Document:

Exhibit 4.7
                                Form of Securitisation Fund Bond Issue Direction

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Perpetual Limited
--------------------------------------------------------------------------------
ME Portfolio Management Limited
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SECURITISATION FUND
BOND ISSUE DIRECTION -
SMHL GLOBAL FUND
[    ]-[ ]

<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

--------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                     Page

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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                                                                          page i
<PAGE>

DATE  [           ]

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SECURITISATION FUND BOND ISSUE DIRECTION -
SMHL GLOBAL FUND [   ]-[ ]

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 [         ] (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 [   ]-[ ] (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 A[ ]
                        (B)   Total principal amount      US$[        ]
                        (C)   Denomination                US$[   ] per Note
                        (D)   Total number                [     ]
                        (E)   Subscription Amount         US$[        ]

                  [(2)  (A)   Name of Class               Class A[ ]
                        (B)   Total principal amount      (euro)[       ]
                        (C)   Denomination                (euro)[    ]  per Note
                        (D)   Total number                [    ]
                        (E)   Subscription Amount         (euro)[       ]]

                  [(3)  (A)   Name of Class               Class A[ ]
                        (B)   Total principal amount      A$[           ]
                        (C)   Denomination                A$[    ] per Note

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                                                                          page 1
<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

                        (D)   Total number                [    ]
                        (E)   Subscription Amount         A$[         ]]

                  (4)   (A)   Name of Class               Class B
                        (B)   Total principal amount      A$[         ]
                        (C)   Denomination                A$[    ]  per Note
                        (D)   Total number                [    ]
                        (E)   Subscription Amount         A$[         ]

                  (5)   (A)   Name of Class               SMHL Global [   ]-[ ]
                                                          - Liquidity Notes
                        (B)   Total principal amount      A$[         ]
                        (C)   Denomination                A$[    ] per Note
                        (D)   Total number                [   ]
                        (E)   Subscription Amount         A$[         ]

            (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.

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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)] [Superannuation Members'
            Home Loans Origination Fund No. 3 (SMHL OF3)].

--------------------------------------------------------------------------------
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] [SMHL OF3] an amount of the issue proceeds of
                  the proposed Notes equal to A$[      ] 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$[        ] of the issue proceeds
                  referred to in clause 3(a) as trustee of [SMHL WT2004-1] [SMHL
                  OF3], to issue to [P.T. Limited (as nominee for you in your
                  capacity as trustee of [SMHL WT2004-1] [SMHL

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                                                                          page 2
<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

                  OF3])] [Industry Funds Management (Nominees 2) Pty Limited, in
                  its capacity as trustee of Super Business Loans Unit Trust
                  No.1 (SLT TRUST)] Notes to the amount of A$[     ] comprised
                  in the Class referred to in paragraph 1(a)(5) above.

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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 [  ]% 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.

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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.

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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.

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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".

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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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                                                                          page 3
<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

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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] [SMHL OF3] will not lead
            to a loss.

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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.

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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:    [             ]

SIGNED BY
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

------------------------------------        ------------------------------------
Witness                                     Attorney

------------------------------------        ------------------------------------
Name (please print)                         Name (please print)

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                                                                          page 4
<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

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ANNEXURE A - PORTFOLIO OF MORTGAGES

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<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

--------------------------------------------------------------------------------
ANNEXURE B - SUPPLEMENTARY BOND TERMS NOTICE: CLASS A NOTES AND CLASS B NOTES

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<PAGE>

           Securitisation Fund Bond Issue Direction - SMHL Global Fund [   ]-[ ]

--------------------------------------------------------------------------------
ANNEXURE C - SUPPLEMENTARY BOND TERMS NOTICE: LIQUIDITY NOTES

--------------------------------------------------------------------------------Exhibit 10.6
             Amending Deeds of the Mortgage Origination and Management Agreement

                                                                            Deed

AMENDING DEED TO THE
MORTGAGE ORIGINATION AND
MANAGEMENT AGREEMENT
- SMHL PROGRAM
--------------------------------------------------------------------------------

