EXHIBIT 99.4




Mr Roger Desmarchelier                          Our ref  SGB-04CustAUPG1b1032-MP
Executive Manager Securitisation
Crusade Management Limited                      Contact  Max Pollock 9335 8138
55 Market Street
Sydney NSW 2000


13 April 2004



Dear Roger

Agreed Upon Procedures - Crusade Global Trust No. 2 of 2003

St.George Custodial Pty Ltd required an audit to be performed in accordance with
the  Crusade  Global  Trust  No.  2  of  2003  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. 2 of 2003 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.





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(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. 2 of 2003. 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/ Andrew Yates

Andrew Yates
Partner

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                                          Our ref  SGB04-CrusConsentPublishLtr-
                                                   L1312-JMW



The Directors
Crusade Management Limited
Level 4
4-16 Montgomery Street
Kogarah NSW 2217


13 December 2004


Dear Sirs

CRUSADE GLOBAL TRUSTS

This consent is given by KPMG concerning the submission of the 10K report to the
SEC for the year ended 30 September 2004 in respect of Crusade Global Trust No.1
of 1999,  Crusade Global Trust No.1 of 2001,  Crusade Global Trust No.2 of 2001,
Crusade Global Trust No.1 of 2002,  Crusade  Global Trust No.1 of 2003,  Crusade
Trust No.2 of 2003 and Crusade Global Trust No.1 of 2004.

KPMG consents to its custodial  agreed upon procedures  reports,  dated 13 April
2004, in respect of the Crusade Global Trust No.1 of 1999,  Crusade Global Trust
No.1 of 2001,  Crusade  Global Trust No.2 of 2001,  Crusade Global Trust No.1 of
2002,  Crusade Global Trust No.1 of 2003, Crusade Trust No.2 of 2003 and Crusade
Global Trust No.1 of 2004 being included in the submission of the 10K report.



Yours faithfully

/s/ John Teer

John Teer
Partner