Pacific Equity Nearing Deal for Spark's Data Centers, AFR Says
The private equity firm is expected to add a stake of between 50% to 70% of Spark's data center business, according to the newspaper, which didn't cite a source for the information.
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Software firm Sapiens to be acquired by Advent for $2.5 billion
(Reuters) -Israeli software company Sapiens International said on Wednesday that it will be acquired by private equity firm Advent for $2.5 billion in cash. Sapiens' shareholders will receive $43.50 per share in cash, a premium of about 47.5% over its last close of $29.50 on the Nasdaq on Tuesday. Sapiens will become a privately held company after the deal is completed, the company said. It offers software solutions to the insurance sector. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Australia's 'most trusted bank' cuts interest rates as other borrowers risk missing out on RBA saving
Bendigo Bank has become the latest lender to announce a reduction in interest rates after the Reserve Bank's (RBA) August meeting. Australia's "most trusted bank" dropped the news nearly 24 hours after the RBA ushered in the third rate cut of the year. But dozens of other lenders still haven't yet revealed whether they will be passing on the central bank's decision or keep homeowners at their current rate. Finder's head of consumer research, Graham Cooke, told Yahoo Finance that while the big banks might have the wiggle room for a third cut, the same relief might not flow through the sector. "There's so much hyper focus on what they're charging in interest rates that they really couldn't be seen as keeping any back for themselves," he said. "It'll be interesting to see whether the smaller lenders follow suit." RELATED Mortgage move to save $29,705 after RBA interest rate cut 30,000 Aussie workers needed for Census jobs paying up to $60 per hour Huge push for four-day work week to become reality for all Australians Bendigo Bank towards the back of the pack for mortgage relief Bendigo Bank's chief customer officer for consumer banking, Taso Corolis, said homeowners on variable rates will soon see a 0.25 per cent reduction in their repayments. 'We know many of our lending customers welcomed the RBA's decision to cut rates and we're pleased to continue providing homeowners with rate relief by delivering a third interest rate cut in 2025,' he said. Customers can contact the bank to find out how they can adjust their repayment, or keep them the same and pay off the mortgage faster. But as far as timing goes, Bendigo is close to the back of the pack. Mortgage holders will have to wait until August 27 before the 25 basis point reduction hits their accounts. Three lenders were able to provide the same reduction on Tuesday, while the Big Four and many others will reduce their rates between August 22 to lenders haven't yet passed on RBA's August rate cut? Consumer group Finder has been keeping an eye on which lenders have announced rate cuts since Tuesday's decision. According to them, here are the ones who have stayed silent at the time of writing: AusWide Bank (has admitted rates are under review) Aussie Australian Mutual Bank BOQ Bank Orange Bank of China Bank of Sydney BankWAW Beyond Bank Bluestone Broken Hill Bank Cairns Bank Central Murray Credit Union Central West Credit Union Community First Bank Credit Union SA Dnister Easy Street Family First Bank Fire Service Credit Union First Option Bank Freedom Lend G&C Mutual Bank Geelong Bank Great Southern Bank HSBC Homeloans Horizon Bank IMB Illawarra Credit Union La Trobe ME MOVE Bank Mortgage House NICU NRMA Insurance Home Loan Pacific Mortgage Group Police Credit Union Qantas Money Queensland Country Bank RESIMAC Financial Services Reduce Regional Australia Bank South West Slopes Bank Southern Cross Credit Union Sucasa Summerland Bank The Capricornian (has admitted rates are under review) The Mac Tiimely Home Unity Bank Up Home Loan Virgin Money Warwick Credit Union (has admitted a decision will come soon) Well Money Woolworths Team Bank Yard You can see which lenders have passed on the rate cut and when it will hit accounts here. When could the next RBA rate cut come? The central bank will meet again in September for another meeting on interest rates; however, many experts are tipping it will be the November gathering that will see a further cut on the cash rate. On Tuesday, it was lowered from 3.85 per cent to 3.60 per cent. CBA senior economist Belinda Allen told Yahoo Finance the RBA will have fresh quarterly inflation data by November, and if the consumer price index continues its downward trend, then the Board would have enough of a reason to cut rates for a fourth time. 'To deviate from that quarterly cadence, it would have to take a real big surprise in the data, as we know they're still a bit reluctant to rely on the monthly CPI,' she said. 'Unless you see, for example, a material lift in the unemployment rate, they'll stick to that once-a-quarter easing cycle.' Cooke was surprised to see so many banks pass on this third rate cut, as he said lenders have historically usually done only one or two during a cutting cycle. As for the possibility of banks passing on a fourth cut in November, if you asked him before the RBA decision yesterday, he would have told you you're dreaming. But after seeing dozens jump on the bandwagon in the last 24 hours, he told Yahoo Finance it could take just a few lenders in November to cause a domino effect that provides mortgage relief for while retrieving data Sign in to access your portfolio Error while retrieving data
Yahoo
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'Outbid' woman enduring two-year property slog reveals tactic Aussie buyers are turning to as housing competition heats up
