SA Home Loans has announced it has acquired a 49% stake in online property start-up PropertyFox.

SA Home Loans CEO Kevin Penwarden says the investment is an excellent fit for both companies. “We had been looking for an opportunity to enter the property industry … and PropertyFox resonated strongly with us.”

While PropertyFox will continue to operate independently, the deal will directly benefit both businesses. “PropertyFox will become a strong source of leads for us,” says Penwarden.

PropertyFox CEO Crispin Inglis says the investment will allow his company to ramp up growth in 2018. “We are looking forward to having two SA Home Loans directors on our board and will benefit from their combined 30 years of experience in banking, marketing and home loans.”