Laboratories Credit Union Limited

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International Credit Union (ICU) Day celebrates the history and achievements of the credit union movement around the world. 

This year we thought we would share a brief history of our credit union which recently appeared in our local paper:

Local credit union serving the community for 65 years

Laboratories Credit Union (LCU) was founded in 1954 by a group of CSIRO employees who formed the credit union with the aim of helping staff to gain access to finance. Back in those days the loans were generally of small value and were for things like the purchase of white goods. Over the years the credit union has grown and has been offering home loans since the late 1980s and now provides a full range of banking products to all members.

From humble beginnings in an admin office at Sydney University, LCU has grown to 3,300 members and $195 million assets under management. Since 1987, head office has been located at Delhi Rd North Ryde which was owned by CSIRO and has since developed into The Riverside Corporate Park.

Leanne Harris, General Manager of LCU, said she was very proud of LCU’s heritage and the exceptional service they provide to members along with their community involvement.

“LCU provides a Tertiary Scholarship programme where a number of scholarships are awarded to the children or grandchildren of our members who may be school leavers entering university or students who have completed a trade or certificate course. The LCU Scholarship program has been in effect for over 25 years and has awarded over $250,000 during this time”. LCU is also a proud supporter of the CSIRO Alumni Scholarship in Physics.

The main principle behind a credit union is that every customer is an equal shareholder in the business, and the profits go back to providing quality products, better rates, fewer fees, fantastic service as well as community engagement projects. Every member can have a say in the governance of the organisation through the election of the board of directors. Plus they also come under the same legislation and regulators (APRA, ASIC, AUSTRAC, etc) as banks across Australia.

While LCU’s heritage is firmly linked to CSIRO and their family and friends, they are open to membership from anyone living in the northern Sydney suburbs or people who work for STEM organisations.

Enquire Call 02 9859 0585

Find out more about us including why you should join your local credit union and some testimonials from our current members