In the late 1950s staff of the Metropolitan Water Sewerage and Drainage Board became interested in forming a credit union.  This interest was stimulated by a number of factors, including the fact that several employees or their families were already involved with the credit union movement.

A small meeting at lunch time in July 1959 learnt how a credit union operated and following that meeting a steering committee was established to proceed towards forming a credit union. The original steering committee comprised Eric Lukeman, Henry Binet, Bill Howe, Ron Birch, Paul Bounds and Gordon Dodd.

The formation meeting was held on 9 August 1959, with an attendance of 70 people.  63 of those in attendance signed up as members of the credit union.  The Sydney Water Board Officers' Credit Union was registered on 21 August 1959.    The Board met for the first time on 26th August 1959.

Founding directors Bill Howe and Ron Birch both participated in an oral history interview on 5 July 1987 in which they discussed the early days of the credit union (tape held by Australian Mutuals History). They note that one of the best decisions in the early days was electing Eric Lukeman as the first chairman of the Board (because of his contacts in the Water Board, good standing and his determination).

The work of the credit union initially took place in the cafeteria until 1961 when office space was allocated and three part time staff attended to the members on two days of pay week.  In 1966 Paul Bounds became the full time manager of the credit union.

On 24 October 1967 the credit union was renamed Sydney Water Board Employees' Credit Union. And in 1968 the credit union purchased Co-operation House, 125 Bathurst Street from the N.S.W. Permanent Building Society, and the credit union was run from there.

In 1972 the credit union participated in a member area centre at Bankstown Square in conjunction with the Postal Technicians and State Works Credit Unions enabling members and their families to use the service if more convenient than the City office.  Area offices and centres followed at Liverpool, Penrith and Wollongong.

In May 1974 a Special meeting changed the name of the organisation to SWB Family Credit Union. On 4 July 1983 the Credit Union was renamed SWB Community Credit Union.

During 1974 to 1990 the credit union grew and accepted engagements from Trans-Air Credit Union (March 1974), Glass Containers Employees Credit Union (November 1974), Sterlec Employees' Credit Union (April 1975), Martin Wells Employees Credit Union (August 1980), Amoco Employees Credit Union Limited (June 1984), Woolbrokers and Trustees Staffs Credit Union Limited (July 1986), Muniff Credit Union Limited (June 1990).

The credit union was renamed Community First Credit Union Limited at a Special General Meeting on 2 July 1993.  The credit union still operates under that name today.