Prices of an unlocked iPhone 5 are reported to be cheaper up to $100 in Australia through Kogan. Would you and should you buy one?

Apple unveiled its latest smartphone in San Francisco at the Yerba Buena Center for Arts, and has the entire tech world watching to see the next generation iPhone. Some of its amazing features are 4-inch screen display and new operating system, iOS 6, packed with various capabilities.

The new iPhone 5 is also equipped with the fast A6 chipset processor. According to Schiller, the chip is 22 percent smaller than the previous A5, available in the iPhone 4S, but is twice as fast and doubles the graphics performance of its predecessor.

The new device also let go of its prehistoric dock connector and replaced it with a smaller one to gives more space inside the smartphone. On top of that, Apple is promising strong battery life in the iPhone 5. The company claims it'll deliver 8 hours of 3G talk time and 8 hours of LTE browsing. On standby, the device will last 225 hours on a single charge, the company says.

One of the exciting news from Kogan claimed that the new iPhone 5 4G/LTE connectivity will work with Telstra and Optus frequency.

Kogan Australia offers unlocked iPhone for people who do not want to buy in contract handsets. The unlocked iPhone 5 prices that are already available in pre-orders are below:

iPhone 5 16GB - $649

iPhone 5 32GB - $749

iPhone 5 64GB - $849

Obviously with the hefty prices of the new smartphone, it is better and more economical to pay the in-contract prices offered by carriers, which start at just $199.

One important thing to remember is iPhone 5 uses an all new nano-SIM card. Thus, it will not be a matter of just cutting an existing sim and popping it in there to work on a different network. Because of the new nano-SIM requirement you will need to find a carrier that offers compatible sim cards.