Item 1. Business. This Annual Report on Form 10-K relates to the Series 2002-1G WST Trust (the Trust) and the Class A and Class B Mortgage Backed Floating Rate Notes,Series 2002-1G (the Notes) issued pursuant to the Note Trust Deed dated as of March 14, 2002, between Westpac Securities Administration Limited, as Trustee (the Issuer Trustee); Westpac Securitisation Management Pty Limited (the Trust Manager) as trust manager; and Citibank, London Office, as Principal Paying Agent. Capitalised terms used in this Form 10-K and not defined have the same meanings ascribed to such terms in the Prospectus for the above-referenced Notes. The only business of the Trust is the collection and distribution of payments on the residential mortgage loans in the manner described in the Registration Statement on Form S-3 (File No.333-32944) (the Registration Statement). Accordingly, there is no relevant information to report in response to Item 101 of Regulation S-K.
Item 2.
Item 2. Properties The Registrant and the Trust do not have any physical properties. Accordingly, this item is not applicable.
Item 3.
Item 3. Legal Proceedings. The Trust Manager knows of no material legal proceedings involving any Trust, the Trust Manager,the Servicer or the Issuer Trustee which were pending as of June 30, 2005, or as of the date of this report.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders No votes or consents of Noteholders were solicited during the fiscal year for any purpose.
PART II
Item 5.
Item 5. Market for Registrants Common Equity and Related Stockholder Matters The Notes are not traded on any nationally recognised exchange in the United States. The Class A Notes are listed and exchanged on the London Stock Exchange. Since the Trust pays no dividends with respect to the Notes, the information required by Item 201 of Regulation S-K regarding dividends is inapplicable to the Trust. See Exhibit 99.1 for information with respect to distributions to Noteholders.
Item 6.
Item 6. Selected Financial Data. The regular quarterly Noteholders Reports, which is required to be included with each quarterly distribution of the Trusts assets to Noteholders, sets forth for the prior quarter, as well as cumulatively, all of the relevant financial information required by the Note Trust Deed to be reported to Noteholders.The Noteholders Reports for the Payment Dates in September, 2004, December, 2004, March 2005 and June, 2005 are incorporated herein as Exhibit No. 99.1.The foregoing presents all relevant financial information relating to the Trust. Because of the limited business activity of the Trust, the Selected Financial Data specified in Item 301 of Regulation S-K would not provide any meaningful additional information.
Item 7.
Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operation Because of the limited business activity of the Trust, the presentation of Managements Discussion and Analysis of Financial Condition and Results of Operations, as otherwise required by Item 303 of Regulation S-K, would not be meaningful. All relevant information is contained in the Noteholders Report (filed under Current Reports on Form 8-K) as described above.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Currency Exchange Control Risk Interest and principal payments to holders of Class A Notes are paid in United States dollars (U.S. dollars).However payments on the Housing Loans are received by the Issuer Trustee, in Australian dollars, in Australia (the Collections). Pursuant to certain swap agreements (the Swap Agreements) the Issuer Trustee is required to pay a portion of the Collections to certain swap counterparties (the Currency Swap Providers) who in turn pays (Swap Currency Exchange), at the direction of the Issuer Trustee, U.S. dollars to the Noteholders, (the Currency Swap). It is possible that in the future Australia may impose exchange controls that affect the availability of Australian dollar payments for making payments under the Currency Swap. The holders of the Class A Notes will bear the risk of the imposition of foreign exchange controls by the Australian government that impact upon the Issuer Trustees ability to exchange the Collections for U.S. dollars. The Issuer Trustee has no control over such risk, which will generally be affected by economic and political events in Australia. If the Issuer Trustee does not pay some or all of the amount in Australian dollars which it is required to pay the Currency Swap Provider under the Currency Swap, the Currency Swap Provider is only required to pay the U.S. dollar equivalent of the amounts it actually receives. In such event, it is unlikely that the Trust would have sufficient U.S. dollars to make the payments due on the Class A Notes.
