EXHIBIT 99.2

                                   Our ref     SGB01A-CustAgreedUpon991-3011-JSW
                                   Contact     John Wellons 9455 9219



Roger Desmarchelier
Executive Manager Securitisation
St. George Bank Limited
Level 10
55 Market Street
Sydney NSW  2000


30 November 2001

Dear Sir

REPORT OF FACTUAL FINDINGS, OF AGREED-UPON PROCEDURES PERFORMED ON THE
SECURITISED LOANS

St.  George  Custodial  Pty Ltd required an audit to be performed in  accordance
with the Crusade  Global  Trust No. 1 of 1999  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  (as  specified  in Schedule 1), an audit of the  custodial  role with
respect to the  Relevant  Documents  for Crusade  Global Trust No. 1 of 1999 was
performed. The following procedures were undertaken to perform the audit:

(a)   Through management inquiry and observation ensured 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 be removed or
           tampered with except with appropriate authorisation.
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(b)   Through discussions with management ensured 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.

(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 1999. 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 faithfully

/S/ J.Teer

J. Teer
Partner

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