Office address: 111 Collingwood Street, Hamilton Central, Hamilton 3204
Website: firstcreditunion.co.nz
Year established: 1955
Company type: financial services
Employees: 110+
Expertise: savings accounts, personal loans, home loans, insurance, digital banking, community support, financial education, term deposits, member services, lending solutions
Parent company: N/A
Key people: Simon Scott (CEO); Judith Taane (chair); Malcolm Blair (deputy chair); Peter Iles, Rob Pascoe, Phil Todd and Leaupepe Drent (directors)
Financing status: corporation (member-owned)
First Credit Union is a member-owned cooperative that has supported New Zealanders for more than 70 years. It provides savings, personal and home loans, plus insurance through First Insurance Limited. The credit union is recognised for its community involvement and commitment to fair, accessible banking.
First Credit Union was founded in 1955 in Hamilton as St Mary’s Credit Union, drawing inspiration from the worldwide credit union movement. Created as a member-owned cooperative, it set out to provide fair financial services and give every member an equal vote.
From just 20 members, it has grown to serve over 60,000. Here’s a quick look at First Credit Union’s history:
In 2025, First Credit Union celebrated its 70th anniversary by donating $70,000 to local food banks and charities. The team continues to give back and help make a difference.
First Credit Union supports members with a range of home loan options designed to make buying a home easier. The credit union focuses on fair lending, flexible terms and helping members reach their property goals. Here are the credit union’s main home loan products and services:
home loans: mortgage loans for buying or refinancing property, up to 40 years, usually repaid in 20–25 years
fixed rate home loans: set interest rate for a chosen period, providing certainty for repayments
floating rate home loans: variable interest rate that can change with the market, offering flexibility
low deposit home loans: options for members with less than a 20% deposit, subject to lending criteria
pre-approval service: members can get pre-approved to know their budget before house hunting
loan protection insurance: insurance cover for home loan borrowers through First Insurance Limited
flexible repayment options: choose weekly, fortnightly or monthly repayments to suit personal needs
support for first home buyers: guidance and lending options tailored for those entering the property market
First Credit Union offers competitive rates and considers applications with smaller deposits. Members can access pre-approval to plan confidently. The credit union aims to make home ownership possible for more people, even if they do not meet standard bank deposit requirements.
First Credit Union values giving back and supporting the communities it serves. The team believes in ‘people helping people’ and encourages saving through regular engagement.
Staff often volunteer, run school banking and back local groups to make a difference. Their community approach is shown through sponsorships that focus on these aims:
community engagement: support for events and groups that benefit local people
values and vision: sponsorships that reflect the credit union’s core beliefs
awareness: efforts that introduce First Credit Union to a wider audience
employee connection: ways for staff to engage with local communities through participation
On its 70th anniversary, staff from across the organisation volunteered in their communities to celebrate. Chief Executive Simon Scott shared that teams embraced giving back to support local people.
Simon Scott is chief executive of First Credit Union and joined the Financial Services Federation Executive Committee in 2023. He also spent over 26 years at Bogers Scott Shortland, first as a partner and later as a consultant. Simon holds a BA and LLB in Law from the University of Waikato.
The board brings a wide range of experience and guides the credit union’s direction:
Judith Taane serves as chair, leading since 2007 and deputy chair of First Insurance Limited
Malcolm Blair acts as deputy chair, director since 2015 and former chair of United Credit Union
Peter Iles is a director; he joined in 1990 and chairs the Health & Safety Committee
Rob Pascoe works as director; he is a fellow of Chartered Accountants and chairs the Audit & Risk Committee
Phil Todd serves as director and has been a member of the Audit & Risk Committee since 2018
Leaupepe (Rachel) Drent is a director, CEO of Kaute Pasifika and director since 2022
The board is elected by members and oversees governance and strategy. All decisions are guided by what benefits members most.
In 2025, First Credit Union upgraded its Rotorua branch to better serve members and improve the space for staff. By downsizing and redesigning the branch, the credit union created a fresh, modern environment while making more efficient use of the building.
This investment supported a better experience for members and staff. The changes helped First Credit Union meet local needs and maintain strong support for the Rotorua community. Moving forward, the upgraded branch positions the credit union to deliver even better service as the region grows.
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