Document:

<PAGE>

                                DEED OF AMENDMENT

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                 ACN 000 431 827

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                 ACN 005 964 134

                                       and

                            NMFM LENDING PTY. LIMITED
                                 ACN 070 887 679

                                F R E E H I L L
                             H O L L I N G D A L E
                                   & P A G E

          MLC Centre Martin Place Sydney New South Wales 2000 Australia
                 Telephone (02) 9225 5000 Int + (61 2) 9225 5000
                     Facsimile (02) 9322 4000 DX 361 Sydney
                             Reference: BNT:PJSR:31G

    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                         CORRESPONDENT OFFICE IN JAKARTA

      Liability is limited by the Solicitors Scheme under the Professional
                            Standards Act 1994 (NSW)

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>

Clause                                                                                   Page
<S>                                                                                     <C>
1 DEFINITIONS AND INTERPRETATION                                                                       1

         1.1 Definitions                                                                               1
         1.2 Interpretation                                                                            1

2 AMENDMENT TO THE PRINCIPAL AGREEMENT                                                                 1

         2.1 Amendment                                                                                 1
         2.2 Amendments not to affect validity, rights, obligations                                    2
         2.3 Confirmation                                                                              2

3 GENERAL                                                                                              2

         3.1 Governing law and jurisdiction                                                            2
         3.2 Further assurances                                                                        2
         3.3 Counterparts                                                                              2
         3.4 Attorneys                                                                                 2

SCHEDULE                                                                                               4

</TABLE>

<PAGE>

--------------------------------------------------------------------------------
THIS DEED OF AMENDMENT

                  is made on           1997 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of Level 7, 39 Hunter Street, Sydney, New South Wales
                          (TRUSTEE)

                  2.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134 of Level 18, 447 Collins Street,
                          Melbourne Victoria 3000
                          (TRUST MANAGER)

                  3.      NMFM LENDING PTY. LIMITED
                          ACN 070 887 679
                          of Level 18, 447 Collins Street Melbourne, Victoria
                          (MORTGAGE MANAGER)

RECITALS

                  A.      The parties are parties to the Principal Agreement.

                  B.      The parties wish to amend the Principal Agreement in
                          the manner set out in this deed.

THE PARTIES AGREE

                  In consideration of, among other things, the mutual promises
                  contained in this deed:

--------------------------------------------------------------------------------

1        DEFINITIONS AND INTERPRETATION

         1.1   DEFINITIONS

               Words and expressions defined in the Principal Agreement have the
               same meaning in this deed and:

               PRINCIPAL AGREEMENT means the Mortgage Origination & Management
               Agreement dated 4 July 1994 between the parties to this deed.

         1.2   INTERPRETATION

               Clause 1.2 of the Principal Agreement applies to this deed as if
               set out in this deed.

--------------------------------------------------------------------------------
2        AMENDMENT TO THE PRINCIPAL AGREEMENT

         2.1   AMENDMENT

               (a)  The Principal Agreement is amended as set out in the
                    schedule.

                                     PAGE 1

<PAGE>

               (b)  The amendments to the Principal Agreement take effect from
                    the date of this deed.

         2.2   AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

               (a)  An amendment to the Principal Agreement does not affect the
                    validity or enforceability of the Principal Agreement.

               (b)  Nothing in this deed:

                    (1)  prejudices or adversely affects any right, power,
                         authority, discretion or remedy arising under the
                         Principal Agreement before the date of this deed; or

                    (2)  discharges, releases or otherwise affects any liability
                         or obligation arising under the Principal Agreement
                         before the date of this deed.

         2.3   CONFIRMATION

               Each party is bound by the Principal Agreement as amended by this
               deed.

--------------------------------------------------------------------------------
3        GENERAL

         3.1   GOVERNING LAW AND JURISDICTION

               (a)  This deed is governed by the laws of New South Wales.

               (b)  Each of the parties irrevocably submits to the non-exclusive
                    jurisdiction of the courts of New South Wales.

