When LCU was established, banking services were only provided for NSW residents who worked for CSIRO, but by 1987 the LCU Board had decided to allow all CSIRO staff family members to use LCU as their banking institution. Shortly after this, it was agreed to also broaden the membership base to those who had ties to Science Technology, Engineering and Mathematics (STEM) Companies, the local people Living in Northern Sydney suburbs and all CSIRO staff members and their family and friends.
Now in 2024, membership is open to all Australians who want competitive, flexible and innovative loans and deposit products.
LCU started with small loans of up to £250 to any one member over a maximum of 3 years. By 1968, total loans written had passed the $1 million mark. At 30 June 2024, total loans have grown to $192.5 million.
In July 1958, it also became possible for LCU to accept money on deposit up to a limit of £1,000 as distinct from issuing shares. In 1981, the Board agreed to accept money as fixed term deposits with a limit of $500,000. At 30 June 2024, total deposits have grown to $248.6 million.
By the third decade since its inception, LCU began to establish a firm basis on which it would be able to represent itself as a financial institution able to offer its members products and services that allowed it to be a viable alternative to banks, building societies and other similar bodies.
By 1994, LCU’s total assets were $18.6 million, and members had grown to 2,150. By 2020 LCU’s asset base had reached just over $200 million and at 30 June 2024, only 4 years later, our asset base has increased to over $269M and our member base has grown to 3,327.
Interestingly, in July 1969, LCU became one of the first credit unions in Australia to transfer its records to computer. That began the modernisation of the technology that LCU employs to support our members managing their finances which involved the launch of a new website, Internet banking platform, mobile banking App and online membership and loan application capability.
Over the past 70 years, LCU’s focus on continuous development has ensured increased engagement with new and current members, the ongoing provision of competitive interfaces, products and services, and continued excellence in customer service to all of our valued members.
