EXHIBIT 99.1

NoteholdersReport Crusade Global Trust No. 1 of 2005 Coupon Period Ending 17 June 2005
USDNotes
		FV Outstanding	Bond Factor	Coupon Rate	Coupon Payments (USD)	Principal Payments (USD)	Charge Offs (USD)
Class A-1 Notes (USD)		581,619,380.98	96.936563%	3.0800%	4,774,000.00	18,380,619.02	0.00
Class A-2 Notes (EUR)		533,151,099.25	96.936563%	2.1950%	3,118,729.17	16,848,900.75	0.00

		FV Outstanding (AUD)	Bond Factor	Coupon Rate	Coupon Payments (AUD)	Principal Payments (AUD)	Charge Offs (AUD)
Class A-3 Notes		823,960,789.73	96.936563%	5.9800%	12,951,205.48	26,039,210.27	0.00
Class B Notes		32,100,000.00	100.000000%	6.1200%	500,548.93	0.00	0.00
Class C Notes		10,300,000.00	100.000000%	6.2200%	163,236.66	0.00	0.00

			31-May-05
Pool Summary			AUD
Outstanding Balance - Variable Rate Housing Loans			2,079,233,663
Outstanding Balance - Fixed Rate Loans			379,835,523
Total Outstanding Balance			2,459,069,187
Number of Loans			13,251
Weighted Average Current LVR			63.07%
Average Loan Size			185,576
Weighted Average Seasoning			23 mths
Weighted Average Term to Maturity			303 mths

Principal Collections			AUD
Scheduled Principal Payments			11,868,637.71
Unscheduled Principal Payments			85,716,491.06
Redraws			9,674,049.69

Principal Collections			87,911,079.08

Total Available Principal			AUD
Principal Collections			87,911,079.08
Principal Charge Offs			0.00
Principal Draws			-10,555,618.13
Total Available Principal			77,355,460.95

Outstanding Principal Draws From Previous Period			0.00

Principal Distributed			77,355,460.95
Principal Retained			0.00

Total Available Funds			AUD
Available Income			38,036,075.78
Principal Draw			10,555,618.13
Liquidity Draw			0.00

Total Available Funds			48,591,693.91

Redraw & Liquidity Facilities			AUD
Redraw Shortfall			0.00
Redraw Carryover Charge Offs			0.00

CPR
			Mar-05	Apr-05	May-05
	1 mth CPR		n/a	10.91%	14.80%

Arrears
	% of pool (by balance)
31 - 59 days	0.14%
60 - 89 days	0.03%
90+ days	0.0005%
Defaults*	Nil
Losses	Nil

* Defaults are also included in the 90+ days arrears category

Crusade Global Trust No. 1 of 2005 8-K