Going to add my two cents worth here. I did Further Mathematics last year and seeing how you got 94% for your first SAC, that is a very good start. Generally, to get a 40 study score and above raw, you will probably need one or more A+'s. I'll list down my results from last year to give you a general idea (I didn't do that well, so I was surprised at my end result)
Unit 3
SAC 1 [data analysis]: 91%
SAC 2 [financial & recursion modelling: 54%
(the above sac was moderated up internally)
Unit 4
SAC 1 [graphs and relations]: 88%
SAC 2 [matrices]: 48%
As you can see, I didn't do well for two of the SACs, namely financial and recursion modelling, and matrices, which were my weakest topics. However, I did start to work harder for the exam, brushing up on these weakest areas to at least get above 30 [I had little hope of getting a high raw study score]
Final Letter Grades and Raw Study Score
GA1: A
GA2: A
GA3: A
Final Study Score: 37 - will scale down to a 35
I did better in my exam which resulted in the A's in both papers and my SACs were moderated up because my cohort was relatively strong and I do think my ranking was not as bad as I had thought it out to be. [Imagine my surprise when I expected a 25 but got 37]
Another person's results:
SACs:
mostly ranged from 86% to high 90s
Letter Grades and Final Raw Study Score
GA1: A+
GA2: A+
GA3: A+
Final Study Score: 50
This girl was from the same class as I was and a really good friend. I was genuinely happy for her. I don't know why she was surprised.
Do note that your school and your cohort does play a part in all of this, if everybody does well in the exam, your SAC scores will most probably, note the most probably, scale up.
I was in Year 11 last year and among the many Year 11s that took early VCE Further, around 5 got perfect study scores.
Ending note:
I do believe you will be able to ge a study score of 40 and above, just work hard! You'll be able to do it!