Air carrier First Officer reported a CFTT event during final approach. The flight crew executed a missed approach and returned for a second approach.

Narrative

The CA made a detailed briefing on previous near mishaps into ZZZ due to the terrain risk on the RNAV for XX and the expectation that he wanted vectors outside of the IAF. He had me request vectors outside of ZZZZZ so we would be outside of that it IAF.The controller gave us the last vector that took us just inside ZZZZZ and the CA accepted. The direction was to intercept the final approach course and contact the tower.We were at conf 2 and 180 knots on the turn and at 3000 msl.The ca selected direct to the next fix on the nav page. He didn't realize that he selected ZZZZZ1. He said confirm and then pressed insert before I could review the direct to selection I was reading back the approach clearance and was confirming the tower frequency on the approach plate by looking on my iPad; so I was looking to my right.The ca set 2500 feet and V/S down and then engaged APP and said FINAL APP NAV. Flaps 2; 180 knots. The aircraft started a steep descent (to make the next fix it saw which was 1280 feet and not 2500).I was stating final app nav a few times to cue then ca and he didn't respond so started too say do you want me to set the missed approach alt and then the red warning light and audible went off and I looked to the ECAM and said the flaps over speed warning.The jet was essentially diving for the 1280 altitude and exceeded the 200 knot flap speed. I crossed compared our altitude to the approach plate and started that we are too low. I looked outside and confirmed we were too low.The Ca agreed and disconnected the AP and manually leveled us off. A few seconds later the tower issued us a low altitude alert. The ca stated that this is not right and unstable so let's just go around. I agreed. We didn't do a Togo go around as we were vfr and could see we were safe from terrain. We climbed back up to 3000 ft and vectored back around for a visual approach. I reloaded the approach and selected the direct to when we were on base and confirmed it with the ca. we both ensured the correct direct to selections were made on the mcdu on the second approach.Cause: We got seperated operationally due to responding to atc and making AP selections at the same time without proper verification.