Document:

Exhibit 4.7

               Securitisation Fund Bond Issue
               Direction - SMHL Global Fund No. 9

               Perpetual Limited
               ABN 86 000 431 827

               and

               ME Portfolio Management Limited
               ABN 79 005 964 134

               [Freehills Logo Graphic Omitted]
               MLC Centre Martin Place Sydney New South Wales 2000 Australia
               Telephone +61 2 9225 5000  Facsimile +61 2 9322 4000
               www.freehills.com  DX 361 Sydney

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

               Reference LGR:OMT:36G

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Table of contents

Clause                                                                                                         Page

<S>      <C>                                                                                                      <C>
1        Proposal to issue Notes                                                                                  1

2        Portfolio of Mortgages to be held by the Trustee for the Securitisation Fund                             2

3        Proceeds of Issue                                                                                        2

4        Security Trust Deed, Enhancements and Hedges                                                             3

5        Redraw Funding Facilities                                                                                3

6        Top-up Funding Facilities                                                                                3

7        Supplementary Bond Terms                                                                                 3

8        Manager's certifications                                                                                 3

9        Disposal of Authorised Investments                                                                       4

10       Interpretation                                                                                           4

11       Attorney                                                                                                 4

Annexure A - Portfolio of Mortgages

Annexure B - Supplementary Bond Terms Notice: Class A Notes and Class B Notes

Annexure C - Supplementary Bond Terms Notice: Liquidity Notes
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Securitisation Fund Bond Issue Direction -
SMHL Global Fund No. 9

To:      Perpetual Limited
         ABN 86 000 431 827
         (Trustee)

From:    ME Portfolio Management Limited
         ABN 79 005 964 134
         (Manager)
         ______________________________________________________________

1     Proposal to issue Notes

         Pursuant to clause 7.2 of the trust deed dated 4 July 1994 (as
         amended from time to time) establishing the Superannuation
         Members' Home Loans Trusts (Master Trust Deed), the Manager
         hereby proposes and directs in this Securitisation Fund Bond
         Issue Direction (Bond Issue Direction) that the Trustee on 11
         October 2006 (or such later date as may be agreed between the
         Trustee and the Manager) (Bond Issue Date) will issue as
         trustee of the Securitisation Fund known as SMHL Global Fund
         No. 9 (Securitisation Fund) the Notes (being comprised of five
         Classes) specified below (proposed Notes):

         (a)     The name of each Class, total principal amount,
                 denomination, total number and Subscription Amount of
                 the proposed Notes are as follows:

                (1)    (A)    Name of Class               Class A1
                       (B)    Total principal amount      US$1,340,000,000
                       (C)    Denomination                US$100,000 per Note
                       (D)    Total number                13,400
                       (E)    Subscription Amount         US$1,340,000,000

                (2)    (A)    Name of Class               Class A2
                       (B)    Total principal amount      (euro)450,000,000
                       (C)    Denomination                (euro)100,000 per Note
                       (D)    Total number                4,500
                       (E)    Subscription Amount         (euro)450,000,000

                (3)    (A)    Name of Class               Class A3
                       (B)    Total principal amount      A$406,000,000
                       (C)    Denomination                A$100,000 per Note
                       (D)    Total number                4,060
                       (E)    Subscription Amount         A$406,000,000

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                                                                          page 1
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               Securitisation Fund Bond Issue Direction - SMHL Global Fund No. 9

                (4)    (A)    Name of Class               Class B
                       (B)    Total principal amount      A$57,000,000
                       (C)    Denomination                A$100,000 per Note
                       (D)    Total number                570
                       (E)    Subscription Amount         A$57,000,000

                (5)    (A)    Name of Class               SMHL Global No. 9 -
                                                          Liquidity Notes
                       (B)    Total principal amount A$7,500,000
                       (C)    Denomination A$1.00 per Note
                       (D)    Total number 7,500,000
                       (E)    Subscription Amount A$7,500,000

         (b)     The proposed Notes will not constitute a Class separate from
                 any other Notes previously issued by the Trustee as trustee of
                 the Securitisation Fund but each Class will be a separate Class
                 from each other Class.

_______________________________________________________________________________

2     Portfolio of Mortgages to be held by the Trustee for the Securitisation
      Fund

         The initial Portfolio of Mortgages to be held by the Trustee as trustee
         of the Securitisation Fund pursuant to clause 7.8(f)(2) of the Master
         Trust Deed are specified in Annexure "A" hereto which currently forms
         part of the Superannuation Members' Home Loans Warehousing Trust 2004-1
         (SMHL WT2004-1).

_______________________________________________________________________________

3     Proceeds of Issue

          (a)    For the purposes of clause 7.3(a)(6) of the Master Trust Deed
                 and pursuant to clause 7.8(f)(1) of the Master Trust Deed,
                 the Trustee shall (subject to clause 3(b)) hold as trustee of
                 SMHL WT2004-1 an amount of the issue proceeds of the proposed
                 Notes equal to A$3,000,000,000.35 of the aggregate
                 Outstanding Principal Balance of the initial Portfolio of
                 Loans secured by Mortgages comprised in Assets of the
                 Securitisation Fund.

         (b)     Pursuant to clause 7.10 of the Master Trust Deed, we direct you
                 instead of holding A$7,500,000 of the issue proceeds referred
                 to in clause 3(a) as trustee of SMHL WT2004-1, to issue to P.T.
                 Limited (as nominee for you in your capacity as trustee of SMHL
                 WT2004-1) Notes to the amount of A$7,500,000 comprised in the
                 Class referred to in paragraph 1(a)(5) above.

