UPDATE: EB Games have provided us with an official statement around the launch of their Swap ‘n’ Play service. They have confirmed that since the service has gone live, they have decided to drop the $50 and under preowned limit. Gamers can now trade and swap absolutely any game that is available (preowned).
They’ve also confirmed that customers need to sign up for two months (for $19.95) and can then continue on for $19.95 a month or cancel after that two month period.
Unfortunately at this point, EB Games have confirmed that it is only available to South Australia, but that they’re happy with the initial response from the community.