Credit unions are mutually owned financial institutions and their first point of business is to serve their members rather than to maximize profits.

There are 71 credit unions in Australia as of February 2016. Australian credit unions collectively hold over $45 billion in assets, employ over 7,000 people and serve more than 3.5 million customers. The credit unions have approximately 900 branches across the country, although New South Wales is home to the bulk of these with about 45% of all branches. The two major players in the sector are Credit Union Australia and Australian Central Credit Union (trading as People's Choice Credit Union). Credit unions provide a full range of banking products and services including personal and home loans, deposits, credit and debit cards, life and general insurance, internet banking and payment services. Typically, credit unions charge less than the major banks in loan interest and offers attractive deposit rates.

Top Credit Unions in Australia

Rank Name State Assets (A$m, 2015 FY) Deposits (A$m, 2015 FY)
1 Credit Union Australia QLD 11,990 7,780
2 People's Choice Credit Union SA 6,895 4,986
3 Qantas Credit Union NSW 3,127 2,820
4 Bananacoast Community Credit Union NSW 1,463 1,304
5 Queensland Country Credit Union QLD 1,205 1,075
6 Community Mutual Ltd NSW 1,084 947.938
7 Australian Defence Credit Union (ADCU) NSW 1,069 911.916
8 Gateway Credit Union NSW 1,046 702.453
9 Credit Union SA SA 877.497 781.558
10 Maritime, Mining & Power Credit Union NSW 815.371 719.044
11 Sydney Credit Union NSW 810.311 722.218
12 Police Credit Union Limited SA 777.960 697.173
13 Community First Credit Union NSW 764.667 689.015
14 Queensland Police Credit Union QLD 656.759 564.805
15 Summerland Credit Union NSW 602.787 538.329
16 Railways Credit Union
(now MOVE | People Driven Banking)
QLD 590.691 529.705
17 Community Alliance Credit Union NSW 541.061 495.842
18 Holiday Coast Credit Union NSW 527.900 481.500
19 WAW Credit Union Co-operative VIC 407.985 377.428
20 Southern Cross Credit Union (SCCU) NSW 376.400 327.027
21 Select Credit Union NSW 334.293 290.328
22 Queenslanders Credit Union Limited QLD 332.064 287.487