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This year marks a major milestone in the history of Family First Credit Union - In 2017 we celebrate 50 years in business

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At 7.30pm on 17 July 1967, in a canteen at the Small Arms Factory in Lithgow, a number of employees were meeting with the intention of forming a credit union for the benefits of the workers of the Small Arms Factory. From this meeting, some 50 years ago, the Small Arms Factory Employees (SAFE) Credit Union was born.


From these humble beginnings, 50 years on, we now have an operation that:


(a) has $125 million in assets

(b) has 4 branches in Lithgow, Mudgee, Blackheath and Bathurst

(c) employs over 20 people within these 4 communities

(d) looks after the financial needs of almost 10,000 members

(e) gives away approximately $30,000 in community support grants and social dividends annually


In addition to this we also celebrate 20 years as Family First Credit Union after name changes from Small Arms Factory Employees (SAFE) Credit Union (1967 to 1975) and Lithgow Mutual Credit Union (1975 to 1997).


It is right that we celebrate the achievements of Family First Credit Union established over the 50 years of its operations however also take the opportunity to thank all those that have contributed to its successes, namely staff who have worked hard over the years in delivering professional and friendly service over the years, directors who have served on the board setting great strategic direction for the organisation, and lastly but not least, the members who have supported the credit union by their loyalty and by trusting Family First Credit Union to provide them with their financial needs.


Well done to all .... and happy birthday Family First Credit Union !!!




Important Compliance Information Notice to Members

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Please find following some important compliance information for members concerning rate and fee changes to take effect from 1 July 2017:


Savings Accounts

 Effective 1 July 2017

 S5 Over 55s Account

                                                                 From                     To


Rate Thru            $48,600                 1.00%                    0.50%   

Rate Above        $48,600                 2.25%                    1.75%


Loan Accounts

The following changes apply to Investment Loans only

 New investment loans effective 1 July 2017

                                                                 From                     To


Standard Variable                            4.99%                    5.25%

12 Month Discount Only               3.99%                    4.75%

 24 Month Discounted Product to be withdrawn for investment loans

                                                                 From                     To


1 Year Fixed Rate                             4.29%                    4.55%

2 Year Fixed Rate                             4.39%                    4.65%

3 Year Fixed Rate                             4.49%                    4.75%


All existing Investment Loans will attract the revised pricing in line with the above and their individual loan contracts from 1 August 2017.

 For the immediate future, investment loans will not be available to new members.

 Offset facilities will not be available on investment purpose loans for new loans.


Bridging Loans / Construction Loans


No discounts are to apply to either interest only construction loans and interest only bridging finance throughout either the period of construction or the period the sale of the property occurs (12 months maximum). Upon finalisation of the interest only period, members may be able to negotiate rates accordingly for the remainder of their loan term.



Blackheath Branch - Temporary Change to Operating Hours

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Effective Tuesday 8th August 2017 we will temporarily be changing the operating hours of our Blackheath Branch as we recruit and train new staff. Please see the information below.

We apologise for any inconvenience this may cause. It is very important to us that we properly train the staff that will be serving you, and appreciate your understanding and continued support during this transitional period.


Hours of Operation

  • Monday: 10.00am - 3.00pm
  • Tuesday: 10.00am - 3.00pm
  • Wednesday: 10.00am - 3.00pm
  • Thursday: 9.00am - 5.00pm (closed for lunch 1.00pm - 1.40pm)
  • Friday: 10.00am - 3.00pm


Alternative Contacts


As widely expected, the RBA leaves cash rates on hold at their August 2017 Board meeting marking 1 year since rates last fell

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Cash Rate August 2017

As expected, the Reserve Bank of Australia (RBA) has again left the official cash rate on hold at 1.5 per cent, marking one year since the last move. This decision comes ahead of the release of the bank’s Quarterly Statement on Monetary Policy (SoMP) this Friday.

The rates have not moved since 3 August 2016 when rates were cut significantly and today’s announcement has researchers and economists alike noting that any rate movements in the immediate future are deemed as unlikely. Tim Lawless, head of research at CoreLogic, has said that not only have any chances of a rate cut diminished, but any suggestion of rate increase may be some way off as well with financial markets indicating the cash rate won’t rise until late 2018.

RBA governor Philip Lowe said that the recent increase in the Australian dollar poses a threat in that it is hurting job creation and economic activity. However, despite this warning the bank’s forecasts remain largely unchanged suggesting there will be no major surprises to markets with the SoMP.

Though the bank did provide largely optimistic commentary on current economic conditions, it did continue to express uncertainty about the outlook for household consumption which is the largest part of the Australian economy at just under 60%. Retail sales have increased however, a slow growth in real wages and high level of household debt are likely a cause for constraint in the growth of spending.

Given the importance placed on the outlook for household spending, the bank’s comments suggest that upcoming labour market data will remain an important consideration in the outlook for interest rate settings moving forward.

Further clarification of the RBA’s outlook is expected with the SoMP release on Friday.

If you have any questions about how this may affect you, please get in touch today.