Exhibit 99.1

PUMA GLOBAL TRUST NO. 2 QUARTERLY SERVICING REPORT
IN RESPECT OF THE QUARTERLY PERIOD FROM 25 JUNE 2004 TO 26 SEPTEMBER 2004

NOTE INFORMATION


	Class A Notes			A$ Class B Notes
Original Principal Balance of each class of Note at the time of their issue	*US$*	*1,000,000,000*		A$	*63,000,000*
Principal Balance of each class of Note at the end of the immediately preceding Quarterly Payment Date	*US$*	*474,615,000*		A$	*63,000,000*
Amount to be applied towards payment of principal on each class of Note on this Quarterly Payment Date	*US$*	*53,616,300*		A$	0
Principal Balance of each class of Note after payments referred to above have been applied	*US$*	*420,998,700*		A$	*63,000,000*
Note Factor at the end of the Quarterly Payment Date		*0.420998700*			*1.000000000*
Amount to be applied towards payment of interest on each class of Note on this Quarterly Payment Date	*US$*	*2,143,941*		A$	*971,322*
LIBOR / BBSW in respect of this quarterly period		*1.57000*	%		*5.4767*	%
Rate of interest payable on each class of Note in respect of this quarterly period		*1.73000*	%		*5.9867*	%

SUBORDINATION LEVELS
Moody’s indicative required subordination level at time of issue		3.00	%
Standard & Poor’s indicative required subordination level at time of issue		1.85	%
Fitch indicative required subordination level at time of issue		2.60	%
Initial Subordination Level provided on the Closing Date		3.50	%
Actual Subordination Level on this Quarterly Payment Date		7.92	%

A$ REDRAW NOTES AND A$ SUBORDINATED NOTES
As at 17 September 2004 no A$ Redraw Notes or A$ Subordinated Notes have been issued REDRAW FACILITY
Redraw Facility Limit as at 17 September 2004	A$	*4,500,000*
Redraw Facility Principal at the commencement of this Quarterly Payment Date	A$	*250,000*
Redraw Facility Principal at the end of this Quarterly Payment Date	A$	*250,000*
Redraw Facility Principal repaid during the quarterly period	A$	0
Aggregate Subordinate Funded Further Advance Amounts in relation to the Quarterly Payment Date	A$	*1,706*
Interest paid on Redraw Facility Principal during the quarterly period	A$	*3,442*

PRINCIPAL CASH BALANCE IN AUD
Principal Cash Balance at the commencement of this Quarterly Payment Date	A$	*4,442,090*
Principal Cash Balance at the end of this Quarterly Payment Date	A$	*3,975,860*

INCOME RESERVE IN AUD
Income Reserve at the commencement of this Quarterly Payment Date	A$	0
Income Reserve at the end of this Quarterly Payment Date	A$	0

COLLECTION INFORMATION IN AUD
Collections ⁽¹⁾ held by the Trustee in relation to this Quarterly Payment Date	A$	*113,290,590*
Less : Principal Cash Balance at the end of the Quarterly Payment Date	A$	*3,975,860*
Less : Income Reserve at the end of the Quarterly Payment Date	A$	0

Collections (other than Principal Cash Balance and Income Reserve) at the end of the Quarterly Payment Date	A$	*109,314,730*
Less : Collections to be applied towards repayment of Redraw Facility Principal on the Quarterly Payment Date	A$	0
Less : Collections to be applied towards payment of Expenses of the Trust in respect of this quarterly period	A$	*16,068,929*

Collections to be applied towards repayment of US$ Notes on the Quarterly Payment Date	A$	*93,245,800*

Principal Collections (net of redraws) in relation to this Quarterly Payment Date	A$	*93,245,800*
Less : Principal Collections applied or retained by the Trust to be applied towards the acquisition of substitute housing loans	A$	0
Less : Principal Collections to be applied towards repayment of Redraw Facility Principal on the Quarterly Payment Date	A$	0

Principal Collections to be applied towards repayment of US$ Notes on the Quarterly Payment Date	A$	*93,245,800*

US$ Equivalent of Principal Collections to be applied towards repayment of US$ Notes on the Quarterly Payment Date	*US$*	*53,616,300*

(1) The Collections figure shown is net of amounts applied or to be applied towards the acquisition of substitute housing loans and the funding of Redraws

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PUMA GLOBAL TRUST NO. 2 QUARTERLY SERVICING REPORT IN RESPECT OF
THE QUARTERLY PERIOD FROM 25 JUNE 2004 TO 26 SEPTEMBER 2004 (continued)

HOUSING LOAN POOL INFORMATION IN AUD

Number of

Maximum Current

Minimum Current

Number of

Housing Loan

Housing Loans

Accounts

Balance

Amount as at the close of business on the seventh business day prior to this Quarterly Payment Date

4,742

5,790

862,892

Weighted Average

Maximum

Total Valuation

Original

Current

Original

of the

Loan-to-Value

Security

Ratio

Properties

Amount as at the close of business on the seventh business day prior to this Quarterly Payment Date

74.89

68.11

95.00

1,364,004,167

Outstanding

Outstanding Balance

Average Current

Balance of

of Fixed Rate

of Variable Rate

Housing

Housing Loans

Loan Balance

Amount as at the close of business on the seventh business day prior to this Quarterly Payment Date

791,195,731

70,610,080

720,585,651

166,849

Maximum

Weighted Average

Weighted

Stated

Remaining Term

Average

Income

To Maturity

to Maturity

Seasoning

Proportion

Amount as at the close of business on the seventh business day prior to this Quarterly Payment Date

340 months

320 months

39 months

8.83

FURTHER ADVANCE INFORMATION IN AUD


Aggregate amount of Further Advances (not being subordinated further advances) made during the period		A$	0

DELINQUENCY INFORMATION

As at the opening of business on September 1, 2004.


						Outstanding		Percentage
						Balance of the		of Pool by
						Applicable		Outstanding
	Number of		Percentage of			Delinquent		Balance of
	Housing Loans		Pool by number			Housing Loans		Housing Loans
30 - 59 days		13		0.22	%	A$	2,655,670		0.34	%
60 - 89 days		3		0.05	%	A$	455,816		0.06	%
90 - 119 days		2		0.03	%	A$	167,735		0.02	%
Greater than 120 days		3		0.05	%	A$	693,096		0.09	%

Total Arrears		21		0.35	%	A$	3,972,318		0.51	%

MORTGAGE INSURANCE CLAIMS INFORMATION

Details provided are in respect of the period since the Closing Date to the opening of business on September 1, 2004.


Amount of mortgage insurance claims made:	A$	230,721
Amount of mortgage insurance claims paid:	A$	230,721
Amount of mortgage insurance claims pending:	A$	0
Amount of mortgage insurance claims denied:	A$	0

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PUMA Global Trust No. 2 8-K