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New Contributor
New Contributor

Phone Contract Ending What Happens? help

I am just planning ahead but my IPhone 8 Plus contract ends next year I just want to know what’s going to happen because I am

not paying for the phone and have to hand it back in the end so I would like to know what I could do next year?

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Respected Contributor
Respected Contributor

Re: Phone Contract Ending What Happens? help

If you signed up to a LEASE plan then you either give the phone back or pay its market value to Optus. 

 

If your not on a lease plan then you will be paying off your phone normally by an extra handset charge each month. 

That phone is yours. 

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Honoured Contributor
Honoured Contributor

Re: Phone Contract Ending What Happens? help

From Optus:

 

Your options at the end of the lease:

  • Return the phone to Optus in good working order . If it's damaged, a damage fee will apply 
  • Make an offer to buy the phone at fair market value
  • Continue your lease for up to two more months

So essentially you either buy the phone (at a price Optus will tell you) - could be a good price or not, you decide

or you hand the phone back at a store. If the screen needs replacing it will be ~$300. If its really busted ~$600

 

 

You also have the option to renew the lease I believe. Still have to hand the undamed phone back but you just select a new phone and the plan is renewed for another 24 months (if the new phone is better then your monthly payments might bump up a bit)

 

FWIW you are paying for the phone. You just don't get to keep it. Different things

 

You could have been on an identical non lease plan for this time. You miss out on the $240 discount Optus give to a lease plan but if you were on a non lease plan you would soon own your $1000 phone out right and be able to sell it on eBay or give it to a friend or just keep it and get a SIM only plan that costs less than $40 a month for 50+Gb. IMO take the hit and ditch the lease and get a great Optus own your own phone plan. 

 

Peter Gillespie

New Contributor
New Contributor

Re: Phone Contract Ending What Happens? help

But don’t I have to pay a fee if I ditch the LEASE plan? And how would I go about doing so?

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Honoured Contributor
Honoured Contributor

Re: Phone Contract Ending What Happens? help

Depends when you want to ditch the lease plan. The lease will be for two years. When that time is up you can push it an extra two months if you want but essentially at that point you either hand the phone back (at a store) or buy the phone for Optus (at a price they will tell you then). At 24 months there is no other penalty for leaving though.

 

If you want to exit before then then fees and charges will apply. You need to contact LIVECHAT here online and ask for the payout figure at what ever time you choose. From your post though you seem to want to wait until the 24 months is up?

 

Peter Gillespie

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New Contributor
New Contributor

Re: Phone Contract Ending What Happens? help

Yeah I’m wanting to look at a plan where I own the phone after 24 months when my current plan is done next year... I’m paying $100 per month is there an ideal plans to look at for next year?

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Honoured Contributor
Honoured Contributor

Re: Phone Contract Ending What Happens? help

How many months do you have to go?

 

IMO currently Optus are selling very good value plans to lock in customers while they rollout 5G (likely to be almost usable in 2020). 5G will change things a bit so looking at plans today is not very useful. Note that 5G phones are likely to be a bad purchase over the next couple of years (compared with the 4G variant):

 

1) They will be bigger as they need to fit more electroni

2) They won't be much faster than current 4G phones

3) Limited towers (reception) still as you move around

4) Otherwise identical 5G phones will be $300 more than 4G equivilents.

5) 5G has problems penetrating buildings etc. 

 

But that's not really your issue right now (but just some thoughts on 5G for you next year)

 

If you like your current phone (and its presumably close to being the latest flagship model) then it might be best to buy it from Optus. After two years, prices will have dropped a fair bit and it might be a good buy. As you then own your own mobile you can chose an Optus SIM only plan which is a lot less each month than a plan that includes a "free" phone for obvious reasons.

 

At this stage I'd suggest you sit back, enjoy the phone and wait til you hit month 24

 

Peter Gillespie

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