Credits to JinTheGod for discovering this via the similar deal for Pixel 9 Pro XL here - https://www.ozbargain.com.au/node/866174
As confirmed in the previous JB Telstra cancellation deals , the cancellation cost would be $766.59 + $99 for the first month fee
Hence the total cost would be $766.59+$99+$2187-$1700 = $1352.59 for the 256GB Samsung Galaxy S24 Ultra
In addition to the above, JB is throwing in an extra $300 Bonus Giftcard for this sign up, bringing the cost down to $1052.59
Not bad if you're eyeing the S24U and don't mind exploiting the cancellation loophole.
EDIT: for those who are with Telstra, you might have an opportunity to bring the price lower by asking JB to price match Telstra store.
https://www.ozbargain.com.au/comment/15703584/redir
As quoted, by ShinyDiamond
"I spoke to Jbhifi Melbourne Central, they mentioned they can price match Telstra if I show then in store that I have an active Telstra account. Telstra 256gb is $1899 vs $2187 at jbhifi. They agreed to price match this price.
256gb price = $1899 - $1700 + $99 + $766 = $1064 and $300 gift card"
1-3weeks