The Australian laws that control and regulate or permit the control and regulation of a broad range of payments and transactions involving non-residents of Australia can be summarised as follows:
- -Payments and transactions with certain countries may be subject to withholding taxes in relation to remittances or dividends (to the extent they are unfranked) and interest payments.
- -Accounts of persons and entities identified by the Minister for Foreign Affairs as being associated with terrorism remain frozen, and transactions with these persons and entities prohibited, under Regulation 6A of the Charter of the United Nations (Terrorism and Dealings with Assets) Regulations 2002, made under the Charter of the United Nations Act 1945. Details of these Regulations, and the lists of persons and entities proscribed in terms of the Regulations, are published in the Commonwealth Government Gazette and are available on the website of the Department of Foreign Affairs and Trade at www.dfat.gov.au/icat/.
- -The United Nations Security Council Resolution (2003) was implemented by way of Notice from the Governor of the Reserve Bank of Australia pursuant to the Banking (Foreign Exchange) Regulations 1959 (Cth), and imposes a number of new measures intended to facilitate Iraqs reconstruction and rehabilitation, including obligations on UN Member States to freeze any financial assets of the previous Iraqi regime and to make such assets available for a Development Fund for Iraq. Australias obligations under Resolution 1483 (2003) were implemented under the Iraq (Reconstruction and Repeal of Sanctions) Regulations, which commenced on 29 May 2003.
- -Transactions involving individuals associated with the regime of former President of Yugoslavia Slobodan Milosevic and certain ministers and senior officials of the Government of Zimbabwe are prohibited without the specific approval of the Reserve Bank of Australia under the Banking (Foreign Exchange) Regulations 1959 (Cth). The Reserve Bank of Australia publishes changes to prohibited parties and variations in the restrictions on those parties from time to time in the Commonwealth Government Gazette.
- -Transactions over A$100,000 involving the Embassy of the Federal Republic of Yugoslavia, the Consulate-General of the Federal Republic of Yugoslavia or the National Bank of Yugoslavia require prior approval from the Reserve Bank of Australia.
Currency Exchange Risk. Interest and principal on the Notes is payable in U.S. dollars and the Trusts primary source for funding its payments on the Class A Notes is its Collections on the Housing Loans, which will be sourced in Australian dollars. If the Currency Swap Provider were to fail to perform under the Currency Swap or were to be discharged from such performance because of a default thereunder by the Trust, the Trust might have to exchange its Australian dollars for U.S. dollars at an exchange rate that is less favourable to the Trust than when the currency swap was entered into and might therefore not have sufficient U.S. dollars to make timely payments on the Class A Notes, even though the delinquency and loss experience on the Housing Loans may be acceptable.
Item 8.
Item 8. Financial Statements and Supplementary Data As discussed above, furnishing the financial information required by Item 8 of Form 10-K would not add any relevant information to that provided by the foregoing statements. Because the Notes are essentially pass-through securities, the Trust will have income only in the limited sense of collecting payments on the residential mortgage loans. The only material items of expense for the Trust will be the amounts paid as servicing compensation and potentially certain payments relating to any credit enhancement facilities. The Noteholders Report (filed under Current Reports on Form 8-K) provide complete information on the amounts of the income and expenses of the Trust.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure none.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant Since the Trust will not have any directors or executive officers, this item is not applicable.
Item 11.
Item 11. Executive Compensation Since the Trust will not have any directors or executive officers, this item is not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management. The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the Class A Notes or Class B Notes; (ii) the principal amount of the Class of Notes owned by each, if known, and (iii) the percent that the principal amount of the Class of Notes owned represents of the outstanding principal amount of the Class of Notes. The information set forth in the table is based upon information obtained by the Trust Manager from the Trustee and from The Depository Trust Company as of June 30, 2005. The Trust Manager is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.
