It was the fourth significantly updated iteration of the fifth generation of the Falcon and also included the luxury-oriented Ford Fairmont (EF).

[1] The EF Series also saw the first use of polycarbonate headlight lenses instead of glass, saving weight and gaining shatter resistance.

GLi models were available in sedan and wagon versions and offered 15-inch wheels, body-coloured front and rear bumpers except insert mouldings, drivers airbag as standard, and the 5-speed manual was standard with 4.0-litre SOHC (single over head cam) inline six-cylinder, while a 5.0-litre V8 and four-speed automatic was optional.

The Futura was feature-rich, having front power windows, cruise control, ABS, rear headrests, interior map pockets standard, map lights, six-speaker audio system (six-stacker optional), a digital clock, variable intermittent wipers, fold-out rear-seat armrest and interior grab handles.

[4] All of the base models offered an optional Tickford body kit, boot mounted spoiler with integrated stop light, a choice of 15- or 16-inch alloy wheels, six-stacker CD player (except GLi), disabled drivers pack and airbag compatible 'Smart Bar' bull-bar.

Both XR6 and XR8 had bold exterior styling similar to previous XR Falcons, featuring twin headlamps and red or black bumper strips (depending on the body colour) and unique 15-inch alloy wheels.

[5] All XR models had the features of the Futura plus their own features, including Tickford reprogrammed gear changes for the electronically controlled four-speed auto, Tickford developed sports suspension which included lower springs and upgraded swaybars, rear spoiler with built-in brake light standard on both wagons and sedans (rear-window-mounted stop light still present but disabled), limited slip differential standard with a lower ratio for increased acceleration, adjustable see-through sports front and rear headrests, 'Sports' front bucket seats with side bolsters, oil pressure and battery voltage gauges, 'Charcoal' leather-wrapped steering wheel, low oil pressure and washer fluid low warning lights, dual horn note.