member choice credit union
History of mccu
People’s Choice traces its origins to 1949 and since then has evolved through a number of mergers including with the Northern Territory Credit Union.
In August 2009, Australian Central Credit Union and Savings & Loans announced plans for a merger which was completed in December 2009. Savings and Loans Credit Union commenced in 1949 as the South Australian Public Service Savings and Loans Society. By the time of the merger with Australian Central Credit Union, Savings and Loans had merged with a number of smaller credit unions. Including, SAGASCO Employees’ CU, Warwick Co-Operative CU and the SAATB CU. In 1992 regulations under the Credit Union Act required that the words “credit union” were present in the official title, a number of options including Premier, capital and Horizon were discussed, at a Special General Meeting in 1994 the name Savings and Loans Credit Union (SA) Ltd was approved. In 2005 Savings and Loans merged with the NSW NRMA Employees’ Credit Union, and in 2008 Austral Credit Union merged with Savings and Loans CU. 
Members then voted to change the name of the new organization to People’s Choice Credit Union which was adopted on 18 July 2011.
In August 2021, People’s Choice Credit Union entered into discussions with Heritage Bank about a potential merger, and in April 2022 both companies announced that they planned to merge, subject to a vote of the membership.
Structure and regulation
People’s Choice is a credit union, a member-owned structure where its customers are also shareholders.
People’s Choice completed a $650 million offering of residential mortgage-backed securities (RMBS) in 2019. The offering was launched at $500 million but was extended to $650 million after receiving $1.4 million in bids. Light Trust 2019-1 was priced at 102 basis points above the 1-month Bank Bill Swap Rate.
Indexing data to guide home buyers
People’s Choice has developed an index of housing affordability and livability to help people looking to buy a house. The People’s Choice of Housing analyses suburbs to determine whether a financial institution is likely to lend to a couple on ordinary income and expenses interested in a median-priced home in that suburb (serviceability), the cost of buying that home (affordability). It also provides a series of factors summarizing whether people are likely to want to live in that suburb (livability).
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