Redraw Advance or the Redraw Limit is reduced in any
            way; or

      (d)   to the extent any relevant law, official directive or request
            relates to or affects the Redraw Limit, any Redraw Advance or this
            agreement, the overall return on capital of the Redraw Facility
            Provider or any of its holding companies is reduced in any way,


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                                                                          Page 9
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Redraw Facility Agreement                                 Allens Arthur Robinson
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      as a result of any change in, any making of or any change in the
      interpretation or application by any Government Agency of, any law,
      official directive or request in each case, after the date of this
      agreement, then:

      (e)   (when it has calculated the effect of the above and the amount to be
            charged to the Trustee under this clause) the Redraw Facility
            Provider shall promptly notify the Manager and the Trustee; and

      (f)   on the following Payment Date from time to time the Trustee shall,
            subject to the Supplementary Terms Notice, pay for the account of
            the Redraw Facility Provider the amount, absent manifest error,
            certified by an Authorised Signatory of the Redraw Facility Provider
            to be necessary to compensate the Redraw Facility Provider for the
            increased cost or the reduction (from the date of the notice).

      Without limiting the above in any way, this clause applies:

      (g)   to any law, official directive or request with respect to Tax (other
            than any Tax on the net income of any person) or reserve, redraw,
            capital adequacy, special deposit or similar requirements;

      (h)   to official directives or requests which do not have the force of
            law where it is the practice of responsible bankers or financial
            institutions in the country concerned to comply with them; and

      (i)   where the increased cost or the reduction arises because the Redraw
            Facility Provider is restricted in its capacity to enter other
            transactions, is required to make a payment, or forgoes or earns
            reduced interest or other return on any capital or on any sum
            calculated by reference in any way to the amount of any Redraw
            Advance, the Redraw Limit or to any other amount paid or payable or
            received or receivable under this agreement or allocates capital to
            any such sum.

9.2   Minimisation

      (a)   (No defence) If the Redraw Facility Provider has acted in good faith
            it will not be a defence that any cost, reduction or payment
            referred to in this clause could have been avoided.

      (b)   (Minimisation) The Redraw Facility Provider shall use reasonable
            endeavours to minimise any cost, reduction or payment referred to in
            this clause.

9.3   Survival

      This clause survives the repayment of any relevant Redraw Advance and the
      termination of this agreement.

10.   Conditions precedent
--------------------------------------------------------------------------------

10.1  Conditions precedent to initial Drawdown Notice

      The right of the Trustee to give the initial Drawdown Notice and the
      obligations of the Redraw Facility Provider under this agreement are
      subject to the condition precedent that the Redraw Facility


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                                                                         Page 10
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      Provider receives all of the following in form and substance satisfactory
      to the Redraw Facility Provider:

      (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;

      (c)   (Security Trust Deed) from the Manager evidence that the Security
            Trust Deed has been or will be registered with each relevant
            Government Agency free from all prior Security Interests and third
            party rights and interests; and

      (d)   (Notes) evidence that the Notes have been issued.

10.2  Conditions precedent to each Redraw Advance

      The obligations of the Redraw Facility Provider to make available each
      Redraw Advance are subject to the further conditions precedent that:

      (a)   (no default) no Event of Default subsists at the date of the
            relevant Drawdown Notice and the relevant Drawdown Date or will
            result from the provision of the Redraw Advance; and

      (b)   (representations true) the representations and warranties by the
            Trustee in this agreement are true as at the date of the relevant
            Drawdown Notice and the relevant Drawdown Date as though they had
            been made at that date in respect of the facts and circumstances
            then subsisting.

11.   Representations and warranties
--------------------------------------------------------------------------------

11.1  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)   (Event of Default) It has no actual knowledge of any Event of
            Default having occurred which has not been remedied or waived in
            writing.

      (d)   (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,


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                                                                         Page 11
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Redraw Facility Agreement                                 Allens Arthur Robinson
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                  which has not been remedied or waived in writing.

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

      (f)   (Sole Trustee) It is the sole trustee of the Trust at the date of
            this agreement.

      (g)   (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.

11.2  Reliance on representations and warranties

      The Trustee acknowledges that the Redraw Facility Provider has entered
      into the Trust Documents in reliance on the representations and warranties
      in this clause.

12.   Undertakings
--------------------------------------------------------------------------------

12.1  General undertakings

      Each of the Trustee and the Manager severally undertake to the Redraw
      Facility Provider as follows in relation to the Trust, except to the
      extent that the Redraw Facility Provider 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 Redraw Facility Provider 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 Redraw Facility Provider) It will notify the Redraw
            Facility Provider as soon as it becomes actually aware of:

            (i)   any Event of Default; and


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Redraw Facility Agreement                                 Allens Arthur Robinson
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            (ii)  any proposal by a Government Agency to acquire compulsorily
                  any Assets of the Trust.

12.2  Undertakings relating to Trust

      Each of the Trustee, as trustee of the Trust, and the Manager severally
      undertakes to the Redraw Facility Provider as follows, except to the
      extent that the Redraw Facility Provider 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 any Redraw Advance to be
                  made is calculated;

            (ii)  Clause 5.8 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
                  Redraw Facility Provider.

      (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.

12.3  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.

13.   Events of default
--------------------------------------------------------------------------------

13.1  Events of Default

      Each of the following is an Event of Default (whether or not it is in the
      control of the Trustee).

      (a)   (Payments) An amount is available for payment under clause 6 and the
            Trustee does not pay that amount within 10 Business Days of its due
            date.

      (b)   (Insolvency Event) An Insolvency Event occurs:

            (i)   in relation to the Trust (as if it was a relevant corporation
                  for the purposes of the definition of Insolvency Event); or


            (ii)  in relation to the Trustee, and a successor trustee of the
                  Trust is not appointed within 30 days of that Insolvency
                  Event.

