EXHIBIT 99.4



                                     Our ref  Custodial Audit No.1 of 2001 April
                                              03.doc
                                     Contact  Max Pollock 9335 8138


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


8 April 2003


Dear Roger

AGREED UPON PROCEDURES - CRUSADE GLOBAL TRUST NO. 1 OF 2001

St.George Custodial Pty Ltd required an audit to be performed in accordance with
the  Crusade  Global  Trust  No.  1  of  2001  Custodian  Agreement  (`Custodian
Agreement').

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


PROCEDURES

In  accordance  with the  requirements  set out in  Schedule 1 of the  Custodian
Agreement, an audit of the custodial role with respect to the Relevant Documents
for Crusade Global Trust No. 1 of 2001 was performed.  The following  procedures
were undertaken to perform the audit:


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

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

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

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

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

         ii)    identify the location of the relevant documents at any time.
<PAGE>


                                                      CRUSADE MANAGEMENT LIMITED
                               Agreed Upon Procedures - Crusade Global Trust No.
                                                                       1 of 2001


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

         i)     Mortgage Deed;

         ii)    Certificate of Title; and

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


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


FINDINGS

No exceptions were noted for the procedures performed above.


STATEMENT

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


DISCLAIMER

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


This letter is solely for the  information  of the addressee in connection  with
the role of St.George  Custodial Pty Ltd as custodian  for Crusade  Global Trust
No. 1 of 2001. It is not to be used,  circulated,  quoted or otherwise  referred
to, in whole or in part for any other purpose without our written consent.


Yours sincerely


/S/  JOHN TEER

John Teer
Partner



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