Australian property prices are expected to rise following the Reserve Bank of Australia's (RBA) decision to cut the cash rate this week. The interest rate cut is set to drive up competition further, leading some borrowers to adopt new strategies to get their foot on the ladder. Sydney woman Lara Rinaldi has been trying to buy her first home for the last two years. The 32-year-old brand manager and small business owner told Yahoo Finance she had originally hoped to buy a two-bedroom, two-bathroom apartment in the inner west and had a budget of $650,000 to $700,000. But she's found it hard to break into the market, despite her deposit growing over the time she's been looking and her borrowing power increasing following the RBA's earlier interest rate cuts in February and May. RELATED Michele Bullock avoids 'all-out attack' from Aussies with 'unanimous' cut Centrelink warning for downsizing Baby Boomers over 'special' retirement rule New Zealand couple move to Australia after 'overwhelming' $20,000 cost to start family 'I got close a couple of times but I just didn't happen, whether that was I got outbid eventually or just contract clauses,' she said. Rinaldi said she's had to keep refreshing her pre-approval and it's now gotten to the point where she has decided to take a different strategy altogether to enter the market. Instead of buying a home for herself to live in, she is now planning to 'rentvest' and is looking to buy an investment property in southwest Sydney, towards Panania and as far as said buying further out meant she could buy a bigger property and she hopes to buy a two to three-bedroom townhouse with the same budget by the end of the year. She plans to continue to rent in the inner west to stay close to her family and work, and currently splits her time between renting with her partner and her parents' granny flat. Rinaldi said it was a strategy some of her friends had taken as well, as Sydney property prices continue to skyrocket. 'I've had quite a few friends buy outside of Sydney or then rent inner Sydney, or I've got friends that are just moving to Brisbane and leaving the Sydney market altogether,' she said. 'It's not even the property market that they're getting priced out of, the cost of living is also affecting them.' RBA cut expected to bring more buyers into market Loan Market has recorded a 53 per cent year-on-year surge in home loan pre-approvals and expects numbers will climb further leading into spring following the RBA's cut. A buyer earning $120,000 a year could see their borrowing capacity increase by around $42,000 following the latest cut, compared to the start of the year. Mortgage broker Andrew Dunreath-Cooper told Yahoo Finance there would be more confidence in the market following the RBA cut and said it sent a 'definitive message to buyers that interest rates aren't going to go up again for some time'. Commonwealth Bank economists Luke Yeaman and Lucinda Jerogin expect home prices will grow 6 per cent in 2025 and 4 per cent in 2026, based on the RBA cutting rates in August and again in November. If the RBA ends up cutting again, in early 2026, the bank said there could be a stronger rise in property prices than forecast. Since the first rate cut in February, the bank found national home prices had lifted by 3.1 per cent. The bank expects prices will increase 8 per cent in Brisbane, 5 per cent in Sydney, 5 per cent in Melbourne, 7 per cent in Perth and 6 per cent in Adelaide this year. RBA governor Michele Bullock said there had been a "fairly gradual recovery in housing activity, broadly", including housing prices, development and dwelling investment. "Property prices are about supply and demand, ultimately, in the housing market and we don't control that," she said. "But do know that historically, as interest rates fall, that activity in the housing market picks up. That's exactly what we'd expect." Housing affordability remains a 'significant challenge' Housing affordability continues to be a 'significant challenge' for home buyers, particularly first home buyers. According to the National Housing Supply and Affordability Council, affordability deteriorated in 2024, with roughly half of median household income needed to meet the average mortgage repayments. Yeaman and Jerogin said the rate of decline in affordability had slowed since 2023 as disposable incomes pick up and financing costs ease, but they said there was 'little cause for celebration'. While affordability is estimated to improve over the next two years, even as house prices rise, it will 'remain stretched in a historical sense, particularly relative to pandemic lows'. Dunreath-Cooper said saving for a deposit had been difficult for many first-home buyers who were managing increased costs of essentials like rent, insurance and groceries. Like Rinaldi, he said he has had several customers look to alternative ways to break into the market. 'I've also had several first-home buyers decide that they're going to focus on buying a more affordable investment property rather than a place to occupy, just so they can get into the market,' he said. 'They'll look to leverage the equity in their investment to buy a property to live in down the track.' Rinaldi said the RBA's interest rate cut gave her more confidence as a buyer and her ability to pay mortgage repayments. 'There might be future cuts in the next 12 months so I'm more comfortable buying as well without the fear that rates might go up and then I might have more to pay,' she said. She hopes to eventually buy a place in Sydney with her partner when they start a family in the next few years, but said it would likely still be in southwest in to access your portfolio
