Banks have continued to issue both guaranteed and non-guaranteed wholesale debt. They had to pay when they used the guarantee. The lower rated banks MQG, SUN etc were basically only able to raise using the guarantee as there were considered too high risk at the height of the crisis.
The costs of guaranteed and non-guaranteed debt including the 70 basis point guaranteed fee is about the same now, so withdrawal should not result in a higher cost of funds for the banks.