         3.2   FURTHER ASSURANCES

               Each party must do all things and execute all further documents
               necessary to give full effect to this deed.

         3.3   COUNTERPARTS

               (a)  This agreement may be executed in any number of
                    counterparts.

               (b)  All counterparts, taken together, constitute one instrument.

               (c)  A party may execute this agreement by signing any
                    counterpart.

         3.4   ATTORNEYS

               Each of the Attorneys executing this agreement states that the
               Attorney has no notice of the revocation of the power of attorney
               appointing that Attorney.

         3.5   TRUSTEE PROVISIONS

               The provisions of clause 17 of the Principal Agreement are deemed
               to be incorporated in this deed as if set out in full in it.

                                     PAGE 2

<PAGE>

--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>                                                             <C>

                                                                 /s/ George Louis Zagon
EXECUTED AS A DEED:                                              --------------------------------------------------
                                                                 Attorney
SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the                                           George Louis Zagon
presence of:                                                     --------------------------------------------------
                                                                 Name (please print)

/s/ Julie Kim Abbett                                             /s/ Collette Rae Butterfield
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Julie Kim Abbett                                                 Collette Rae Butterfield
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
SUPERANNUATION MEMBERS' HOME LOANS LIMITED
by its attorney in the
presence of:

/s/ Ewan MacDonald                                               /s/ Peter Rowe
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Ewan MacDonald                                                   Peter Rowe
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

SIGNED SEALED AND DELIVERED for
NMFM LENDING PTY. LIMITED
by its attorney in the
presence of:

/s/ Ewan MacDonald                                               /s/ Peter Rowe
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

Ewan MacDonald                                                   Peter Rowe
------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

                                     PAGE 3

<PAGE>

--------------------------------------------------------------------------------
SCHEDULE

1.       CLAUSE 1.1

The definition of "Uniform Consumer Credit Legislation" is deleted and replaced
with:

         "UNIFORM CONSUMER CREDIT LEGISLATION" means the Consumer Credit Code
         attached as an Appendix to the Consumer Credit (Queensland) Act 1994,
         as it is in force, or as it has been amended by, co-operative or
         consistent legislation, in each State and Territory of the Commonwealth
         of Australia;

2.       CLAUSE 10.1

Clauses 10.1(m), (n) and (o) are renamed clauses 10.1(n), (o) and (p)
respectively, and new clause 10.1(m) is inserted as follows:

         (m)      in respect of a Mortgage where a Secured Agreement in relation
                  to that Mortgage was entered into in any State or Territory of
                  the Commonwealth of Australia on or after the date of this
                  deed:

                  (1)     the documentation of that Mortgage, Secured Agreement
                          and any Collateral Security; and

                  (2)     the performance by the Mortgage Manager of its
                          obligations under this agreement (including, without
                          limitation, in relation to the entry into, variation,
                          discharge, release, administration, servicing and
                          enforcement of that Mortgage, Secured Agreement and
                          any Collateral Security);

                  have complied with all applicable requirements of the Uniform
                  Consumer Credit Legislation in that State or Territory, except
                  where that non-compliance:

                  (3)     does not impair the collectability or enforceability
                          of that Mortgage, Secured Agreement and Collateral
                          Security; and

                  (4)     would not result in the imposition of any civil or
                          criminal penalty in respect of that Mortgage, Secured
                          Agreement or Collateral Security.

