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

<p>Big bank also reveals it has ceased corporate lending to thermal coalmines, but it still funds oil and gas extraction businesses</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2025/nov/03/australia-politics-live-nationals-net-zero-liberals-labor-bulk-billing-optus-sussan-ley-anthony-albanese-question-time">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>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 <a href="https://www.theguardian.com/australia-news/2025/oct/23/australian-house-prices-rising-at-fastest-rate-in-nearly-four-years-data-shows">accelerating at its fastest pace in years</a>.</p><p>Applications for government-guaranteed mortgages at the big bank more than doubled in October 2025 compared with October 2024, after a 150% jump when <a href="https://www.theguardian.com/australia-news/2025/sep/30/first-home-guarantee-expands-buy-loan-deposit-first-home-buyers">the scheme expanded on 1 October</a>, Nathan Goonan, the bank’s chief financial officer, said on Monday.</p> <a href="https://www.theguardian.com/australia-news/2025/nov/03/westpac-labor-housing-deposit-scheme-jump-in-loan-applications">Continue reading...</a>