<PAGE>


                                                     ISDA Schedule to the Master
                                                     Agreement for Interest Rate
                                                                            Swap

                                                          St.George Bank Limited

               Perpetual Trustees Consolidated Limited as trustee of The Crusade
                                                      Global Trust No. 1 of 2004

                                                      Crusade Management Limited

                                                               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

<PAGE>

ISDA Schedule to the Master Agreement for
Interest Rate Swap                                        Allens Arthur Robinson
--------------------------------------------------------------------------------

Date                                                    2004
-------------

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

      1.    St.George Bank Limited (ABN 92 055 513 070) (Party A);

      2.    Perpetual Trustees Consolidated Limited (ABN 81 004 029 841) in its
            capacity as trustee of the Crusade Global Trust No. 1 of 2004 (Party
            B); and

      3.    Crusade Management Limited (ABN 90 072 715 916); (Manager).

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Part 1.  Termination Provisions

      (a)   Specified Entity is not applicable in relation to Party A or Party
            B:

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

      (c)   The "Bankruptcy" provisions of Section 5(a)(vii) are replaced by "An
            Insolvency Event under the Master Trust Deed has occurred in respect
            of Party A or Party B" (the party the subject of the Insolvency
            Event will be the Defaulting Party); or. In relation to Party A, the
            events described in the definition of Insolvency Event (under the
            Master Trust Deed) shall apply to it as if Party A (as the case may
            be) were a relevant corporation referred to in that definition. The
            occurrence of an Insolvency Event under the Security Trust Deed in
            respect of Party B in its personal capacity will not constitute an
            Event of Default provided that within thirty Local Business Days of
            that occurrence, Party A, Party B and the Manager are able to
            procure the novation of this Agreement and all Transactions to a
            third party in respect of which the Designated Rating Agencies
            confirm that the novation will not cause a reduction or withdrawal
            of the rating of the Notes, and Party A and Party B agree to execute
            such a novation agreement in standard International Swaps and
            Derivatives Association ("ISDA") form.

      (d)   Section 5(a)(i) is amended to replace third with tenth.

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

      (e)   The Automatic Early Termination provision of Section 6(a):

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

            Any event which, upon its occurrence, constitutes an Event of
            Default, is deemed not to be an essential term of the Transaction so
            that the occurrence of any Event of Default shall not


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            be implied to constitute a repudiation of this Agreement. This does
            not in any way restrict or limit the right of a Non-Defaulting Party
            under Section 6(a) to terminate following an Event of Default.

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

      (g)   There is no Termination Currency.

      (h)   An Additional Termination Event set out in Part 5(q) of this
            Schedule (under Section 15(r)), will apply.

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

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

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

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

Part 2. Tax Representations

(a)   Payer Tax Representations.

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

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

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

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

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

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


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(b)   Payee Tax Representations.

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

      Party A and Party B also represent that Crusade Global Trust No. 1 of 2004
      is a non-U.S. branch of a foreign person for U.S. federal income tax
      purposes.

(c)   Deduction or Withholding for Tax. Section 2(d) is replaced with the
      following Section:

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

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

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

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

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

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

Part 3. Agreement to Deliver Documents

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

Part 4. Miscellaneous

(a)   Addresses for Notices. For the purpose of Section 12(a) of this Agreement:

      Address for notices or communications to Party A:

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

      Address for notices or communications to Party B:

      Address:          Level 7, 9 Castlereagh Street, Sydney NSW  2000
      Attention:        Manager, Securitisation
      Facsimile No:     (02) 9221 7870            Telephone No: (02) 9229 9000


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ISDA Schedule to the Master Agreement for
Interest Rate Swap                                        Allens Arthur Robinson
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      Address for notices or communications to the Manager:

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

(b)   Process Agent. For the purpose of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent: None.

      Party B appoints as its Process Agent: None.

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

(d)   Multibranch Party. For the purpose of Section 10(c) of this Agreement:

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

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

(f)   Credit Support Document. Details of any Credit Support Document:

      In relation to Party A:    Nil.

      In relation to Party B:    Security Trust Deed

(g)   Credit Support Provider. Credit Support Provider means:

      In relation to Party A:  Nil.

      In relation to Party B:  Nil.

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

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

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

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

Part 5. Other Provisions

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

(b)   In Section 2(a)(i) add the following sentence:


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ISDA Schedule to the Master Agreement for
Interest Rate Swap                                        Allens Arthur Robinson
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      Each payment will be by way of exchange for the corresponding payment or
      payments payable by the other party.