Amount Owned All dollar amounts are in thousands
Name and Address Principal Percent
Class A Noteholders
Bank of New York One Wall Street New York, NY 10286
$28,418 9.59%
Barclays Global Investors N.A. 980 9th Street New York, NY 10005
$24,965 8.42%
Citibank, N.A. 3800 Citicorp Center Tampa Tampa, FL 33610-9122
$81,005 27.33%
JPMorgan Chase Bank 14201 Dallas Pkwy Dallas, Tx 75254
$65,654 22.15%
State Street Bank and Trust Company 1776 Heritage Drive Quincy, Ma 02171
$66,397 22.40%
Mellon Trust 525 William Penn Place Suit 3418 Pittsburgh PA 15259
$18,432 6.22%
Class B Noteholders
State Street Capital Pty Limited Level 38 88 Phillip Street Sydney NSW Australia 2000
$18,986 AUD 100.00%
Item 13.
Item 13. Certain Relationships and Related Transactions The Registrant received Trust Manager Fee payments from the Trust in accordance with the terms of the Master Trust Deed and the Series Notice.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K 	(a) (1) and (2): Incorporated herein as Exhibit 31 is the Civil Certification from Principal Financial Officer. Aggregate totals of the Noteholders Reports to the Trust for the fiscal year ended June 30, 2005, copies of the Independent Auditors Annual Sericer Compliance Certificate, Custodial Services Audit Report and Westpac Banking Corporations Officers Certificate of Compliance are attached hereto and are incorporated herein by reference as Exhibit No. 99.1, Exhibit No.99.2, Exhibit No. 99.3 and Exhibit No. 99.4, respectively. .. a) (3) EXHIBITS Designation Description Method of Filing Exhibit 31 Section 302 Certification 31 Exhibit 99.1 Aggregate Totals for Fiscal Year 99.1 Exhibit 99.2 Independent Auditors Annual servicer compliance Certificate 99.2 Exhibit 99.3 Custodial Services Audit Report 99.3 Exhibit 99.4 Officers Certificate of Compliance 99.4
(b) On September 07, 2004, December 06, 2004, March 07, 2005 and June 06, 2005 reports on form 8-K were filed by the company during the preceding fiscal year in order to provide the statements for quarterly distributions to the noteholders. No other reports on form 8-K have been filed during the last fiscal year covered by this report.
Documents incorporated by reference Form 8-K for the September 07, 2004 Payment Date Form 8-K for the December 06, 2004 Payment Date Form 8-K for the March 07, 2005 Payment Date Form 8-K for the June 06, 2005 Payment Date
Exhibit 31
SECTION 302 CERTIFICATION
SERIES 2002-1G WST TRUST
I, Peter Walden, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Series 2002-1G WST Trust;
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the distribution or servicing information required to be provided to the Trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports,
4.Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and
5.The reports disclose all significant deficiencies relating to the servicers compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.
In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: EDS (Business Process Administration) Pty Limited and PriceWaterhouseCoopers.
Signature _____________________________ 22 September 2005 Peter Walden
Title: Principal Financial Officer Westpac Securitisation Management Pty Limited
Exhibit 99.1
AGGREGATE TOTALS FOR THE FISCAL YEAR NOTEHOLDERS REPORT - SERIES 2002-1G WST TRUST
Date of Report - Determination Date 01-June-04
Housing Loan Collection Period 21-May-04 to 20-May-05 (inclusive) (inclusive) Days in Collection Period 366 Coupon Period 07-June -04 to 06-Jun-05 (inclusive) (exclusive) Days in Coupon Period 365
3 month BBSW (average) 5.5242% 3 Month USD-LIBOR (average) 2.14188%
Foreign Exchange Rate 0.5201
				 AUD
Available Income 51,615,941 Total Available Funds 51,615,941 Accrued Interest Adjustment 0 Redraws Made 177,523,460 Redraw Shortfall 0 Redraw Facility Draw 0 RFS Issued This Period 0 Trust Expenses 2,385,308 Total Payment 45,302,282 Payment Shortfall 0 Principal Draw This Period 0 Total Principal Draws Outstand 0 Gross Principal Collections 408,783,074 Principal Collections 231,259,614 Excess Available Income 6,313,659 Excess Collections Dist. 6,313,659 Liquidity Shortfall 0 Liquidity Net Draw / (Repayment) this period 0 Remaining Liquidity Shortfall 0 Liquidation Loss 0 Principal Charge Offs 0 Prepayment Benefit Shortfall 0 Average Daily Balance 693,372,451 Subordinated Percentage 3.3042% Initial Subordinated Percentage 1.1517% Average Yearly Percentage 0.2700%
Principal/100,000 Coupon/100,000/10,000 ClassA 10,590.78 741.2249 usd Class B 1,737.92 518.4252 aud
