UniSafe team members and the student acted “quickly”.
The car has since been towed from the lake.
“The university will conduct a thorough internal investigation to understand how this occurred and whether any preventive action needs to be taken,” the spokesperson said.
Video of the incident and photos of the submerged car have appeared on social media.
One video shows a young person in a T-shirt standing in the water next to the Toyota hatchback, which has its windows rolled down.
People expressed surprise and confusion in comments as to why the car ended up in the water.
“How on earth did the car get in there?” one comment on the video said. Another asked, “How the heck did that happen?”
“There’s never enough carparks there,” a third comment said.
“Hope the person is okay.”
Police and ambulance services did not have a record of being called to the incident.
Maryana Garcia is a Hamilton-based reporter covering breaking news in Waikato. She previously wrote for the Rotorua Daily Post and Bay of Plenty Times.