I signed an offer to purchase with the condition that I need to get a 100% loan approved. I applied …

I signed an offer to purchase with the condition that I need to get a 100% loan approved. I applied at several banks and one approved the loan for 100%, however the loan has a very high interest rate. At this interest rate I will not be able to afford to make the monthly payments on the bond. What are my options now regarding cancelling my offer? Am I obligated to accept the offer even though I cant afford it and will default on the first payment? If I go to my bank and explain to them that I wont be able to afford it and they withdraw their quote will the contract then be null and void?

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