Stated Amount - AUD Equiv.Percentage Forex % Chargeoffs Class A 569,885,189.05 96.95681% 1.00000 Class B 18,985604.78 3.04319% RFS 0 0.00000 TOTAL 588,870,793.83 100.00000% 100.00000%
Stated Amount - USD Bond Factor Class A 296,397,286.83 0.2655890 0.00 Class B 9,874,413.04 0.7594242 0.00 RFS 0.00 0.00 TOTAL 306,271,699.87 1.00
$A Scheduled principal 30,516,772 Unscheduled principal 200,742,842 --------------- Principal Collections 231,259,614 ---------------
Fixed Rate Housing Loan 52,506,888 Variable Rate Housing Loans 536,363,906 ------------- 588,870,794 ---------------
Exhibit 99.2
INDEPENDENT AUDITORS ANNUAL SERVICER COMPLIANCE CERTIFICATE TO THE DIRECTORS OF WESTPAC SECURITISATION MANAGEMENT PTY LIMITED
Scope We have reviewed Westpac Banking Corporations (WBC) and The Mortgage Company Py Limiteds (TMC and WBC and TMC each a Servicer) activitities for the purpose of determining their compliance with the servicing standards contained in the agreements between: Westpac Banking Corporation as servicer, Westpac Securities Administration Limited as Trustee and Westpac Securitisation Management Pty Limited as Trust Manager dated 12 March 2002, as amended (the 2002 Servicing Agreement); - - Westpac Banking Corporation, Westpac Securities Administration Limited as Trustee and The Mortgage Company Pty Limited as servicer dated 18 February 1997, as amended (the 1997 Servicing Agreement); (each a Servicing Agreement), respectively attached as Appendix 1A and Appendix 1B, in relation to the Series 1999-1G WST Trust, Series 2002-1G WST Trust and the Series 2005-1G WST Trust for the year ended 30 June 2005, in accordance with the statement by Division of Corporation Finance of the Securities and Exchange Commission dated 21 February 2003, and our engagement letter dated 31 August 2004. We have reviewed the servicing standards contained in the Servicing Agreements to enable us to report on whether those servicing standards are similar to those contained in the Uniform Single Attestation Program for Mortgage Bankers (USAP), attached as Appendix 2, which establishes a minimum servicing standard for the asset backed securities market in the United States of America. No equivalent of the USAP exists in Australia. Management of each Servicer are responsible for maintaining an effective internal control structure including internal control policies and procedures relating to the servicing of mortgage loans. We have conducted an independent review of the servicing standards included in Appendix 1A and 1B, in order to express a statement on each Servicers compliance with them. Our review of the servicing standards has been conducted in accordance with Australian Auditing Standards applicable to performance audits and accordingly included such tests and procedures as we considered necessary in the circumstances. In conducting our review we have also had regard to the guidance contained in the USAP. These procedures have been undertaken to enable us to report on whether anything has come to our attention to indicate that there has been any significant deficiencies in either Servicers compliance with the servicing standards contained in the Servicing Agreements for the year ended 30 June 2005. Our review did not include an assessment of the adequacy of the servicing standards themselves. This statement has been prepared for the use of Westpac Securitisation Management Pty Limited as at 30 June 2005 in accordance with the requirements of the statement by the Division of Corporation Finance of the Securities and Exchange Commission dated 21 February 2003 and the engagement letter dated 31 August 2004. We disclaim any assumption of responsibility for any reliance on this review statement, to any person other than Westpac Securitisation Management Pty Limited, Westpac Banking Corporation and The Mortgage Company Pty Limited. Statement Based on our review: - - Nothing has come to our attention to indicate that there has been any significant deficiencies in WBCs compliance with the servicing standards contained in the 2002 Servicing Agreement attached in Appendix 1A, in respect of the Series 2002- 1G WST Trust and the Series 2005-1G WST Trust for the year ended 30 June 2005. - - Nothing has come to our attention to indicate that there has been any significant deficiencies in TMCs compliance with the servicing standards contained in the 1997 Servicing Agreement attached in Appendix 1B, in respect of the Series 1999- IG WST Trust for the year ended 30 June 2005. - - The servicing standards contained in Appendix 1A and 1B are similar to the minimum servicing standards contained in the Uniform Single Attestation Program for Mortgage Brokers. PricewaterhouseCoopers Stuart Scoular Sydney Partner September 2005
