Chaney was born in Fremantle, Western Australia and educated in state and Catholic schools. As a result of his sporting ability he won a scholarship to attend Christian Brothers' College, Perth. He taught in state schools from 1932 and married Mavis, a fellow teacher, in 1938. In 1941, he enlisted in the Royal Australian Air Force as a pilot and flying instructor and served in Australia, New Guinea and Borneo and was awarded the Air Force Cross. Chaney and his wife had four sons (including Fred, a deputy leader of the Liberal Party; Michael, a businessman; and John, a judge) and three daughters.[2][3]