                                     PAGE 4<PAGE>

                       MORTGAGE ORIGINATION AND MANAGEMENT
                                    AGREEMENT

                                  AMENDING DEED

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                ACN 000 431 827

                   SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                                ACN 005 964 134

                                      and

                          MEMBERS' EQUITY PTY LIMITED
                                 ACN 070 887 679

                                F R E E H I L L
                              H O L L I N G D A L E
                                   & P A G E

         MLC Centre Martin Place Sydney New South Wales 2000 Australia

                 Telephone (02) 9225 5000 Int + (61 2) 9225 5000
                     Facsimile (02) 9322 4000 DX 361 Sydney

                             Reference: PJSR:MR:31F

    SYDNEY MELBOURNE PERTH CANBERRA BRISBANE SINGAPORE HANOI HO CHI MINH CITY
                CORRESPONDENT OFFICES IN JAKARTA AND KUALA LUMPUR

      LIABILITY IS LIMITED BY THE SOLICITORS SCHEME UNDER THE PROFESSIONAL
                            STANDARDS ACT 1994 (NSW)

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>

Clause                                                                          Page
<S>     <C>                                                                     <C>
1        DEFINITIONS AND INTERPRETATION                                            3

         1.1      Definitions                                                      3
         1.2      Interpretation                                                   4
2        AMENDMENTS TO THE AGREEMENT                                               4

         2.1      Amendments                                                       4
         2.2      Amendments not to affect validity, rights, obligations           4
3        GENERAL                                                                   4

         3.1      Governing law and jurisdiction                                   4
         3.2      Attorneys                                                        4

</TABLE>

                                                                          PAGE 2

<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

                  is made on          2000 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ACN 000 431 827
                          of 1 Castlereagh Street Sydney NSW
                          (TRUSTEE)

                  2.      SUPERANNUATION MEMBERS' HOME LOANS LIMITED
                          ACN 005 964 134
                          of Level 17, 360 Collins Street Melbourne VIC
                          (MANAGER)

                  3.      MEMBERS' EQUITY PTY LIMITED (formerly known as NMFM
                          Lending Pty Limited)
                          ACN 070 887 679
                          of Level 17, 360 Collins Street Melbourne VIC
                          (MORTGAGE MANAGER)

RECITALS

                  A.      The Trustee is a trustee of trusts known as
                          Superannuation Members Home Loans Trusts (the TRUSTS)
                          and the Manager is a manager of the Trusts.

                  B.      The Trustee, the Manager and National Mutual Property
                          Services (Aust) Pty Limited (FORMER MANAGER) entered
                          into a Mortgage Origination and Management Agreement
                          (the NOVATED AGREEMENT) dated 4 July 1994.

                  C.      By a deed of novation dated 28 September 1995 the
                          Former Manager surrendered its rights and was released
                          and discharged from its obligations under the Novated
                          Agreement and the Mortgage Manager became entitled to
                          equivalent rights and assumed equivalent obligations
                          (DEED OF NOVATION).

                  D.      The parties wish to amend the agreement created by the
                          Novated Agreement and the Deed of Novation (the
                          AGREEMENT) in the manner set out in this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1         DEFINITIONS AND INTERPRETATION

          1.1  DEFINITIONS

               In this deed, a word or phrase (except as otherwise provided)
               defined in the Agreement has the same meaning as in the
               Agreement.

          1.2  INTERPRETATION

               Clause 1.2 of the Agreement applies to this deed.

                                                                          PAGE 3

<PAGE>

--------------------------------------------------------------------------------
2         AMENDMENTS TO THE AGREEMENT

          2.1  AMENDMENTS

               (a)  The Agreement is amended as set out in the Schedule.

               (b)  The amendments to the Agreement in clause 2.1(a) take effect
                    from the date of this deed.

          2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

               (a)  An amendment to the Agreement does not affect the validity
                    or enforceability of the Agreement.

               (b)  Nothing in this deed:

                    (1)  prejudices or adversely affects any right, power,
                         authority, discretion or remedy arising under the
                         Agreement before the date of this deed; or

                    (2)  discharges, releases or otherwise affects any liability
                         or obligation arising under the Agreement before the
                         date of this deed.

--------------------------------------------------------------------------------
3        GENERAL

          3.1  GOVERNING LAW AND JURISDICTION

               This deed is governed by the laws of New South Wales.

