They're not even officially out yet, but NBN's new 500Mbps plans are already making most other speed tiers look dumb

We're just two weeks shy of the latest NBN changes, which will introduce brand new speed upgrades for homes with FTTP or HFC connections. The new speed tiers — NBN 500, NBN 750 and NBN 2000 — will ramp up Aussie internet speeds to rival those of, well, the rest of the world.

While NBN 2000 will become the fastest tier available in Australia, claiming theoretical maximums of 2Gbps download speeds, there's one new tier I've got bets on becoming the most favoured in the country — and that's NBN 500.

The new 500Mbps tier is slightly different to that of NBN 2000, as it represents a 5x speed boost to the existing NBN 100 tier, instead of being something entirely new. According to NBN Co, the company anticipates that this tier will become Australia's most popular offering, beating out the current champion, NBN 50.

Right now, there are three early NBN 500 plans available from Exetel, SpinTel and Tangerine, with seriously competitive prices starting from AU$68.90p/m.

If the speed upgrade benefits aren't already obvious, they become crystal clear in a cost breakdown. The three plans average AU$84.62p/m or AU$1,015.44p/y. To put this in perspective with other plans, the current average pricing for the NBN 50 tier is AU$86.90p/m — a mere AU$2.28p/m more, but offering 10x less speed. Comparatively, the median cost for NBN 100 plans is AU$93.94p/m (or AU$1,127.28p/y), which is a considerable AU$9.32 extra — again, for less speeds.

When you dig into cost-per-megabit, the results are somewhat dizzying. If we take the average NBN 500 cost overall, it works out to be 16 cents per megabit. As for the inverse, the average NBN 50 plan costs AU$1.73 per megabit, and the average NBN 100 plan charges 94 cents per megabit.

So if you want to try some seriously fast speeds before the rest of Australia jumps on board on September 14, here's your sign.

Best NBN 500 plans right now

At Tom's Guide, we constantly monitor the best NBN plans so you can get the most out of your hard-earned cash. If you have the right NBN connection type to support 500Mbps (as mentioned, that’s an FTTP or HFC connection), there's no better time to switch to an NBN 500 plan. I've outlined the early adopters below, but if I had to recommend one above the rest, my top pick would be Exetel.

The telco relaunched in July, scrapping all but the One Plan (yes, that's the name), offering the mega 500Mbps speeds months before the rest. Not only that, it currently has the cheapest yearly price of AU$960, which is pretty damn astonishing for a brand-new supercharged speed tier.

best value nbn 500 plan

Exetel | AU$80p/m

Exetel's One plan advertises massive speeds of 500Mbps download and 40Mbps upload during typical evening hours. Although real-world speeds may still vary due to factors outside Exetel's control, such as the speed of the internet servers that send the content to end users. However, if you're a heavy internet user, gamer or streamer, Exetel's plan should offer plenty of download bandwidth and no interruptions.

Total minimum cost: AU$80 | Total yearly cost: AU$960

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Tangerine | AU$68.90p/m (for 6 months, then AU$88.90p/m)

Tangerine's Speedy Max plan advertises 700Mbps across all hours, and is by far the cheapest NBN 500 plan on offer right now. It cuts AU$20p/m off the first six months — that's AU$120 total — before the price increases, making it hard to beat. Like other high-speed plans, you'll need an FTTP or HFC connection to order this service. This plan is even cheaper than the telco's NBN 12 plan, and offers 42x the speeds!

It is worth mentioning that Tangerine's plan is currently configured to the NBN 1000 tier, meaning that it offers up to 700Mbps TES. However, this plan is set to change to the NBN 500 tier on September 16. So, if you sign up now, you'll score an extra 200Mbps to play with.

Total minimum cost: AU$68.90 | Total first year cost: AU$946.80 | Yearly cost after discount: AU$1,066.80

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SpinTel | AU$74p/m (for 6 months, then AU$84.95p/m)

SpinTel's plan will set you back AU$74p/m for the first 6 months, before increasing to AU$84.95p/m ongoing. This is a huge step for the telco, as it's even cheaper than its own NBN 100 plan, chopping AU$2 off per month.

With 500Mbps downloads and 42Mbps uploads, SpinTel's Home Turbo plan is ideal for lag-free gaming, streaming and remote work, supporting 4K video calls, downloading game patches and 4K viewing simultaneously. And like other high-speed plans, you'll need an FTTP or HFC connection to order this service.

Total minimum cost: AU$74 | Total first year cost: AU$953.70 | Yearly cost after discount: AU$1,019.40

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