Question 1

What is Community First Credit Union?

Accepted Answer

Community First Credit Union is a member-owned community-focused bank operating primarily in the Greater Sydney region and surrounding areas of New South Wales, Australia. Formerly known as Sydney Water Board Credit Union, Community First has evolved into one of Sydney's largest customer-owned banks, serving over 80,000 members with approximately $2.4 billion in assets. The institution operates under a mutual ownership model where members are both customers and owners, focusing on building financial relationships that benefit members through superior service, competitive rates, and community investment.

Question 2

When was Community First Credit Union founded?

Accepted Answer

Community First Credit Union was founded on August 5, 1959, when 63 employees of the Sydney Water Board gathered for the formation meeting of the Sydney Water Board Officers Credit Union Co-op. The founding meeting marked the beginning of a cooperative financial institution designed to help Water Board employees access fair loans and savings opportunities.

By the end of its first financial year, the credit union had grown to 331 members with £15,565 ($31,130 at the 1966 conversion rate) in assets. In 1967, the name changed to Sydney Water Board Employees Credit Union. The organization adopted the name SWB Community Credit Union as it expanded beyond its original employee base, and in 1993, members resolved to change the name to Community First Credit Union, reflecting its community-wide service mission.

Question 3

Where is Community First Credit Union headquartered?

Accepted Answer

Community First Credit Union is currently headquartered in Auburn, New South Wales. The credit union has had several headquarters throughout its history. In 1968, it purchased 'Co-operation House' at 125 Bathurst Street, Sydney for $250,000, serving as the head office for many years. The move to Auburn reflects the institution's growth and strategic positioning to serve the broader Sydney metropolitan area.

Question 4

Where does Community First Credit Union operate?

Accepted Answer

Community First Credit Union operates throughout Greater Sydney and surrounding regions of New South Wales, with branch locations stretching from the Sutherland Shire through Western Sydney to the Hunter Region and Central Coast. The credit union maintains physical branches in areas including Wollongong (opened 1973), Miranda (1973), Penrith (1973), Liverpool (1973), Campbelltown (1984), North Ryde (1984), Dee Why (1984), and Gorokan on the Central Coast.

Membership eligibility expanded in 1993 to include everybody in the Greater Sydney area. Through its Easy Street Financial Services online brand launched in 2002, Community First also provides nationwide services to members across Australia who prefer digital banking.

Question 5

What services does Community First Credit Union offer?

Accepted Answer

Community First Credit Union provides a comprehensive range of financial services including savings accounts, transaction accounts, home loans, personal loans, credit cards, term deposits, and insurance products. The credit union offers full digital banking capabilities with internet banking (introduced in September 2001), mobile banking apps for iOS and Android, and 24/7 account access.

Special initiatives include the Low-Rate Blue Credit Cards that support the Prostate Cancer Foundation of Australia by donating half the annual fee annually. The credit union operates the Easy Street Financial Services brand, providing members nationwide with high-interest online savings accounts. Community First also offers financial planning services, helping members achieve long-term financial goals.

Question 6

What makes Community First Credit Union unique?

Accepted Answer

Community First Credit Union distinguishes itself through six decades of continuous commitment to member service and community support. The credit union has donated over $1.5 million to the McGrath Foundation since 2009, supporting breast cancer nurses and families affected by breast cancer.

The institution supports local community organizations including nearly two decades of sponsorship for Queenscliff Surf Life Saving Club. Community First has grown through strategic mergers, including Manchester Unity Credit Union (1999), Grand United Credit Union (2000), Dana Employees Credit Union (2006), Elcom Credit Union (2006), Croatian Community Credit Union (2008), and Hibernian Credit Union (2008), always maintaining focus on member benefit. The credit union ranked in customer satisfaction and maintains the same government guarantees as traditional banks while offering more personalized service.

Question 7

What type of financial institution is Community First Credit Union?

Accepted Answer

Community First Credit Union operates as a customer-owned mutual bank (also operating under the credit union designation). As an Authorised Deposit-Taking Institution (ADI), Community First is regulated by APRA to the same strict prudential standards as all Australian banks. All deposits up to $250,000 are protected by the Australian Government's Financial Claims Scheme, providing members with the same security as traditional banks. In the mutual banking model, members are owners, and the institution operates for their benefit rather than external shareholder profit.

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