Can anyone direct me to any part of the credit legislation that deals with the following situation, please? I made a home loan application with the ANZ bank but lost my job and income the day before the loan was approved. The bank issued loan approval to the seller's agent without knowledge that I had lost the income I used in the application. I subsequently informed the bank whereupon the loan approval was canceled. The seller is claiming damages from me for breach of contract and I am still out of work after 12 months with no way to pay. I'm sure there must be something in credit lending law that protects me and the bank from executing a loan where I cannot afford to pay it back? I felt it would have been fraud on my part if I had not declared my loss of income to the bank. Is this correct? Is there something that I can rely on to show I had an obligation to declare my change in financial circumstances?