Perpetual Limited

ME Portfolio Management Limited

Members Equity Bank Pty Limited

<PAGE>

                                                                        Contents

      Table of contents
      --------------------------------------------------------------------------

      THE AGREEMENT                                                            1

      OPERATIVE PART                                                           2

1     DEFINITIONS AND INTERPRETATIONS                                          2
      1.1    Definitions.......................................................2
      1.2    Interpretations...................................................2

2     AMENDMENTS TO THE AGREEMENT                                              3
      2.1    Amendments........................................................3
      2.2    Effectiveness.....................................................3
      2.3    Amendments not to affect validity, rights, obligations............3
      2.4    Acknowledgements..................................................3

3     GENERAL                                                                  3
      3.1    Governing law and jurisdiction....................................3
      3.2    Variation.........................................................3
      3.3    Further assurances................................................4
      3.4    Counterparts......................................................4
      3.5    Attorneys.........................................................4
      3.6    Trustee limitation of liability...................................4

      SIGNING PAGE ............................................................5

                                                                      Contents 1
<PAGE>

                                                                   The agreement

      Amending Deed to the Mortgage Origination and Management
      Agreement - SMHL Program - SMHL Program
      --------------------------------------------------------------------------

      Date > 31 January 2007

      Between the parties
      --------------------------------------------------------------------------
      Trustee              PERPETUAL LIMITED

                           ABN 86 000 431 827 of Level 12 123 Pitt Street Sydney
                           NSW 2000
      --------------------------------------------------------------------------
      Manager              ME PORTFOLIO MANAGEMENT LIMITED

                           ABN 79 005 964 134 of Level 16 360 Collins Street
                           Melbourne VIC 3000
      --------------------------------------------------------------------------
      Mortgage Manager     MEMBERS EQUITY BANK PTY LIMITED

                           BN 56 070 887 679 of Level 16 360 Collins Street
                           Melbourne VIC 3000
      --------------------------------------------------------------------------
      Background           1     The Trustee is a trustee of trusts known as the
                                 Superannuation Members' Home Loans Trusts
                                 (TRUSTS) and the Manager is a manager of the
                                 Trusts.

                           2     The Trustee, the Manager and the Former
                                 Mortgage Manager entered into the Mortgage
                                 Origination and Management Agreement.

                           3     By the Deed of Novation the Former Mortgage
                                 Manager surrendered its rights and was released
                                 and discharged from its obligations under the
                                 Mortgage Origination and Management Agreement
                                 and the Mortgage Manager became entitled to
                                 equivalent rights and assumed equivalent
                                 obligations.

                           4     The parties wish to amend 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 as set out in the Operative part of this deed.
      --------------------------------------------------------------------------

                                                                          Page 1
<PAGE>

                                                                  Operative part

1     Definitions and interpretations
--------------------------------------------------------------------------------

1.1   DEFINITIONS

      The meanings of the terms used in this document are set out below.

TERM                  MEANING
--------------------------------------------------------------------------------
AGREEMENT             The agreement created by the Mortgage Origination and
                      Management Agreement and the Deed of Novation
--------------------------------------------------------------------------------
DEED OF NOVATION      The deed dated 28 September 1995 between the Trustee, the
                      Manger, the Former Mortgage Manager and the Mortgage
                      Manager
--------------------------------------------------------------------------------
FORMER MORTGAGE       National Mutual Property Services (Aust) Pty Limited
MANAGER
--------------------------------------------------------------------------------
FUND                  The same meaning given to it in the Master Trust Deed.
--------------------------------------------------------------------------------
MASTER TRUST DEED     The trust deed dated 4 July 1994 between the Manager and
                      Trustee
--------------------------------------------------------------------------------
MORTGAGE ORIGINATION  The agreement dated 4 July 1994 between the Trustee, the
AND MANAGEMENT        Manager and the Former Mortgage Manager (as amended)
AGREEMENT
--------------------------------------------------------------------------------
ORIGINATION FUND      The same meaning given to it in the Master Trust Deed.
--------------------------------------------------------------------------------
SUPPLEMENTARY BOND    The Supplementary Bond Terms Notice- SF2004-1P Class A and
TERMS NOTICE          Class B Bonds in respect of the Warehouse Fund between the
                      Trustee and the Manager dated 15 January 2004.
--------------------------------------------------------------------------------
WAREHOUSE FUND        The Fund called Super Members' Home Loans Warehousing
                      Trust 2004-1 created on 12 January 2004.
--------------------------------------------------------------------------------

1.2   INTERPRETATIONS

      Clause 1.2 of the Agreement is incorporated in this deed as if set out in
      full in this deed.

