Ford Australia introduced some local design changes to the Falcon XL in early 1962, such as a heavier suspension system with components from the Fairlane. Also, the appearance has changed with a new Thunderbird roofline. The slogan is 'Trim, Taut, Terrific'. New for the XL series are the top of the range Falcon Futura Sedan and the Falcon Squire Station Wagon, the latter featuring simulated woodgrain exterior side and tailgate paneling.
In May 1962, the smaller 1962 US Fairlane 500 sedan was introduced as the FB model and a 221-cubic-inch (3.62 L) Windsor V8 was fitted in lieu of the 332. Although classified as an intermediate sized car in the United States, the new model was referred to in Australia as the "compact" Fairlane. The new model, which was assembled in Ford Australia's Homebush plant in Sydney, New South Wales, was £200 cheaper than its predecessor at £2,000. 1,632 examples were produced.

Falcon Futura

Falcon De Luxe

Falcon De Luxe

Falcon Squire