Interesting. The luggage lock I just had laying around worked. I'd have assumed the hole where zippers come together was a pretty standard, small size. Have you looked at any wire/cable-based luggage locks? The cable would definitely fit but the locking end needs to as well.
This one lists the dimensions in the images and looks roughly like the lock I have. It says it's 0.12" if that matches up with your measurement. Again, I'm just saying visually this looks like my lock, didn't measure. https://www.amazon.com/TSA-Luggage-Locks-Pack-Combination/dp/B0114C1TM0
I use locks similar to these for my backpack. There are many brands available these days, and Amazon reviews can help you pick out the best kind for your needs.
For hostel lockers, I use a regular combination MasterLock. Classic old school MasterLocks are usually the perfect size for lockers. Smaller locks, like the ones I mentioned above, won't be big enough to fit around the latch of a locker.
I recommend saving the combination to your phone so you don't forget in moments of stress. I personally avoid locks with keys because the keys get lost easily.