The Herald Employees Credit Co-operative (VIC) was established on 30 January 1969.  Its membership was open to the employees of The Herald and Weekly Times Limited (and subsidiary companies) and the spouse of members.

It is interesting to note that credit unions were also formed in a number of other newspaper companies around Australia. These included the Advertiser Employees Credit Union Limited (SA), Newcastle Sun-Herald Employees Credit Union Limited (NSW) and the Herald-Sun Staff Credit Union Limited (NSW).

The membership of the Herald Employees Credit Co-operative grew steadily in the early years (from 813 in 1969 to 2,448 in 1975). In 1984 the Co-operative accepted engagements of Collins Credit Union Co-operative Limited.

By 1988 the Co-operative had been re-named Herald Credit Co-operative Limited.  Restructuring of the media industry in 1987- 1988 impacted the credit union and resulted in a steep rise in bad and doubtful debts and a decrease in membership. Despite this two mergers occurred in 1994.  On 1 February 1994 the engagements of Westgate Credit Co-operative were accepted and in December 1994 those of the small Sandringham Credit Co-operative Ltd were accepted.

On 31 January 2000 Herald Credit Co-Operative Ltd merged with Arlem Credit Co-operative and, further, on 1 November 2000 merged with Austral Credit Union and was re-named Herald Austral Credit Co-operative. It later become Austral Credit Union.

On 11 November 2003 Austral Credit Union accepted the engagements of The Scallop Credit Union, and on 1 April 2006 Credit Union Home Loans Australia Ltd merged with Austral Credit Union. Finally, Austral Credit Union merged with Savings and Loans (SA) Ltd on 1 November 2008.