Appendix 1A
Servicing Undertakings
The Servicer undertakes that at all times during the Term it will:
(a) (notice of default) give notice in writing to the trustee and the Designated Rating Agency of it becoming aware of the occurrence of any Servicer Transfer Event;
(b) (compliance with law) (i) maintain in effect all qualifications, consents, licenses, permits, approvals, exemptions,filings and registrations as may be required under any applicable law in order properly to service the Receivables and Receivable Securities and to perform or comply with its obligations under this Agreement; and (ii) comply with all Laws in connection with servicing the Receivables and Receivable Securities where failure to do so would have an Ad-verse Effect;
(c) (Collections) (i) in relation to Receivables of which Westpac is the legal owner, on request from Westpac, assist Westpac to collect all moneys due under those Receivables and the Receivable Securities; and (ii) in relation to Receivables of which the Trustee is the legal owner, collect all moneys due under those Receivables and Receivables Securities,in accordance with the standards specified in Clause 2.2, and pay them into the relevant Collections Account not later than the time that Westpac would be required to do so under Clause 6.
(d) (Material Default) if a Material Default occurs in respect to a Receivable, take such action in accordance with the Servicers normal enforcement procedures to enforce the relevant Receivable and the Receivable Security to the extent that the Servicer determines that enforcement procedures should be taken;
(e) (Insurance Policies) (i) act in accordance with the terms of any Mortgage Insurance Policies; (ii) not do or omit to do anything which could be reasonably expected to prejudicially affect or limit its rights or the rights of the Trustee under or in respect of a Mortgage Insurance Policy to the extent those rights relate to a Receivable and the Receivable Security; (iii) promptly make a claim under any Mortgage Insurance Policy when it is entitled to do so; and promptly notify the Trust Manager then each such a claim is made.
(f) (no Security Interests) not consent to the creation or existence of any Security Interest in favour of a third party in relation to any Mortgaged Property in connection with a Receivable and the Receivable Security:
(i) without limiting paragraph (f)(ii), unless priority arrangements are entered into with that third party under which the third party acknowledges that the Receivable and Receivable Security ranks ahead in priority to the third party Security Interest on enforcement for an amount not less than the Unpaid Balance of the Receivable plus such other amount as the Servicer determines in accordance with the Procedures Manual or its ordinary course of business; or (ii) which would rank before or pari passu with the relevant Receivable and Receivable Security;
(g) (release of debt or vary terms) not, except as required by Law, release an obligor from any amount owing in respect of a Receivable or otherwise vary or discharge any Receivable or Receivable Security or enter into any agreement or arrangement which has the effect of altering the amount pay-able in respect of a receivable or Receivable Security where it would have an Adverse Effect;
(h) (binding provisionsand orders of a competent authority) release any Receivable or Receivable Security, reduce the amount outstanding under or vary the terms of any Receivable or grant other relief to an obligor, if required to do so by any Law or if ordered to do so by a court, tribunal, authority, ombudsman or other entity whose decisions are binding on the Servicer. If the order is due to the Servicer breaching any applicable Law then the Servicer must indemnify the Trustee for any loss the Trustee may suffer by reason of the order. The amount of the loss is to be determined by agreement with the Trustee or failing this, by the Servicers external auditors;
(i) (other miscellaneous things) attend to the stamping and registration of all Relevant Documents for each Relevant Trust (includ-ing documents which became Relevant Documents) following any amendment,consolidation or other action, and in the case of any registration of any Mortgage that registration must result in the Mortgage having the ranking referred to in the relevant eligibility criteria in the Series Notice.In relation to any Mortgage that is not registered at the relevant Closing Date, the Servicer shall ensure that it is lodged for registration not later than 120 days after that Closing Date;