                                                                          Page 2
<PAGE>

2     Amendments to the Agreement
--------------------------------------------------------------------------------

2.1   AMENDMENTS

      The Agreement is amended by amending clause 15 of Schedule 1 by deleting
      the words ", which policy also includes timely payment cover in respect of
      Loan Instalments".

2.2   EFFECTIVENESS

      The amendments to the Agreement in clause 2.1 take effect on and from the
      date of this deed:

(a)   in respect of each Fund created on or after the date of this deed; and

(b)   in respect of any existing Origination Fund and the Warehouse Fund.

2.3   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.

2.4   ACKNOWLEDGEMENTS

(a)   Each party confirms that:

      (1)   it has received a copy of a confirmation by each Designated Rating
            Agency that the Designated Rating Agency has received notice of the
            amendments in clause 2.1 in accordance with clause 12.5(b)of the
            Supplemental Bond Terms Notice; and

      (2)   such confirmation is in terms satisfactory to that party.

(b)   Except for the Warehouse Fund, the Manager acknowledges that no consent to
      the amendments is required from any Designated Rating Agency by reason of
      clauses 2.2.

3     General
--------------------------------------------------------------------------------

3.1   GOVERNING LAW AND JURISDICTION

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

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

3.2   VARIATION

      A variation of any term of this deed must be in writing and signed by the
      parties.

                                                                          Page 3
<PAGE>

3.3   FURTHER ASSURANCES

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

3.4   COUNTERPARTS

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

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

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

3.5   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.

3.6   TRUSTEE LIMITATION OF LIABILITY

      Clause 17 of the Agreement is incorporated in this deed as if set out in
      full in this deed except that references to "this Agreement" are
      references to "this deed".

                                                                          Page 4
<PAGE>

                                                                    Signing page

            Executed as a deed
            --------------------------------------------------------------------

            TRUSTEE

            Signed sealed and delivered for
            PERPETUAL LIMITED
            by its attorney

sign here > /s/ Greg White               /s/ Marelize Coetzee
            -------------------------------------------------
            Attorney

print name  Greg White                       Marelize Coetzee
            -------------------------------------------------

            in the presence of

sign here > /s/ Craig Cullen
            -------------------------------------------------
            Witness

print name  Craig Cullen
            -------------------------------------------------

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

            MANAGER

            Signed sealed and delivered for
            ME PORTFOLIO MANAGEMENT LIMITED
            by two authorised signatories

sign here > /s/ Paul Garvey
            -------------------------------------------------
            Authorised Signatory

print name  Paul Garvey
            -------------------------------------------------

sign here > /s/ Nicholas Vamvakas
            -------------------------------------------------
            Authorised Signatory

print name  Nicholas Vamvakas
            -------------------------------------------------

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

                                                                          Page 5
<PAGE>

            MORTGAGE MANAGER

            Signed sealed and delivered for
            MEMBERS EQUITY BANK PTY LIMITED
            by two authorised signatories

sign here > /s/ David Tennant
            -------------------------------------------------
            Authorised Signatory

print name  David Tennant
            -------------------------------------------------

sign here > /s/ Nicholas Vamvakas
            -------------------------------------------------
            Authorised Signatory

print name  Nicholas Vamvakas
            -------------------------------------------------

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

                                                                          Page 6
<PAGE>

                                                                            Deed

AMENDING DEED TO THE MORTGAGE
ORIGINATION AND MANAGEMENT
AGREEMENT

Superannuation Members' Home Loans Programme
--------------------------------------------------------------------------------

Perpetual Limited
ABN 86 000 431 827

ME Portfolio Management Limited
ABN 79 005 964 134

and

Members Equity Bank Pty Limited
ABN 56 070 887 679

<PAGE>

                                                                        Contents

      Table of contents
--------------------------------------------------------------------------------