      (c)   (Termination Date) The Termination Date occurs in relation to the
            Trust.

      (d)   (Enforcement of Security Trust Deed) An Event of Default (as defined
            in the Security Trust Deed) occurs and any action is taken to
            enforce the Security Interest under the


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                                                                         Page 13
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Redraw Facility Agreement                                 Allens Arthur Robinson
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            Security Trust Deed over the Assets of the Trust (including
            appointing a receiver or receiver and manager or selling any of
            those Assets).

13.2  Consequences

      At any time after an Event of Default (whether or not it is continuing)
      the Redraw Facility Provider may do all or any of the following:

      (a)   subject to the Trust Documents, by notice to the Trustee and the
            Manager declare all moneys actually or contingently owing under this
            agreement immediately due and payable, and the Trustee will
            immediately pay the Redraw Principal Outstanding together with
            accrued interest and fees and all such other moneys; and

      (b)   by notice to the Trustee and the Manager cancel the Redraw Limit
            with effect from any date specified in that notice.

14.   Control accounts
--------------------------------------------------------------------------------

      The accounts kept by the Redraw Facility Provider constitute sufficient
      evidence, unless proven wrong, of the amount at any time due from the
      Trustee under this agreement.

15.   Waivers, remedies cumulative
--------------------------------------------------------------------------------

      (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 Redraw Facility
            Provider in this agreement are in addition to, and do not exclude or
            limit, any right, power or remedy provided by law.

16.   Severability of provisions
--------------------------------------------------------------------------------

      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.

17.   Survival of representations
--------------------------------------------------------------------------------

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

18.   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;


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Redraw Facility Agreement                                 Allens Arthur Robinson
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      (c)   is payable on demand; and

      (d)   survives termination or discharge of this agreement.

19.   Moratorium legislation
--------------------------------------------------------------------------------

      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 Redraw
            Facility Provider of any right, power or remedy conferred by this
            agreement,

      is excluded from this agreement.

20.   Consents and opinions
--------------------------------------------------------------------------------

      Except where expressly stated the Redraw Facility Provider 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.

21.   Assignments
--------------------------------------------------------------------------------

      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.

22.   Notices
--------------------------------------------------------------------------------

      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


--------------------------------------------------------------------------------
                                                                         Page 15
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Redraw Facility Agreement                                 Allens Arthur Robinson
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            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.

23.   Authorised signatories
--------------------------------------------------------------------------------

      The Trustee irrevocably authorises the Redraw Facility Provider 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.

24.   Governing law and jurisdiction
--------------------------------------------------------------------------------

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

25.   Counterparts
--------------------------------------------------------------------------------

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

26.   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 Redraw Facility Provider (including any advice, warranty,
            representation or undertaking); and

      (b)   the Redraw Facility Provider is not obliged to do anything
            (including disclose anything or give advice),

      except as expressly set out in this agreement.

27.   Limited recourse
--------------------------------------------------------------------------------

27.1  General

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

27.2  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


--------------------------------------------------------------------------------
                                                                         Page 16
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Redraw Facility Agreement                                 Allens Arthur Robinson
--------------------------------------------------------------------------------

            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.

      (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 arrangement of or affecting the
            Trustee.

      (c)   The provisions of this clause 27.2 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 Registrar, the Note Trustee and any Support Facility
            Provider (including the Approved Seller).

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

27.3  Unrestricted remedies

      Nothing in clause 27.2 limits the Redraw Facility Provider 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.


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                                                                         Page 17
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Redraw Facility Agreement                                 Allens Arthur Robinson
--------------------------------------------------------------------------------

27.4  Restricted remedies

      Except as provided in clause 27.3, the Redraw Facility Provider shall not:

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

      (b)   (statutory demand) issue any demand under section 459E(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 Redraw Facility Provider
      waives its rights to make those applications and take those proceedings.

28.   Redraw Facility Provider's obligations
--------------------------------------------------------------------------------

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

29.   Successor trustee
--------------------------------------------------------------------------------

      The Redraw Facility Provider 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.

30.   Code of Banking Practice (2003)
--------------------------------------------------------------------------------

      The Code of Banking Practice (2003) does not apply to this agreement or
      any banking service provided under it.


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                                                                         Page 18
<PAGE>

Redraw Facility Agreement                                 Allens Arthur Robinson
--------------------------------------------------------------------------------

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.

TRUSTEE

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

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

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


REDRAW FACILITY PROVIDER

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

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

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


--------------------------------------------------------------------------------
                                                                         Page 19
<PAGE>

Redraw Facility Agreement                                 Allens Arthur Robinson
--------------------------------------------------------------------------------

MANAGER

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

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

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


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                                                                         Page 20
<PAGE>

Redraw Facility Agreement                                 Allens Arthur Robinson
--------------------------------------------------------------------------------

Annexure A

Drawdown Notice
--------------------------------------------------------------------------------

To:   St.George Bank Limited

               REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]

We refer to the Redraw Facility Agreement dated [*] 2003 (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 Drawdown Date); [NOTE: Date is to be a
      Business Day.]

(2)   the principal amount of the Redraw 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 [*];

[NOTE: The account(s) to be completed only if funds not required in repayment of
any previous Redraw Advance(s).]

(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)   to the best of our knowledge and relying on the information provided by
      the Manager, no Event of Default under the Facility Agreement, and no
      Event of Default as defined in the Security Trust Deed, remains unremedied
      or has not been waived in writing or will result from the drawing; and

(6)   all representations and warranties under clause 11 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


--------------------------------------------------------------------------------
                                                                         Page 21