Upgrading iPhone 4 to iPhone 5?

I currently own an iPhone 4 on a $69 plan with Telstra which began in approximately June 2011. Obviously the date is now almost November 2012. I'm really keen to upgrade to the iPhone 5 and I was wondering if this is at all possible.

I've heard of people upgrading without having to wait the 24 months or whatever. Will I have to wait the rest of the time period or can I upgrade now?

Depends when your contract ends

Just wait, let the market catch up, then you don't have to buy everything apple made

With telstra, you have to wait until you are within 31 days of your contract end date (as of nov 1st) before you can re contract without having to pay any early termination fees.
if you recontract now. You will have to pay out the remaining MRO (mobile repayment option) on your contract which could be around 600-700 dollars.

Just wait it out, no rush, orders are backed up right now so wait it out and upgrade with a contract so they pick up most of the cost.

Also, you can recycle old phones on apple's site and they will give you store credit for doing that:
http://www.apple.com/...recycling/ Good way to get some money back.

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