iPhone 7 iPhone 7 plus price australia trade in
Phil Schiller, Senior Vice President of Worldwide Marketing at Apple Inc, discusses the iPhone 7 during an Apple media event in San Francisco, California, U.S. September 7, 2016. Reuters/Beck Diefenbach

Apple customers eyeing to upgrade to the iPhone 7 and iPhone 7 Plus models have an option to trade-up their old iOS smartphones to receive Apple Store gift card credit that could be used towards the purchase of a new handset.

Buying a new iPhone in Australia would cost customers between $1,079 to $1,569 depending on the model and the storage capacity. But according to Apple Store, owners of previous iPhone models can get up to $400 credit on Apple Store Gift Card, which can be used when purchasing a new iPhone.

Valuation of the old iPhones vary depending on the model and individual condition of the smartphone’s buttons, screen display and enclosure. However, the final credit amount will be subject to a quality verification by a third-party company Brighstar.

Trading up an iPhone 6 Plus, equipped with 16GB or 128 GB storage, would translate to a $400 Apple Store gift card credit provided the smartphone is in good working condition. Meanwhile, an old iPhone 6 would trade for a $350 credit regardless of the device's storage capacity.

An old iPhone 5S would exchange for a $150 Apple Store gift card credit but an old iPhone 5 would only give owners a $75 value. An old iPhone 4S could swap for a $35 credit while an old iPhone 4 could only trade for $25 gift card value.

Pre-order of iPhone 7 and iPhone 7 Plus models starts today across Australia but delivery of the iOS 10-run smartphones are expected on Sep. 16. Retail sale of the new generation of iPhones will kick off next Friday at Apple Stores and other telecom companies. (Read: iPhone 7, iPhone 7 Plus release date in Australia: Pre-order starts Friday, retail sale follows on Sep. 16)

The iPhone 7 and iPhone 7 Plus models come in five colour variants: Jet Black, Black, Silver, Gold and Rose Gold. Each handset comes with a headset that has a Lightning Port connector and a Lightning Port adapter with 3.5 millimetre headphone jack.

Buyers would need to shell out $1,079 for the 4.7-inch iPhone 7 model with 32GB storage, $1,229 for the 128GB model or $1,379 for the 256GB model. Meanwhile, those who opt to purchase the 5.5-inch iPhone 7 Plus would have to pay $1,269 for a 32GB model, $1,419 for the 128GB model or $1,569 for the 256GB model.

Running on iOS 10, the iPhone 7 and iPhone 7 models are Apple’s first water-resistant smartphones with enhanced camera and battery features.

WATCH: Apple introduces iPhone 7 [video]