      THE AGREEMENT                                                            1

      OPERATIVE PART                                                           2

1     DEFINITIONS AND INTERPRETATIONS                                          2
      1.1    Definitions.......................................................2
      1.2    Interpretations...................................................2

2     AMENDMENTS TO THE AGREEMENT                                              3
      2.1    Amendments........................................................3
      2.2    Effectiveness.....................................................3
      2.3    Amendments not to affect validity, rights, obligations............3
      2.4    Acknowledgements..................................................3

3     GENERAL                                                                  3
      3.1    Governing law and jurisdiction....................................3
      3.2    Variation.........................................................3
      3.3    Further assurances................................................4
      3.4    Counterparts......................................................4
      3.5    Attorneys.........................................................4
      3.6    Trustee limitation of liability...................................4

      SIGNING PAGE ............................................................5

                                                                      Contents 1
<PAGE>

                                                                   The agreement

      Amending Deed to the Mortgage Origination and Management Agreement
      Superannuation Members' Home Loans Programme
      --------------------------------------------------------------------------

      Date > 28 February 2007

      Between the parties
      --------------------------------------------------------------------------
      Trustee              PERPETUAL LIMITED

                           ABN 86 000 431 827 of Level 12, 123 Pitt Street
                           Sydney NSW 2000
      --------------------------------------------------------------------------
      Manager              ME PORTFOLIO MANAGEMENT LIMITED

                           ABN 79 005 964 134 of Level 16, 360 Collins Street
                           Melbourne VIC 3000
      --------------------------------------------------------------------------
      Mortgage Manager     MEMBERS EQUITY BANK PTY LIMITED

                           ABN 56 070 887 679 of Level 16, 360 Collins Street
                           Melbourne VIC 3000
      --------------------------------------------------------------------------
      Background           1     The Trustee is a trustee of trusts known as the
                                 Superannuation Members' Home Loans Trusts
                                 (TRUSTS) and the Manager is a manager of the
                                 Trusts.

                           2     The Trustee, the Manager and the Former
                                 Mortgage Manager entered into the Mortgage
                                 Origination and Management Agreement.

                           3     By the Deed of Novation the Former Mortgage
                                 Manager surrendered its rights and was released
                                 and discharged from its obligations under the
                                 Mortgage Origination and Management Agreement
                                 and the Mortgage Manager became entitled to
                                 equivalent rights and assumed equivalent
                                 obligations.

                           4     The parties wish to amend 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 as set out in the Operative part
                                 of this deed.
      --------------------------------------------------------------------------

                                                                          Page 1
<PAGE>

                                                                  Operative part

1     Definitions and interpretations
--------------------------------------------------------------------------------

1.1   DEFINITIONS

      The meanings of the terms used in this document are set out below.

TERM                  MEANING
--------------------------------------------------------------------------------
AGREEMENT             The agreement created by the Mortgage Origination and
                      Management Agreement and the Deed of Novation
--------------------------------------------------------------------------------
DEED OF NOVATION      The deed dated 28 September 1995 between the Trustee, the
                      Manger, the Former Mortgage Manager and the Mortgage
                      Manager
--------------------------------------------------------------------------------
FORMER MORTGAGE       National Mutual Property Services (Aust) Pty Limited
MANAGER               ACN 006 240 884
--------------------------------------------------------------------------------
FUND                  The same meaning given to it in the Master Trust Deed.
--------------------------------------------------------------------------------
MASTER TRUST DEED     The trust deed dated 4 July 1994 between the Manager and
                      Trustee
--------------------------------------------------------------------------------
MORTGAGE ORIGINATION  The agreement dated 4 July 1994 between the Trustee, the
AND MANAGEMENT        Manager and the Former Mortgage Manager (as amended)
AGREEMENT
--------------------------------------------------------------------------------
ORIGINATION FUND      The same meaning given to it in the Master Trust Deed.
--------------------------------------------------------------------------------
SUPPLEMENTARY BOND    The Supplementary Bond Terms Notice- SF2004-1P Class A and
TERMS NOTICE          Class B Bonds in respect of the Warehouse Fund between the
                      Trustee and the Manager dated 15 January 2004.
--------------------------------------------------------------------------------
WAREHOUSE FUND        The Fund called Superannuation Members' Home Loans
                      Warehousing Trust 2004-1 (formerly Superannuation Members'
                      Home Loans Securitisation Fund 2004-1P) created on 12
                      January 2004.
--------------------------------------------------------------------------------

1.2   INTERPRETATIONS

      Clause 1.2 of the Agreement is incorporated in this deed as if set out in
      full in this deed.