(j) (setting the Interest Rate) (i) the Servicer shall set the interest rate on the Receivables in accordance with the requirements of the Series Notice; and (ii) subject to the relevant Series Notice, if the Trustee has perfected its title to the Receivables or Receivable Securities and the Trustee is entitled to vary the interest rate in accordance with the terms of the Receivables, the Servicer shall, in accordance with the terms of the Receivables, set and maintain the interest rate on the relevant Receivables at or above the relevant Threshold Rate as advised by the Trust Manager in accordance with the Master Trust Deed and the Series Terms and promptly notify the relevant obligors;
(k) (notification) notify: (i) the Trustee and the Trust Manager of any event which it reasonably believes is likely to have an Adverse Effect promptly after becoming aware of such event; and (ii) the Trust Manager of anything else which the Trust Manager reasonably requires regarding any proposed modification to any Receivable or Receivable Security.
(l) (provide information and access on request) provide information reasonably requested by the Trustee or the Trust Manager, with respect to all matters relating to each Relevant Trust and the assets of the relevant Trust, and the Trustee or the Trust Manager believes reasonably necessary for it to perform its obligations under the relevant Transaction Documents, and upon reasonable notice and at reasonable times permit the Trustee to enter the Premises and inspect the Data Base in relation to each Relevant Trust and the Relevant Documents;
(m) (comply with other obligations) comply with all its obligations under any Transaction Document to which it is a party, where a failure to do so would result in an Adverse Effect;
(n) (pay taxes) subject to receiving payment from, or being reimbursed by, the relevant obligor or being indemnified by the Trustee, pay all Taxes that relate to the Services (other than any Tax on the income of a Trust) or ensure those Taxes are paid or where such Taxes are incurred due to the default or breach of duty by the Servicer;
(o) (not claim) not claim any Security Interest over any Asset;
(p) (availability of Data Base) make the Data Base that relates to the Services available for inspection by the Trustee at any reasonable time;
(q) (comply with Series Notice) comply with any undertaking specified as an additional Servicer undertaking in a relevant Series Notice, including, without limitation, providing the Trust Manager with any information referred to in that Series Notice;
(r) (insurances) ensure that the Premises are appropriately insured for fire and public risks, and that it has appropriate directors and officers insurance;
(s) (additional amounts) notify Westpac and the Trust Manager immediately of each request by an obligor to borrow further moneys under or in relation to a Receivable or Receivable Security which is a top-up and which the Servicer has approved; and
(t) (comply with Trust Back) apply any moneys it receives in relation to any other Secured Liability in accordance with the relevant Trust Back in accordance with the directions of the Trustee.
Appendix 2
USAP (UNITED STATES)
Mortgage Principal, Interest and Amortization Minimum Servicing Standards
1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall: - be mathematically accurate; - be prepared within forty five (45) calendar days after the cutoff date; - be reviewed and approved by someone other than the person who prepared the reconciliation; and - document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of their original identification.
2. Funds of the servicing entity shall be advanced in cases where there is an overdraft in an investors or a mortgagors account. (Suggested procedures for this MSS are located in the Disbursements Section below.)
3. Each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor.To replace a federally insured depository institution with an approved deposit taking institution with a stipulated rating from a rating agency
4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.(Suggested procedures to test this MSS are located in the Mortgage Payments Section below.)
Mortgage Payments
Minimum Servicing Standards
1. Mortgage payments shall be deposited into the custodial bank accounts and related bank clearing accounts within two business days of receipt.
2. Mortgage payments made in accordance with the mortgagors loan documents shall be posted to the applicable mortgagor records within two business days of receipt.