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

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

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

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

(f)   Additional Representations: In Section 3 add the following immediately
      after paragraph (f):

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

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

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

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

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

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

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

(h)   In Section 3(c)

      (i)   delete the words agency or official; and

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

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


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

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

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

(l)   Section 12 is amended as follows:

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

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

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

(m)   Any reference to a:

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

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

(n)   Trust Deed means the Master Trust Deed dated 14 March 1998 as amended by
      the Crusade Global Trust No. 1 of 2004 Supplementary Terms Notice dated on
      or about the date of this Agreement between (among others) Party B, Party
      A and the Manager (the Supplementary Terms Notice), and each of the
      following expressions shall have the meanings given to them in the Trust
      Deed and the Supplementary Terms Notice:

                           Approved Bank
                           Approved Seller
                           Assets
                           Bank
                           Break Payment
                           Class
                           Designated Rating Agency
                           Final Maturity Date
                           Fixed Rate Loan
                           Housing Loan Principal


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                           Insolvency Event
                           Loan Offset Interest Amount
                           Master Trust Deed
                           Note
                           Obligor
                           Payment Date
                           Purchased Receivable
                           Security Trust Deed
                           Servicer
                           Support Facility Provider
                           Trust

(o)   Trust Deed: The Parties acknowledge and agree that for the purposes of the
      Trust Deed, this Agreement is an Hedge Agreement and Party A are Support
      Facility Providers.

(p)   A new Section 15 is added as follows:

      15.   Downgrade

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

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

            Acceptable Rating means, at any time, that Party A's short term
            rating from S&P is not below A-1.

            Approved Bank means a Bank which has a short- term rating of at
            least A-1+ (S&P), P-1 (short-term) and A2 (long-term) (Moody's).

            Downgrade means Party A's rating by a Designated Rating Agency has
            been withdrawn or reduced resulting in Party A having:

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

            (ii)  a credit rating by Moody's of less than P-1(short-term) or A2
                  (long-term).

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

            Major Party A Downgrade means a Party A Downgrade resulting in Party
            A having:

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

            (ii)  a credit rating by Moody's of less than P-2 (short-term) or A3
                  (long-term).

            Minor Party A Downgrade means any Party A Downgrade which is not a
            Major Party A Downgrade.

            Replacement Provider means a party that has agreed to replace Party
            A as Interest Rate Swap Provider, and has a rating greater than or
            equal to:

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


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

            Replacement Swap Provider means a party that has agreed to replace
            Party A as Interest Rate Swap Provider, and the appointment of which
            each Designated Rating Agency has confirmed, in writing, will not
            result in an Note Downgrade.

            Swap Collateral Account means an account established by Party B with
            an Approved Bank.

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

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

      (d)   Where Party A is required to comply with this Section 15(d) it
            shall, at its cost, and at its election do one of the following:

            (i)   (Cash collateralise) deposit into a Swap Collateral Account
                  and maintain in the Swap Collateral Account (whilst the
                  relevant Downgrade subsists) sufficient funds to ensure that
                  the amount standing to the credit of the Swap Collateral
                  Account is equal to the greater of the following (the Cash
                  Collateral Amount):

                  (A)   zero;

                  (B)   CCR;

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

                  (D)   an amount acceptable to S&P that is the greater of zero,
                        CCR and the amount of the next payment that is due, or
                        one percent of the of the outstanding notional principal
                        of the interest rate swap.

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

            (iii) (Other arrangements) enter into or procure entry into any
                  Acceptable Arrangement.

            For the purpose of this paragraph (d), the formula for calculating
            CCR is as follows.

            CCR = CR x 1.030

            where

            CR means MTM + VB

            MTM means the mark-to-market value of the Transactions outstanding
            under the Agreement. Party A will have to mark the Transactions to
            market and post collateral on a weekly basis, with a cure period of
            3 days. The mark-to-market value should reflect the higher of 2 bids
            from


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            counterparties that will be eligible and willing to assume Party A's
            role in the Transactions in place of Party A. The mark-to-market
            value may be a positive or negative amount. A bid has a negative
            value if the payment would be from the counterparty to Party A and
            has a positive value if the payment would be from Party A to the
            counterparty (for the purposes of determining a higher bid, any bid
            of positive value is higher than any bid of a negative value).

            VB means the value calculated by multiplying the Invested Amount at
            the time of the calculation by the relevant percentage calculated
            from the following table (for the purposes of interpreting the
            table, "Counterparty rating" is the credit rating assigned to Party
            A by S&P and "Maturities" is the period from and including the date
            of calculation to but excluding the scheduled maturity of the last
            expiring Transaction outstanding under this Agreement):

                              Volatility Buffer (%)

<TABLE>
<CAPTION>
                 Counterparty    Maturities up      Maturities up to     Maturities more than
                 rating          to 5 years         10 years             10 years
<S>                              <C>                <C>                  <C>
                 A+              1.05               1.75                 3.0
                 A               1.35               2.45                 4.5
                 A-1*            1.5                3.15                 6.0
</TABLE>

            *     The A-1 rating will be taken to be the counterparty's short
                  term rating.

