I got this weird email from BNZ, my previous home loan holder.

"We're updating the Home Loan Facility Master Agreement ('agreement')1 that forms part of the terms of your home loan facility (or facilities if you have more than one home loan facility). The new 2024 agreement will take effect from 1 May 2024.

Under the existing agreement, for most changes to the terms of a facility, we must give you at least 14 days' notice before the relevant change takes effect.

Under the new agreement, we still need to give you notice of a change to the terms of a facility, but notice may be given to you before, on, or after the day the relevant change takes effect.

We'll continue to comply with our legal obligations to give you notice, including under the Credit Contracts and Consumer Finance Act 2003.

We've included the new clause wording below, which can be found in the new agreement:

4.2 We may also change the terms that apply to a facility (for example, by changing the terms of this agreement or a letter of advice) without having to get your further agreement. We will give you notice of the change (by confirmation or in any other way we are allowed to by law). Notice may be given to you before, on, or after the day the relevant change takes effect.

7.5 Unless the relevant letter of advice says otherwise, we can make any changes to a customer margin at any time. We will give you notice of any change to a customer margin before, on, or after the day the change takes effect.

Removal of redraw

In the existing agreement, under clauses 14.11 and 14.12, you may apply to redraw an amount under a facility and we'll approve or decline your application at our sole discretion.

Under the new agreement, you'll no longer be able to apply to redraw an amount under a facility.

We've removed references to 'redraw' and updated numbering in the agreement accordingly.
..."

I have no idea what "redraw" even means.