Lender approved a loan far beyond what I could afford

Lenders in New Zealand have responsible lending obligations under the Credit Contracts and Consumer Finance Act 2003 and the Lender Responsibility Principles. A lender must make reasonable inquiries so that it is satisfied the loan will meet your requirements and objectives and that you can make the payments without substantial hardship. A very thin assessment can indicate a breach. Start by making a complaint to the lender under its internal process, then take the dispute to the financial dispute resolution scheme the lender belongs to, which is free for consumers. If you are in hardship right now, you can also ask the lender to change your repayment terms under the hardship provisions of the Act, and free budgeting services can support you through the process.