      (e)   Where Party A procures a Replacement Provider in accordance with
            Section 15(d)(ii), each party to this Agreement shall do all things
            necessary to novate the relevant obligations to the Replacement
            Provider.

      (f)   If, at any time, Party A's obligations under this Agreement are
            novated in accordance with Section 15(d)(ii) or any Acceptable
            Arrangement is entered into in accordance with Section 15(d)(iii),
            Party A shall be immediately entitled to any cash collateral amount
            which it has deposited in the Swap Collateral Account.

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

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

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

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

            (i)   novating obligations under this Agreement in accordance with
                  Section 15(d)(ii) or entering into any other Acceptable
                  Arrangement in accordance with 15(d)(iii);


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            (ii)  refunding to Party A the amount of any reduction in the Swap
                  Collateral Amount, from time to time and providing the
                  Designated Rating Agencies have confirmed, in writing, that
                  such refund will not result in a Note Downgrade;

            (iii) withdrawing any amount which has been incorrectly deposited
                  into the Swap Collateral Account; (iv) paying any applicable
                  bank account taxes or equivalent payable in respect of the
                  Swap Collateral Account; or (v) funding the amount of any
                  payment due to be made by Party A under this Agreement
                  following the failure by Party A to make that payment.

      (k)   Party A's obligations under this Section 15 shall:

            (i)   survive the termination of this Agreement; and

            (ii)  terminate upon Party A complying with its obligations (if any)
                  under Section 15(d).

      (l)   Where Party A fails to comply with Section 15(d), this shall
            constitute an Additional Termination Event and Party A shall be the
            Affected Party for this purpose.

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

            16.   Party B provisions

                  (a)   Limitation of liability

                  (A)   General

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

                  (B)   Limitation of Party B's Liability

                        (1)   Party B 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 (3)
                              below, a liability arising under or in connection
                              with this agreement or the Trust can be enforced
                              against Party B 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
                              Party B to be exonerated or indemnified for the
                              liability. This limitation of Party B's liability
                              applies despite any other provision of this
                              agreement and extends to all liabilities and
                              obligations of Party B in any way connected with
                              any representation, warranty, conduct, omission,
                              agreement or transaction related to this agreement
                              or the Trust.

                        (2)   Subject to subparagraph (3) below, no person
                              (including any Relevant Party) may take action
                              against Party B in any capacity other than as
                              trustee of the Trust or seek the appointment of a
                              receiver (except under this agreement), or a
                              liquidator, an


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                              administrator or any similar person to Party B or
                              prove in any liquidation, administration or
                              arrangements of or affecting Party B.

                        (3)   The provisions of this section 16 shall not apply
                              to any obligation or liability of Party B 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 Party B's
                              indemnification or exoneration out of the Assets
                              of the Trust as a result of Party B's fraud,
                              negligence, or Default.

                        (4)   It is acknowledged that the Relevant Parties are
                              responsible under the Transaction Documents for
                              performing a variety of obligations relating to
                              the Trust. No act or omission of Party B
                              (including any related failure to satisfy its
                              obligations under this agreement) will be
                              considered fraud, negligence or Default of Party B
                              for the purpose of subparagraph (3) 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 Party B in accordance with this
                              agreement or any other Transaction Document to
                              fulfil its obligations relating to the Trust or by
                              any other act or omission of a Relevant Party or
                              any such person.

                        (5)   In exercising their powers under the Transaction
                              Documents, each of Party B, 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
                              has authority to act on behalf of Party B in a way
                              which exposes Party B to any personal liability
                              and no act or omission of any such person will be
                              considered fraud, negligence, or Default of Party
                              B for the purpose of subparagraph (3) above.

                        (6)   In this clause, Relevant Parties means each of the
                              Manager, the Servicer, the Calculation Agent, the
                              Note Registrar, each Paying Agent, the Note
                              Trustee, and the provider of a Support Facility.

                        (7)   Nothing in this clause limits the obligations
                              expressly imposed on Party B under the Transaction
                              Documents.

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

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

                        (ii)  obtaining declaratory relief,

                        in relation to its rights under the Security Trust Deed.


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ISDA Schedule to the Master Agreement for
Interest Rate Swap                                        Allens Arthur Robinson
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                  (c)   Except as provided in paragraphs (a) and (b), Party A
                        shall not:

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

                        (ii)  (statutory demand) issue any demand under section
                              459E(1) of the Corporations Act 2001 (Cth) (or any
                              analogous provision under any other law) against
                              Party B;

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

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

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

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

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

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

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

            17.   Break Payments

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

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

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

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


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<PAGE>


ISDA Schedule to the Master Agreement for
Interest Rate Swap                                        Allens Arthur Robinson
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ST.GEORGE BANK LIMITED

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

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

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

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

PERPETUAL TRUSTEES CONSOLIDATED LIMITED

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

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

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

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

CRUSADE MANAGEMENT LIMITED

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

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

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

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


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