PUMA GLOBAL TRUST NO. 1 QUARTERLY SERVICING REPORT
IN RESPECT OF THE QUARTERLY PERIOD FROM 21 JUNE 2004 TO 19 SEPTEMBER 2004

NOTE INFORMATION


	Class A Notes	Class B Notes		Total US$ Notes
Original Principal Balance of each class of Note at the time of their issue	US$1,158,000,000		US$42,000,000		US$1,200,000,000
Principal Balance of each class of Note at the end of the immediately preceding Quarterly Payment Date	US$386,161,734		US$42,000,000		US$428,161,734
Amount to be applied towards payment of principal on each class of Note on this Quarterly Payment Date	US$40,857,482		US$0		US$40,857,482
Principal Balance of each class of Note after payments referred to above have been applied	US$345,304,252		US$42,000,000		US$387,304,252
Note Factor at the end of the Quarterly Payment Date	0.298190200		1.000000000
Amount to be applied towards payment of interest on each class of Note on this Quarterly Payment Date	US$1,727,752		US$216,580		US$1,944,332
LIBOR in respect of this quarterly period	1.55000%		1.55000%
Rate of interest payable on each class of Note in respect of this quarterly period	1.77000%		2.04000%
SUBORDINATION LEVELS
Moody’s indicative required subordination level at time of issue	3.00%
Standard & Poor’s indicative required subordination level at time of issue	1.85%
Fitch indicative required subordination level at time of issue	2.60%
Initial Subordination Level provided on the Closing Date	3.50%
Actual Subordination Level on this Quarterly Payment Date	10.84%
A$ REDRAW NOTES AND A$ SUBORDINATED NOTES
As at 10 September 2004 no A$ Redraw Notes or A$ Subordinated Notes have been issued
REDRAW FACILITY
Redraw Facility Limit as at 10 September 2004	A$4,250,000
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$2,563
Interest paid on Redraw Facility Principal during the quarterly period	A$3,541
PRINCIPAL CASH BALANCE IN AUD
Principal Cash Balance at the commencement of this Quarterly Payment Date	A$4,181,270
Principal Cash Balance at the end of this Quarterly Payment Date	A$3,782,270
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$98,383,619
Less : Principal Cash Balance at the end of the Quarterly Payment Date	A$3,782,270
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$94,601,349
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$14,801,579

A$ Collections to be paid to Currency Swap Provider in relation to repayment of US$ Notes on the Quarterly Payment Date	A$79,799,770

Principal Collections (net of redraws) in relation to this Quarterly Payment Date	A$79,799,770
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

A$ Principal Collections to be paid to Currency Swap Provider in relation to repayment of US$ Notes on the Quarterly Payment Date	A$79,799,770

US$ Equivalent of Principal Collections to be applied towards repayment of US$ Notes on the Quarterly Payment Date	US$40,857,482

(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. 1 QUARTERLY SERVICING REPORT IN RESPECT OF
THE QUARTERLY PERIOD FROM 21 JUNE 2004 TO 19 SEPTEMBER 2004 (continued)

HOUSING LOAN POOL INFORMATION IN AUD

Number of Housing

Maximum Current

Minimum Current

Loans

Loan Accounts

Housing Loan Balance

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

5,561

6,732

A$849,953

A$0

Weighted Average

Original

Current

Maximum Original

Total Valuation of the

Loan-to-Value Ratio

Security Properties

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

74.90%

65.51%

95.00%

A$1,393,267,965

Outstanding Balance of

Fixed Rate Housing

Variable Rate Housing

Average Current

Housing Loans

Loans

Housing Loan Balance

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

A$752,671,300

A$74,466,850

A$678,204,450

A$135,348

Maximum Remaining Term

Weighted Average Remaining

Weighted Average

Stated Income

To Maturity

Term to Maturity

Seasoning

Proportion

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

330 months

304 months

53 months

1.78

FURTHER ADVANCE INFORMATION IN AUD

Aggregate amount of Further Advances (not being subordinated further advances) made during the period A$0.00

DELINQUENCY INFORMATION

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


						Outstanding Balance of		Percentage of Pool by
	Number of Housing		Percentage of Pool by			the Applicable		Outstanding Balance of
	Loans		number			Delinquent Housing		Housing Loans
30 - 59 days		9		0.13	%		A$1,368,843		0.18	%
60 - 89 days		0		0.00	%		A$0		0.00	%
90 - 119 days		2		0.03	%		A$356,435		0.05	%
Greater than 120 days		7		0.10	%		A$1,706,690		0.23	%

Total Arrears		18		0.26	%		A$3,431,968		0.46	%

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$136,144
Amount of mortgage insurance claims paid:		A$69,298
Amount of mortgage insurance claims pending:		A$66,846
Amount of mortgage insurance claims denied:		A$0.00

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PUMA Global Trust No. 1 8-K