          3.2  ATTORNEYS

               Each of the Attorneys executing this deed states that the
               Attorney has no notice of the revocation of the power of attorney
               appointing that Attorney.

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                          /s/ Richard Lovell
---------------------------------------   --------------------------------------
Witness                                   Attorney

Maria Ratner                              Richard Anthony Lovell
---------------------------------------   --------------------------------------
Name (please print)                       Name (please print)

                                                                          PAGE 4

<PAGE>

SIGNED SEALED AND DELIVERED for
SUPERANNUATION MEMBERS' HOME LOANS LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the
presence of:

/s/ Maria Ratner                        /s/ Peter Rowe
------------------------------------    ----------------------------------------
Witness                                 Attorney

Maria Ratner                            Peter Rowe
------------------------------------    ----------------------------------------
Name (please print)                     Name (please print)

                                                                          PAGE 5

<PAGE>

SCHEDULE - AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(a)  deleting the definition of "Agreed Procedures" and inserting the following:

          ""Agreed Procedures" means the practices and procedures relating to
          the origination, management and servicing of the Mortgages from time
          to time as agreed between the Trust Manager and the Trustee."

(b)  inserting a new definition of Bond Issue Date as follows:

          ""BOND ISSUE DATE" has the same meaning as in the Trust Deed.";

(c)  inserting a new definition of Designated Rating Agency follows:

          ""Designated Rating Agency" has the same meaning as in the Trust
          Deed.";

(d)  inserting a new definition of Securitisation Fund as follows:

          ""SECURITISATION FUND" has the same meaning as in the Trust Deed.";

(e)  by inserting a new definition of Supplementary Bond Terms Notice:

          ""SUPPLEMENTARY BOND TERMS NOTICE" has the same meaning as in the
          Trust Deed.";

(f)  by inserting a new clause 3.4:

          "3.4 MANAGER'S DUTIES

          The Mortgage Manager must not in performing its duties under this
          Agreement do or omit to do anything which could be reasonably expected
          to be in breach of the Trust Manager's or Trustee's obligations under
          the Trust Deed.";

(g)  inserting the words "and shall be solely responsible for the fees and
     expenses of such person" at the end of clause 5.3(b);

(h)  inserting after the words "Mortgage Manager" where it appears at the end of
     clause 5.6 of the Agreement the following:

          "and holds such assets on behalf of the Trustee as trustee of the
          relevant Fund.";

(i)  inserting a new clause 5.14 as follows:

          "5.14 Mortgage Substitution Certificate

          If pursuant to this Agreement or the Trust Deed any Mortgage which is
          an asset of a Securitisation Fund is repurchased and substituted by
          another Mortgage or Mortgage by the Mortgage Manager or by the Trustee
          as trustee of another Fund the Mortgage Manager must in respect of
          each substitute Mortgage and not less than 1 Banking Day before the
          date of substitution either:

          (1)  deliver to the Trust Manager a Bond Issue Confirmation
               Certificate; or

          (2)  if the Mortgage Manager is unable to give that Bond Issue
               Confirmation Certificate, because any of the matters to be
               certified is, with respect to its substitute Mortgage or
               Mortgages, not correct, the Mortgage Manager must give notice in
               writing to the Trust Manager and the Trustee and each Designated
               Rating Agency

                                                                          PAGE 6

<PAGE>

          specifying in reasonable detail the reasons why the Mortgage Manager
          is unable to give the Bond Issue Certificate with respect to the
          Mortgage or Mortgages."

