Westpac says Labor’s expanded first home buyers scheme saw 150% jump in loan applications

Big bank also reveals it has ceased corporate lending to thermal coalmines, but it still funds oil and gas extraction businesses Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Home loan applications have surged in response to the government’s expanded 5% deposit scheme, according to Westpac, as first home buyers pile into a hot property market accelerating at its fastest pace in years. Applications for government-guaranteed mortgages at the big bank more than doubled in October 2025 compared with October 2024, after a 150% jump when the scheme expanded on 1 October, Nathan Goonan, the bank’s chief financial officer, said on Monday.