The grinding and metal shavings means a brake job, The break shoes have worn down and now the brake rotor is getting worn down, Hopefully the "Cheap solution" would be if they only had to put pads on, But if they have to put new rotors on you can expect several hundred dollars which is what it sounds like, I'm pretty sure if you take it in they will tell you the same thing after evaluating it. Please keep us updated on the evaluation and costs.Thanks.

sounds like you need to replace the pads at the very least

given the ongoing noise and shavings youve likely damaged the existing caliper and disk aswell

anyway

the easiest and cheapest fix is to visit a wreckers

remove an entire caliper from a compatible vehicle - AU Falcon should be the same

if theres a few vehicles look for one that has newer or replaced calipers and of course good pads

ideally, do both front calipers

return home and swap it over

its truly not that hard with a basic tool kit

you certainly cant leave it as it is

Time for pads and rotor replacement. if it has been a month you are close to brake caliper failure I would have it checked immediately

put the car into reverse, turn the wheel all the way ether side without using brake and see if you still hear the grinding. could be 1) axel bearing, 2) hub bering. and since you have it off ground check brakes

There are no " cheap OPTIONS ". A reputable auto tech is your cheap option. You are not qualified. And you are putting others in harms way.Do the right thing or don't drive car with out proper repairs.

Breaks

pads now before you drive at over 30 again. The damaged disc rotors will wear them faster then normal so if you want a cheap fix without new ones, take them off and belt sand them smooth. But new ones asap.

Pads and rotors for sure, calipers will be OK until rotor gets so thin the piston comes out of the bore. Rotors and pads from auto parts store should be around $70. If you go to junkyard, similar year Granada, Monarch or Marquis will work. Take old parts and match them up.

I drive a 2000 ford Fairmont and about a month back it started making a loud grinding noise when i braked and accelerated. only when i get to around 70kmp/h the sound goes away. I have taken the wheel off and there were metal shavings surround the rear of the brake calipar and disc. There was also rust powder but i don't think that means much. I am pretty broke so any cheap options would be most suited