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              Securitisation Fund Bond Issue Direction - SMHL Global Fund No.9

_______________________________________________________________________________

4     Security Trust Deed, Enhancements and Hedges

         For the purposes of clause 7.3(a)(7) of the Master Trust Deed:

          (a)    a Security Trust Deed and a Payment Funding Facility
                 (including the provision and maintenance of a funding portion
                 representing 0.00% of the initial Outstanding Principal
                 Balance of the Loans secured by Mortgages comprised in Assets
                 of the Securitisation Fund) for the Securitisation Fund must
                 be put in place prior to the Bond Issue Date;

          (b)    there are no further Enhancements or Hedges which need to be
                 effected prior to the Bond Issue Date.

_______________________________________________________________________________

5     Redraw Funding Facilities

         For the purposes of clause 7.3(a)(8) of the Master Trust Deed it is
         the intention of the Manager that the Trustee may enter into one or
         more "redraw funding facilities" before, on or after the issue of
         the Notes. The liabilities of the Trustee under such facilities are
         to be secured under the Security Trust Deed.

_______________________________________________________________________________

6     Top-up Funding Facilities

         For the purposes of clause 7.3(a)(8) of the Master Trust Deed it is
         the intention of the Manager that the Trustee may enter into one or
         more "top-up funding facilities" before, on or after the issue of
         the Notes. The liabilities of the Trustee under such facilities are
         to be secured under the Security Trust Deed.

_______________________________________________________________________________

7     Supplementary Bond Terms

         The Supplementary Bond Terms for the proposed Notes are contained in
         the attached duly completed Supplementary Bond Terms Notices in
         Annexures "B" and "C".

_______________________________________________________________________________

8     Manager's certifications

         For the purposes of clause 7.7(a) of the Master Trust Deed, but
         subject to the Master Trust Deed, the Manager certifies to the
         Trustee that:

          (a)    this Bond Issue Direction, and each accompanying
                 Supplementary Bond Terms Notice, complies with the Master
                 Trust Deed; and

          (b)    to the best of the Manager's knowledge, the details of the
                 initial Portfolio of Mortgages in Annexure "A" conform with
                 the details in the relevant Register in respect of that
                 Portfolio of Mortgages.

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               Securitisation Fund Bond Issue Direction - SMHL Global Fund No.9

_______________________________________________________________________________

9     Disposal of Authorised Investments

         For the purposes of clause 10.6(b) of the Master Trust Deed, the
         Manager confirms that the disposal of the Portfolio of Mortgages by
         the Trustee as trustee of SMHL WT2004-1 will not lead to a loss.

_______________________________________________________________________________

10    Interpretation

         Each term used in this Bond Issue Direction that is not defined
         herein has the same meaning as in the Master Trust Deed and the
         attached Supplementary Bond Terms Notices.

_______________________________________________________________________________

11    Attorney

         The attorney executing this notice states that he or she has no
         notice of, alteration to, or revocation or suspension of, the power
         of attorney appointing that attorney.

Dated:   3 October 2006

Signed by
ME Portfolio Management Limited
by its attorney in the presence of:

  /s/ David Barber                               /s/ Lachlan Roots
---------------------------                    -------------------------------
  Witness                                        Attorney

  David Barber                                   Lachlan Roots
---------------------------                    -------------------------------
  Name (please print)                            Name (please print)

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                                                                        page 4

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             Securitisation Fund Bond Issue Direction - SMHL Global Fund No. 9

_______________________________________________________________________________

Annexure A - Portfolio of Mortgages

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             Securitisation Fund Bond Issue Direction - SMHL Global Fund No. 9
_______________________________________________________________________________

Annexure B - Supplementary Bond Terms Notice: Class A Notes and Class B Notes

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             Securitisation Fund Bond Issue Direction - SMHL Global Fund No. 9

_______________________________________________________________________________

Annexure C - Supplementary Bond Terms Notice: Liquidity Notes

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Nomination Notice
SMHL Mortgage Origination and Management Agreement

To:        Perpetual Limited
           ABN 86 000 431 827
           of Level 12, 123 Pitt Street, Sydney, New South Wales
           (Trustee)

And:       Members Equity Bank Pty Limited
           ABN 56 070 887 679
           of Level 17, 360 Collins Street, Melbourne, Victoria
           (Mortgage Manager)

From:      ME Portfolio Management Limited
           ABN 79 005 964 134
           of Level 17, 360 Collins Street, Melbourne, Victoria
           (Manager)

We refer to the Mortgage Origination and Management Agreement dated 4 July 1994
between the Trustee and National Mutual Property Services (Aust) Pty Limited as
novated and amended (MOMA).

Pursuant to clause 20.1 of the MOMA we hereby nominate the following Fund as a
Fund and a Nominated Fund for the purposes of clause 20 of the MOMA:

           SMHL Global Fund No. 9

A word or phrase (unless otherwise defined in this Nomination Notice) defined
in the MOMA has the same meaning as in the MOMA when used in this Nomination
Notice.

Dated:            21 September 2006

Signed for and on behalf of
ME Portfolio Management Limited
by two of its Authorised Signatories:

  /s/ Paul Garvey                                  /s/ N. Vamvakas
-------------------------------------            ------------------------------
  Authorised Signatory                             Authorised Signatory

  Paul Garvey                                      N. Vamvakas
-------------------------------------            ------------------------------
  Name (please print)                              Name (please print)

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