Tips from the first Apple iPhone 5 owner

SYDNEY, AUSTRALIA: Apple Inc's iPhone 5 hit stores around the globe on Friday, giving the consumer giant a boost ahead of the crucial end-of-year holiday season.

The new phone - which was unveiled last week - went on sale first in Australia, where long lines formed for the opening of the California company's Sydney store at 8 a.m. local time (2200 GMT, Thursday). An estimated 600 people queued around the block from the Apple store in central Sydney and customers were limited to buying a maximum of two phones.

Also read: iPhone 5 to be costliest in India?

At the head of the queue was Todd Foot, who lined up with colleagues - all wearing clothing branded with their price comparison website logo - for three days. Staff from an online buyer and seller of used Apple products roamed the long lines offering free coffees.

Todd Foot, Publisher of MobilePhoneFinder.com.au, is the first iPhone 5 owner in the world, having camped outside the Apple store in Sydney since Tuesday.

Foot has the following top 3 tips for those planning on switching to an iPhone 5:

1. Outright or with a plan

If you have the cash it's cheaper to buy a phone outright and get a SIM card from some of the wholesale providers. Make sure to compare SIM only card providers as there is quite a bit of variance in their already hyper competitive offers. It's also important to remember that the iPhone 5 has a nano- SIM and so you will need to upgrade your SIM card to one of these smaller chips.

2. Compare plans and prices

Use a comparison website to compare plans and prices to save yourself money. Plans require either a 24 or 12 month commitment so it's best to compare before you buy and find the right plan to suit your needs.

3. Waitlists mean higher prices — a little patience will save you money

There are always benefits in waiting for your deal to go down in price after the first release. Generally mobile phone companies lower their handset costs over time and this will give you a better chance to get a cheaper deal.

(With inputs from Reuters)