Connect First Credit Union, Explained
Connect First is a Calgary-born, member-owned credit union — and since 2024 it’s part of one of Canada’s largest credit unions after merging with Servus. Here’s the story, what it means for your mortgage, and the honest truth about credit unions and the stress test.
Who is Connect First?
Connect First Credit Union was created in 2021 through the amalgamation of several established southern-Alberta credit unions, including First Calgary Financial and Chinook Financial. Rooted in Calgary and the surrounding region, it operates on the member-owned co-operative model — owned by the members it serves rather than outside shareholders — and continues to run community brands familiar to many Albertans.
The merger with Servus
In November 2023, Connect First members voted in favour of joining forces with Servus Credit Union. The two merged on May 1, 2024, creating Connect First and Servus Credit Union Ltd. — among the largest credit unions in Canada. The goal was scale: a co-operative big enough to compete with the major banks while keeping the local, member-first feel. Both the Connect First and Servus brands continue to serve members across the province.
Do credit unions like Connect First skip the stress test?
It’s a common assumption, so here’s the honest answer. As a provincially regulated credit union, Connect First isn’t directly bound by the federal (OSFI) stress test the way the big banks are. In practice, though, it generally applies the same qualifying standards, because credit unions fund and de-risk their mortgages through federally regulated channels — securitizing through regulated programs or insuring with regulated insurers like CMHC. So a credit union is not a dependable way around the stress test. It’s a different ownership model and member experience — not a regulatory loophole.
Connect First’s mortgage options
| Product | What it is | Best for |
|---|---|---|
| Fixed-rate mortgage | Rate locked for the whole term | Predictable payments |
| Variable-rate mortgage | Rate moves with prime | Comfort with some rate movement |
| Home equity line of credit | Revolving credit secured on your home | Tapping equity over time |
How a Calgary mortgage broker helps
A local credit union can be a great fit — but it’s one option among many. Here’s what an independent broker adds:
- We can place your mortgage through the Connect First and Servus broker channel and put it head-to-head against 30+ other lenders at once.
- We weigh rate, penalty structure and prepayment terms, not just the headline number.
- We tell you honestly when a credit union is your best fit — and when it isn’t.
- It’s free, with no credit hit to start and no obligation.
Mortgage Application
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- 2-minute form
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Frequently asked questions
Is Connect First the same as Servus now?
What credit unions formed Connect First?
Do Connect First mortgages skip the stress test?
Can a broker help with a credit-union mortgage?
Weighing a credit-union mortgage? Let’s compare it
We’ll place your Connect First mortgage and benchmark it against 30+ lenders so you can decide with the full picture. Apply online in about two minutes, or book a no-pressure discovery call.
Free · No credit check to start · No obligationThis article is general information, not financial, mortgage or legal advice. Lender products, rates, features and penalty structures vary, are subject to change and depend on lender approval. Connect First and Servus Credit Union is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.