                                                                          Page 2
<PAGE>

2     Amendments to the Agreement
--------------------------------------------------------------------------------

2.1   AMENDMENTS

      The Agreement is amended by amending clause 17 of Schedule 1 by deleting
      the figure "90%" and replacing it with "95%".

2.2   EFFECTIVENESS

      The amendments to the Agreement in clause 2.1 take effect on and from the
      date of this deed:

(a)   in respect of each Fund created on or after the date of this deed; and

(b)   in respect of any existing Origination Fund and the Warehouse Fund.

2.3   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.

2.4   ACKNOWLEDGEMENTS

(a)   Each party confirms that:

      (1)   it has received a copy of a confirmation by each Designated Rating
            Agency that the Designated Rating Agency has received notice of the
            amendments in clause 2.1 in accordance with clause 12.5(b) of the
            Supplementary Bond Terms Notice; and

      (2)   such confirmation is in terms satisfactory to that party.

(b)   Except for the Warehouse Fund, the Manager acknowledges that no consent to
      the amendments is required from any Designated Rating Agency by reason of
      clauses 2.2.

3     General
--------------------------------------------------------------------------------

3.1   GOVERNING LAW AND JURISDICTION

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

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

3.2   VARIATION

      A variation of any term of this deed must be in writing and signed by the
      parties.

                                                                          Page 3
<PAGE>

3.3   FURTHER ASSURANCES

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

3.4   COUNTERPARTS

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

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

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

3.5   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.

3.6   TRUSTEE LIMITATION OF LIABILITY

      Clause 17 of the Agreement is incorporated in this deed as if set out in
      full in this deed except that references to "this Agreement" are
      references to "this deed".

                                                                          Page 4
<PAGE>

                                                                    Signing page

            Executed as a deed
            --------------------------------------------------------------------

            TRUSTEE

            Signed sealed and delivered for
            PERPETUAL LIMITED
            by its attorney

sign here > /s/ Mark Dickenson
            -------------------------------------------------
            Attorney

print name  Mark Dickenson
            -------------------------------------------------

sign here > /s/ Nora McDonnell
            -------------------------------------------------
            Attorney

print name  Nora McDonnell          Assistant Manager
            -------------------------------------------------

            in the presence of

sign here > /s/ Craig Cullen
            -------------------------------------------------
            Witness

print name  Craig Cullen
            -------------------------------------------------

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

                                                                          Page 5
<PAGE>

            MANAGER

            Signed sealed and delivered for
            ME PORTFOLIO MANAGEMENT LIMITED
            by two authorised signatories

sign here > /s/ Paul Garvey
            -------------------------------------------------
            Authorised Signatory

print name  Paul Garvey
            -------------------------------------------------
            Manager Capital Markets

sign here > /s/ Nicholas Vamvakas
            -------------------------------------------------
            Authorised Signatory

print name  Nicholas Vamvakas
            -------------------------------------------------
            General Manager, Financial Markets

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

            MORTGAGE MANAGER

            Signed sealed and delivered for
            MEMBERS EQUITY BANK PTY LIMITED
            by two authorised signatories

sign here > /s/ Paul Garvey
            -------------------------------------------------
            Authorised Signatory

print name  Paul Garvey
            -------------------------------------------------
            Manager Capital Markets

sign here > /s/ Nicholas Vamvakas
            -------------------------------------------------
            Authorised Signatory

print name  Nicholas Vamvakas
            -------------------------------------------------
            General Manager, Financial Markets

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

                                                                          Page 6

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