(j)  inserting at the end of clause 7.6 the following:

          "The Mortgage Manager must not do or omit to do anything which could
          be reasonably expected to prejudicially affect or limit its rights or
          the rights of the Trustee under or in respect of a Mortgage Insurance
          policy.";

(k)  inserting a new clause 10.4 as follows:

          "10.4 REPURCHASE OF MORTGAGES

          (a)  Notwithstanding clause 10.3 if the Trust Manager determines that
               any representation or warranty by the Mortgage Manager in a Bond
               Issue Confirmation Certificate with respect to a Mortgage forming
               part of a Securitisation Fund is false or misleading the Mortgage
               Manager will be obliged at the request of the Trust Manager to
               either (at the election of the Manager):

               (1)  repurchase the Mortgage; or

               (2)  repurchase and substitute or substitute or cause to be
                    substituted a Mortgage in which event the Trustee and the
                    Trust Manager shall be obliged to comply with provisions of
                    the Supplementary Bond Terms Notice with respect to the
                    substitution of Mortgages,

          within 120 days after the giving the relevant Bond Issue Confirmation
          Certificate.

          (b)  The provisions of clauses 7.14 and 7.15 of the Trust Deed shall
               be incorporated into this clause mutatis mutandis in relation to
               any Mortgage repurchased and any substitute Mortgage;

(l)  inserting a new clause 10.5 as follows:

          "10.5 SURVIVAL OF REPRESENTATIONS AND WARRANTIES

          The representations and warranties given in clause 10 survive the
          execution of this Agreement.";

(m)  deleting the word "or" at the end of each of clauses 14.1(a) and 14.1(b);

(n)  deleting the full stop at the end of clause 14.1(c) and inserting the word
     "or";

(o)  inserting after clause 14.1(c) as follows:

          "(d) it becomes unlawful for the Mortgage Manager to perform its
               duties under this Agreement.

          The Mortgage Manager must notify the Trust Manager and each Designated
          Rating Agency if any of the above events occurs.";

(p)  inserting at the end of clause 14.2 the following:

          "The Mortgage Manager may not terminate this Agreement unless a
          replacement mortgage manager has been appointed by the Trust Manager
          and the Trustee and it has entered into an agreement with the Trust
          Manager and the Trustee on terms similar to this Agreement and
          satisfactory to the Trust Manager and the Trustee. Any such
          appointment must not be made unless prior notice is given by the Trust

                                                                          PAGE 7

<PAGE>

          Manager to each Designated Rating Agency or if it would have an
          adverse effect on the rating of any Bonds (as defined in the Trust
          Deed).";

(q)  inserting at the end of paragraph (b) of the Schedule to the Agreement
     "/the repurchase and substitution of Mortgages pursuant to clause 10.5 of
     the Agreement and to clause 5.14 of the Agreement. [Delete as required]"

(r)  in paragraph 1 of the Schedule to the Agreement, deleting the words "date
     of its settlement" and replacing them with the words "Bond Issue Date" or,
     if this certificate is given pursuant to clause 5.14 of the Agreement, the
     date of this certificate;

(s)  inserting the word "consecutive" after the words "more than 30" in
     paragraph 5 of the Schedule to the Agreement; and

(t)  inserting the following immediately after paragraph 9 of the Schedule to
     the Agreement:

     "10. At the time the Mortgage was entered into and up to and including the
          date hereof, we have complied in all material aspects with all
          applicable laws, including without limitation, where applicable, the
          Uniform Consumer Credit Legislation.

     11.  The performance by us of our obligations in respect of the Mortgage
          (including any variations, discharge, release administration,
          servicing and enforcement) up to and including the date hereof
          complied with all applicable laws including, where applicable, the
          Uniform Consumer Credit Legislation.

     12.  The Mortgage is denominated in and payable in Australian dollars.

     13.  Except where the relevant insurer under the applicable Approved
          Mortgage Insurance Policy otherwise agrees, the principal outstanding
          at the time the Mortgage was entered into did not exceed the maximum
          principal amount at that time which may be lent without the approval
          of the relevant insurer under the applicable Approved Mortgage
          Insurance Policy.

     14.  The Loan secured by the Mortgage is repayable:

          (a)  on fully amortising terms within 25 years of the date of the
               Securitisation Fund Bond Issue Direction; and

          (b)  at least 1 year before the final maturity date of the Bonds (as
               defined in the Master Trust Deed).