3. Mortgage payments shall be allocated to principal, interest, insurance, taxes or other escrow items in accordance with the mortgagors loan documents.
4. Mortgage payments identified as loan payoffs shall be allocated in accordance with the mortgagors loan documents.
Disbursements
Minimum Servicing Standard
1. Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.
2. Disbursements made on behalf of a mortgagor or investor shall be posted within two business days to the mortgagors or investors records maintained by the servicing entity.
3. Tax and insurance payments shall be made on or before the penalty or insurance policy expiration dates, as indicated on tax bills and insurance premium notices, respectively, provided that such support has been received by the servicing entity at least thirty (30) calendar days prior to these dates.
4. Any late payment penalties paid in conjunction with the payment of any tax bill or insurance premium notice shall be paid from the servicing entitys funds and not charged to the mortgagor, unless the late payment was due to the mortgagors error or omission.
5. Amounts remitted to investors per the servicers investor reports shall agree with canceled checks or other form of payment, or custodial bank statements.
6. Unissued checks shall be safeguarded so as to prevent unauthorized access.
Investor Accounting and Reporting
Minimum Servicing Standard
The servicing entitys investor reports shall agree with, or reconcile to, investors records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.
Mortgage Loan Accounting
Minimum Servicing Standard
1. The servicing entitys mortgage loan records shall agree with, or reconcile to, the records of mortgagors with respect to the unpaid principal balance on a monthly basis.
2. Adjustments on ARM loans shall be computed based on the related mortgage note and any ARM rider Mortgage loans can be taken out at a variable rate or fixed rate, nominated by the mortgagor. Any adjustments will be as stated in the mortgage loan document.
3. Escrow accounts shall be analyzed, in accordance with the mortgagors loan documents, on at least an annual basis. (Suggested procedures for this MSS are located in the Disbursements Section above).
4. Interest on escrow accounts shall be paid, or credited, to mortgagors in accordance with the applicable state laws. (A compilation of state laws relating to the payment of interest on escrow accounts may be obtained from National FSI by contacting Medgine Bocage at (212) 773-2397. Suggested procedures for this MSS are located in the Disbursements Section above.)
Delinquencies
Minimum Servicing Standards
Records documenting collection efforts shall be maintained during the period a loan is in default and shall be updated at least monthly. Such records shall describe the entitys activities in monitoring delinquent loans including, for example, phone calls, letters and mortgage payment rescheduling plans in cases where the delinquency is deemed temporary (e.g., illness or unemployment).
Insurance Policies
Minimum Servicing Standards
A fidelity bond and errors and omissions policy shall be in effect on the servicing entity throughout the reporting period in the amount of coverage represented to investors in managements assertion.This type of representations are not given in Australia. Certain non-rated servicing entities may have indemnity insurance.
Exhibit 99.3
PRICEWATEHOUSECOOOPERS LETTERHEAD
Westpac Securities Administration Limited Level 13, Chifley Tower, 2 Chifley Square SYDNEY, NSW 2000 Attention: Mr Robert Hamilton
Westpac Banking Corporation Level 6 60 Martin Place Sydney NSW 2000 Attention: Ms Cherryl Wells
Dear Sirs/Madam
Scope
We have audited the control procedures of The Mortgage Company Pty Limited (the Servicer) in relation to its role as custodian as at 24 January 2005 in order to express an opinion about their effectiveness based upon the requirements of Clause 3.3 of the Westpac Securitisation Trusts (WST) Servicing Agreement (the Agreement).
Unless otherwise defined, terms and phrases have the same definition as those appearing in the WST Transaction Documents.
The criteria required by Schedule 2 of the Agreement are that:
1. the custodial duties and responsibilities of the Servicer, as outlined in Section 3 of the Agreement, are met;
2. the Relevant Documents are capable of identification and imaging on receipt by or on behalf of the Servicer;
3. the Relevant Documents may not be removed or tampered with except with appropriate authorisation;
4. an appropriate tracking system is in place such that the location of the Relevant Documents can be detected at any time.
