My Future by Year 12 student Olivia De Jonge and Milk by fellow Year 12 students India Stewart and Sarah Ghossein were among 200 entries across Australia in the awards.
The finalists will be flown to Brisbane for the awards ceremony on November 28, when the winner will be announced.
Olivia recently appeared in the M. Night Shyamalan movie The Visit and in the ABC series The Hiding.
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READ NOWShe will start work on Sydney-based movie Safe Neighbourhood in January.
“We were all surprised to be named as finalists in BUFTA,” Olivia said.
“My film is a poetic documentary about the anxieties of growing up in today’s society.
“It was a great experience and fun but really hard; it was a big learning curve.”
Milk is a dark comedy about a young boy suffering from a milk addiction, starring Scotch College student Charlie Tesser.
All three students said they planned to continue studying or working in film after school.