The prime purpose of this organisation is to help one another, and it is deeply gratifying to see this principle in operation. To see those among us, who for any number of reasons, have found themselves in financial difficulties with literally no avenue for relief, suddenly find the solution to their dilemma is far more rewarding than any result measured in terms of dollars and cents – Les Alchin, Founding Director Small Arms Factory Employees (SAFE) Credit Union, 1968
Family First Credit Union is a Lithgow institution. For those outside of NSW, Lithgow is a town of around 11,000 people on the plains just to the west of the Blue Mountains. For a long time a coal mining and steel district, Lithgow is also home to the Lithgow Small Arms Factory where Family First Credit Union was formed (it is also the hometown of sports commentator and raconteur, ‘Rampaging’ Roy Slaven, partner of HG Nelson).
At the time of the establishment of SAFE Credit Union in the late 1960s, many of the people of Lithgow were aware of credit unions as there were two operating nearby – Wallerawang Power Station Credit Union and Newcom Colliery Employees Credit Union (both long since merged with other mutuals).
So, it is not surprising to find among their early records the following, “the question was often asked amongst the employees of the Small Arms Factory, Lithgow, ‘Why do we not have a participating credit union?’”.
The above is from the credit union’s first meeting minutes, a meeting to which all SAF employees were invited at 7:30pm in the factory canteen on 17th July 1967 under the guidance of the NSW Credit Union League (NSWCUL).
The meeting was successful in establishing a credit union which was initially heavily dependent upon the work of the first elected board of ten directors who were responsible for signing up new members, processing deposits and withdrawals and conducting loan interviews.
Nevertheless, after a week the credit union had signed up 35 members with a loan limit of $200 lent at an interest rate of 1% per month.
It took less than 10 years to gain a membership of 1000 (bear in mind the town’s population) and by 1980/1981 the credit union had surpassed $2 million in assets.
Of course, it has not all been plain sailing for Family First, as can be read in their history book, Family First – Celebrating 50 years, which was published in 2017 and several copies of which are held in our collection.
Today, Family First Credit Union has branches in Lithgow, Bathurst, Blackheath and Mudgee as well as a Lending and Investments Centre in Lithgow.
Family First Credit Union Timeline
30/06/1967 - Registered - SAF Employees Credit Union Limited
10/10/1975 - Name changed to Lithgow Mutual Credit Union
29/07/1977 - Accepted engagements of Hartley Local Government Employees Credit Union
07/04/1978 - Accepted engagements of The Lithgow Store Credit Union
01/01/1998 - Name changed to Family First Credit Union
The above information was sourced from records in the Australian Mutuals History collection.
