I got a call from a bank yesterday. Interesting conversation. Apparently they want to charge me 50 basis points for any undrawn funds on my Line of Credit facility.
Apparently (according to the bank relationship officer) it's a recommendation by the Reserve Bank.
I've been looking for where exactly the Reserve bank has said such a thing and as yet have been unable to find it. I really hope that the Reserve Bank aren't actually stupid enough to encourage banks to gouge their customers, or encourage people to use ALL their borrowing capacity without appropriate reserves in place. I mean look how well that's worked in the past (AhhhStorm).
Any banking Staff around who can confirm this idiocy or can anyone find a link to the RBA recommendation?