The 14-year-old was initially arrested in Blackburn, Lancashire earlier this month, after British police examined his electronic devices. Greater Manchester Police say they found evidence of "communication" between him and 18-year-old Australian Sevdet Besim, about "what we believe is a credible terrorist threat".
They immediately re-arrested the boy and tipped off their Australian counterparts.
In Melbourne, police said they had charged a third man, named by local media as 18-year-old Harun Causevic, with conspiring to commit terrorist acts.
He appeared in Melbourne Magistrates Court yesterday. Besim - who, like Causevic, has been in custody since Saturday - has already been charged with the same offences.
And a third man, aged 19, has been charged with weapons offences but released on bail.
According to Australian media, police are investigating suspected links between the young men and Neil Prakash, 23, an Australian jihadist regarded by counter-terrorism experts as Isis' chief recruiter of Australians.
Prakash, 23, is reportedly an Islamic convert of Fijian-Indian and Cambodian background who has been in Syria since early 2013.
The five teenagers now under scrutiny were also associates of Abdul Numan Haider, the 19-year-old shot dead by police last September after he stabbed two officers outside a Melbourne police station.