First to find
A First to Find (or FTF) occurs when you are the first person who finds the cache.
The kudos for being First to Find occurs as soon as you find the cache first.
The statistic for a First to Find does not occur automatically.
You can claim a First to Find at Geocaching Australia by selecting the First to Find link under the Actions list on the right hand side of the cache page. This will add your First to Find claim to the database.
In your log at Geocaching.com you can also add the string *FTF* (include asterisks, case insensitive) and when your log makes its way to Geocaching Australia, the site will add your FTF record.
There is nothing to stop you claiming a First to Find on a cache that you did not actually find first, but if you do claim a First to Find on a cache you didn't find first, then be prepared to bear the scorn of your fellow cachers.
There is no additional kudos for claiming a First to Find. It's a statistics thing.