5. the Receivables confirm the identity of all Relevant Documents (including the applicable Receivable Security Documents, and any Certificate of Title if issued) based on a review of a sample of Receivables; and
6. the imaging of the Relevant Documents in the sample are accurate, current and of a good quality.
The Servicer, under the delegation of the Trustee, is responsible for maintaining an effective internal control structure for the custodial operations of the Relevant Trusts. We have conducted an independent audit of the control procedures in order to express an opinion on them to the Trustee and the Designated Rating Agencies.
Our audit of the control procedures has been conducted in accordance with Australian Auditing Standard AUS 810 Special Purpose Reports on the Effectiveness of Control Procedures and accordingly included such tests and procedures as we considered necessary in the circumstances. These procedures have been undertaken to form an opinion whether in all material respects, the control procedures in relation to the Servicers role as custodian were adequately designed so as to achieve the criteria referred to above, and were operating effectively at the time of our audit.
This report has been prepared for distribution to the Trustee, the Servicer and the Designated Rating Agencies for the purpose of monitoring the Servicers custodial role. We disclaim any assumption of responsibility for any reliance on this report to any person other than those mentioned, or for any purpose other than that for which it was prepared.
Inherent Limitations
Because of the inherent limitations of any internal control structure it is possible that errors or irregularities may occur and not be detected. Further, the internal control structure, within which the control procedures that we have audited operate, has not been audited and no opinion is expressed as to its effectiveness.
An audit is not designed to detect all weaknesses in control procedures as it is not performed continuously throughout the period and the tests performed are on a sample basis.
Any projection of the evaluation of control procedures to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate.
The audit opinion expressed in this report has been formed on the above basis.
Findings
No errors were detected during our audit. On the basis of these findings and in accordance with schedule 2 of the agreement, we grade the custodial performance of the servicer as Good as defined in schedule 2 of the agreement i.e all control procedures and accuracy of information in respect of Relevant Documents completed without exception, other than immaterial and occasional variances.
Audit Opinion
In our opinion the Servicer maintained, in all material respects, effective control procedures in relation to the custodial operations of the Trust, as at 24 January 2005 based on the criteria referred to above.
/s/ PricewaterhouseCoopers - -------------------------------------- PricewaterhouseCoopers Chartered Accountants
/s/ SA Scoular - -----------------------
Partner Sydney, 18 February 2005
Exhibit 99.4
WESTPAC BANKING CORPORAITON CERTIFICATE OF COMPLIANCE
OFFICERS CERTIFICATE OF COMPLIANCE The undersigned, a duly authorised representative of Westpac Banking Corporation, acting as Servicer (the Servicer) pursuant to the Servicing Agreement between Westpac Banking Corporation, Westpac Securities Administration Limited as Trustee and Westpac Securitisation Management Pty Limited as Trust Manager dated 12 March 2002 (the Agreement), certifies that:
1. As of the date hereof, Westpac Banking Corporation is the Servicer of Series 2002-1G WST Trust. 2. A review of the activities of the Servicer during the calendar year ending 30 June 2005 and its performance under the pooling and servicing agreement or similar agreement has been made under my supervision.
3. Based on such review, to my knowledge and after making appropriate enquiries, the Servicer has fulfilled its obligations under the pooling and servicing agreement or similar agreement relating to the Trust throughout the financial year ended 30 June 2005, except as may be set forth in paragraph 4 below.
4. The following is a description of any exceptions to paragraph 3. above: None.
Capitalised terms used but not defined in this Officers Certificate of Compliance have their respective meanings set forth in the Agreement, unless the context requires otherwise or unless otherwise defined in the Officers Certificate.
IN WITNESS WHEREOF, the undersigned has duly executed this Officers Certificate of Compliance this 19th day of September, 2005.
By /Sd/ M G Barbour Authorised Signatory
Pursuant to the requirements of Section 13 or 15(d)of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Westpac Securitisation Manangement Pty Limited
By
______________________________________ Director 22 September 2005
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By _____________________________________ Director 22 September 2005
By _____________________________________ Director 22 September 2005