     15.  Subject to the terms of the Approved Mortgage Insurance Policy, the
          Mortgage is covered by an Approved Mortgage Insurance Policy for an
          amount not less than 100% of the amounts outstanding under the
          Mortgage, which policy also includes timely payment cover in respect
          of Loan Instalments.

     16.  The Loan secured by the Mortgage has been or is fully drawn."

     17.  The current ratio that the principal amount of the Loan bears to the
          value of the Property at the time the Loan is made was equal to or
          less than 90%.

     18.  The Loan secured by the Mortgage does not represent a direct or
          indirect obligation of an employee of the Mortgage Manager or the
          Trust Manager who has influence in the setting of interest rates for
          housing loans by the Mortgage Manager or the Trust Manager.

                                                                          PAGE 8

<PAGE>

     19.  The Loan is not secured by vacant land or residential properties under
          construction.

     20.  All components of any Loan being a split loan will be acquired by the
          Securitisation Fund."

                                                                          PAGE 9

<PAGE>

                                 MORTGAGE ORIGINATION AND MANAGEMENT
                                              AGREEMENT

                                            AMENDING DEED

                  PERPETUAL TRUSTEES AUSTRALIA LIMITED
                  ABN 86 000 431 827

                  ME PORTFOLIO MANAGEMENT LIMITED
                  (formerly known as Superannuation Members' Home Loans Limited)
                  ABN 79 005 964 134

                  and

                  MEMBERS' EQUITY PTY LIMITED
                  ABN 56 070 887 679

                  FREEHILLS

                  MLC Centre Martin Place Sydney NSW 2000 Australia
                  Telephone 61 2 9225 5000 Facsimile 61 2 9322 4000
                  www.freehills.com.au DX361 Sydney

                  SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI
                  HO CHI MINH CITY SINGAPORE
                  Correspondent Offices JAKARTA KUALA LUMPUR

                  Liability limited by the
                  Solicitors' Limitation of Liability Scheme,
                  approved under the
                  Professional Standards Act 1994 (NSW)

                  Reference PJSR:FMK:25E

<PAGE>

--------------------------------------------------------------------------------
TABLE OF CONTENTS

<TABLE>
<CAPTION>
Clause                                                                       Page
<S>                                                                         <C>
1        DEFINITIONS AND INTERPRETATION                                         3

         1.1      Definitions                                                   3
         1.2      Interpretation                                                4
2        AMENDMENTS TO THE AGREEMENT                                            4

         2.1      Amendments                                                    4
         2.2      Amendments not to affect validity, rights, obligations        4
3        GENERAL                                                                4

         3.1      Governing law and jurisdiction                                4
         3.2      Attorneys                                                     4
</TABLE>

--------------------------------------------------------------------------------
                                                                          PAGE 2

<PAGE>

--------------------------------------------------------------------------------
THIS AMENDING DEED

          is made on               2000 between the following parties:

          1.   PERPETUAL TRUSTEES AUSTRALIA LIMITED
               ABN 86 000 431 827
               of Level 7, 29 Hunter Street Sydney NSW
               (TRUSTEE)

          2.   ME PORTFOLIO MANAGEMENT LIMITED
               (formerly known as Superannuation Members' Home Loans Limited)
               ABN 79 005 964 134
               of Level 17, 360 Collins Street Melbourne VIC
               (MANAGER)

          3.   MEMBERS' EQUITY PTY LIMITED
               (formerly known as NMFM Lending Pty Limited)
               ABN 56 070 887 679
               of Level 17, 360 Collins Street Melbourne VIC
               (MORTGAGE MANAGER)

RECITALS

          A.   The Trustee is a trustee of trusts known as Superannuation
               Members Home Loans Trusts (the TRUSTS) and the Manager is a
               manager of the Trusts.

          B.   The Trustee, the Manager and National Mutual Property Services
               (Aust) Pty Limited (FORMER MANAGER) entered into a Mortgage
               Origination and Management Agreement (the NOVATED AGREEMENT)
               dated 4 July 1994 (as amended).

