Recently the speed sensor on the transmission failed leaving me with no speedometer. Not long before that the power steering pressure sensor started leaking loosing all power steering fluid.
I am told that these two items are common faults in the EF/EL models, luckily they are not very expensive and I was able to replace both items myself.
From my experience the EF Fairmont Ghia is a very reliable car. I myself give this car a very hard time and it has never let me down. My car has been heavily modified for performance and has 130KW at the rear wheels. But just like every EF Falcon / Fairmont its steering is a touch sloppy on the road.
The steering on you car is probably sloppy because the steering rack has done 180'000km of hard work, which is more than enough to wear out a rack. Try getting a rebuilt rack and ask for it to be extra tight and you won't have sloppy steering anymore. I have an EF Fairmont, and have replaced all my steering, I. E - Rack, pump, pressure lines, tie rod ends and its perfect! Also having ball joints upper and lower in good condition also helps!
Have you got Camber/Castor kits?? They also make a huge difference! Regards.