That's probably why you're getting the refund!I've never heard the term 'cost of liquidity' ever in relation to my loan
SME protection. The banks got in trouble over mis-selling derivatives in the past, so you have to go through hoops to fix.It was more difficult to fix my rate than it ever was originally back pre 2006 to get the initial funds
Prime 4 was just their name for the particular Cost of Funds rate your loan was based on. All the banks used to use the word 'Prime' for their low risk lending.Prime 4 (no idea what that means, do you?)
Interestingly, this is covered by Section 9 of the SME code of conduct I linked above. I'm more familiar with the consumer protection code, so learned something new today!In the last few years they do some kind of 'annual review ' on us. Asked me our outstanding loans, income, tax on rental, by email. No idea what transpires at these meetings, I just reply by email.
These annual reviews were not done the first few years.Interestingly, this is covered by Section 9 of the SME code of conduct I linked above. I'm more familiar with the consumer protection code, so learned something new today!
"(2) A regulated entity shall, on an annual basis, offer a borrower the option of a meeting which shall, at a minimum, include a credit review. "
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