Exhibit 99.3

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

Scope

We have reviewed St.George Bank Limited's (the "Servicer's")  activities for the
purpose of determining its compliance with the servicing  standards contained in
the Master  Trust Deed dated 14 March  1998,  the Crusade  Euro Trust  Servicing
Agreement dated 19 March 1998, and the Supplementary Terms Notice  (collectively
the  "Documents"),  attached as  Appendix  1, in relation to the Crusade  Global
Trust  No.1 of 1999 (the  "Trust")  for the year  ended 30  September  2004,  in
accordance  with the  statement  by the Division of  Corporation  Finance of the
Securities  and Exchange  Commission  dated 21 February 2003, and our engagement
letter dated 13 December 2004.

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

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

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

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

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


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Statement

Based on our review;

-    nothing  has come to our  attention  to  indicate  that there have been any
     significant  deficiencies  in St.George Bank Limited's  compliance with the
     servicing standards contained in the Master Trust Deed dated 14 March 1998,
     the Crusade Euro Trust  Servicing  Agreement  dated 19 March 1998,  and the
     Supplementary  Terms  Notice,  attached  as  Appendix  1, in respect of the
     Crusade  Global  Trust  No.1 of 1999 (the  "Trust")  for the year  ended 30
     September 2004;

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

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

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

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


KPMG

/s/ John Teer

John Teer
Partner

Place:  Sydney, Australia

Date:  December 14, 2004


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Appendix One - St.George Servicing Standards

I General Undertakings

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

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

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

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

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

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

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

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

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

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

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


II Variations

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


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

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

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

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

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

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


III Mortgage Collections and Payments

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

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

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

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


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

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

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


IV Delinquencies

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

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

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

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


V Investor Accounting and Reporting

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

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

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

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

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

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

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VI Insurance Policies

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

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

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

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

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