In a large bowl, whisk together the milk with the instant vanilla and banana pudding mixes.
In a separate medium bowl, stir together the cream cheese and condensed milk.
In the bowl of a stand mixer fitted with the whisk attachment, whisk the cold heavy cream on high speed until stiff peaks form.
Fold the whipped cream into the cream cheese mixture.
Stir the cream cheese mixture into the pudding until well combined. Refrigerate the pudding until ready to serve.
When ready to serve, place a layer of Nilla Wafers on the bottom of your serving dish, and then top the wafers with a layer of the pudding, followed by a layer of sliced bananas and a drizzle of the salted caramel sauce. Repeat the layers as needed. (See Kelly's Notes.)