          C.   By a deed of novation dated 28 September 1995 the Former Manager
               surrendered its rights and was released and discharged from its
               obligations under the Novated Agreement and the Mortgage Manager
               became entitled to equivalent rights and assumed equivalent
               obligations (DEED OF NOVATION).

          D.   The parties wish to amend the agreement created by the Novated
               Agreement and the Deed of Novation (the AGREEMENT) in the manner
               set out in this deed.

THIS DEED WITNESSES

          that in consideration of, among other things, the mutual promises
          contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1    DEFINITIONS AND INTERPRETATION

     1.1  DEFINITIONS

          In this deed, a word or phrase (except as otherwise provided) defined
          in the Agreement has the same meaning as in the Agreement.

--------------------------------------------------------------------------------
                                                                          PAGE 3

<PAGE>

     1.2  INTERPRETATION

          Clause 1.2 of the Agreement applies to this deed.

--------------------------------------------------------------------------------
2    AMENDMENTS TO THE AGREEMENT

     2.1  AMENDMENTS

          (a)  The Agreement is amended as set out in the Schedule.

          (b)  These amendments to the Agreement do not apply in respect of the
               securitisation funds known as "SMHL Global Fund No. 1" and "SMHL
               Global Fund No. 2".

          (c)  The amendments to the Agreement in clause 2.1(a) take effect from
               the date of this deed.

     2.2  AMENDMENTS NOT TO AFFECT VALIDITY, RIGHTS, OBLIGATIONS

          (a)  An amendment to the Agreement does not affect the validity or
               enforceability of the Agreement.

          (b)  Nothing in this deed:

               (1)  prejudices or adversely affects any right, power, authority,
                    discretion or remedy arising under the Agreement before the
                    date of this deed; or

               (2)  discharges, releases or otherwise affects any liability or
                    obligation arising under the Agreement before the date of
                    this deed.

--------------------------------------------------------------------------------
3    GENERAL

     3.1  GOVERNING LAW AND JURISDICTION

          This deed is governed by the laws of New South Wales.

     3.2  ATTORNEYS

          Each of the Attorneys executing this deed states that the Attorney has
          no notice of the revocation of the power of attorney appointing that
          Attorney.

--------------------------------------------------------------------------------
4    COUNTERPARTS

          (a)  This deed may be executed in any number of counterparts.

          (b)  All counterparts, taken together, constitute 1 instrument.

          (c)  A party may execute this deed by signing any counterpart.

--------------------------------------------------------------------------------
                                                                          PAGE 4

<PAGE>

--------------------------------------------------------------------------------
EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

/s/ Mark Dickenson                          /s/ Stacey Gray
------------------------------------        ------------------------------------
Witness                                     Attorney

Mark Dickenson                              Stacey Gray
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
(formerly known as Superannuation Members' Home Loans Limited)
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

SIGNED SEALED AND DELIVERED for
MEMBERS' EQUITY PTY LIMITED
by its attorney in the presence of:

/s/ Paul Garvey                             /s/ Nicholas Vamvakas
------------------------------------        ------------------------------------
Witness                                     /s/ A. Wamsterer
                                            ------------------------------------
                                            Attorney

Paul Garvey                                 Nicholas Vamvakas
------------------------------------        ------------------------------------
Name (please print)                         Anthony Wamsterer
                                            ------------------------------------
                                            Name (please print)

--------------------------------------------------------------------------------
                                                                          PAGE 5

<PAGE>

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SCHEDULE -- AMENDMENTS (CLAUSE 2.1(A))

The Agreement is amended by:

(d)  in paragraph 17 of the Schedule to the Agreement inserting immediately
     after "90%" the words:

          "or such higher ratio as approved by each Designated Rating Agency."

(e)  in paragraph 19 of the Schedule to the Agreement deleting the words:

          "vacant land or"

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