Th link you gave is Section 2 of the Act which merely defines what a family home is.
Section 3 of the Act, (as amended by section 54 of Family Law Act 1995)
"Provides that where a spouse, without the prior consent in writing of the other spouse, purports to convoy any interest in the family home to any person except the other spouse then, subject to stated exceptions, the purported conveyance shall be void. A conveyance shall not be deemed void until so declared by a court." Nester's Family Law
You should encourage your friend to seek independent legal advice before she signs her signature to this document. If she signs and her partner runs into financial difficulty with the investment properties she would be at risk of losing her home. Under the terms of The Family Home Protection Act, she will not lose her home if she refuses to sign this document.