M.M.B.W. [Melbourne Metropolitan Board of Works] Employees Credit Co-Operative Limited was registered on 10 July 1975.  The Registered Office was at 601 Little Collins Street, Melbourne.

The first staff were Ian Smyth, Manager and Esther Chris, Clerical Assistant and a third staff member was appointed within the first year of operation.

In its third year the credit union embraced housing loans, target savings and instant loans and the following year a travel service commenced.  In 1979, Mr A.W. Hoare replaced Ian Smyth as Manager and remained in office later becoming General Manager and Chief Executive Officer until 2005.

At the 10th annual meeting held on 26 June 1985 the members voted to extend the bond to include plumbers, members of the Master Plumbers Association and employees of firms that contract to the Melbourne Metropolitan Board of Works.

On 1 August 1986 the credit union was renamed Metro Credit Co-Operative Ltd. In 1991 the bond was further extended to include local government employees in Victoria.

The credit union expanded through accepting engagements of PASE Credit Co-Operative (1 September 1991), Mitcham Credit Union Co-Operative (1 December 1991), Coinsco Co-Operative Credit Union (1 July 1992), Maritime Co-Operative Limited (also on 1 July 1992), Teachers Credit Union Co-Operative Limited (1 October 1993) and Blackburn Co-Operative Credit Society Limited (1 November 1993).

In February 1995 the Melbourne office transferred to 231 Bourke Street (see picture below). In 1997 Melbourne Credit Union opened an office in the Sydney Commercial Business District with the focus on ‘securitised’ home loans.

On 31 March 1996, the credit union was re-named Melbourne Credit Union.  On 9 December 2003 the Credit Union's name was altered again to Credit Union Home Loans Australia Limited to better reflect the direction of the business. Credit Union Home Loans Australia Ltd merged with Austral Credit Union on 1 April 2006.