Hi Leon
That sounds like an incredible amount for the repair. What exactly is wrong with the machine?
A third option is to hunt around for a similar machine second hand.
Are you doing some of the work yourself? If you are chasing up parts, don't forget that some Au machines are based on the Maytags so the parts may be available much cheaper. Wilkins Servis parts are still available, there is a place in Albury that regularly comes up when I do google searches on washing machine stuff, I can try to find it if you'd like. Also try Oz Spares, they are in Melbourne and have a bit of old stock. They are owned by Stokes which might be part of Electrolux now, I've lost track.
I believe that the older Simpsons are somehow based on Maytag technology too, either under license or a copy. I am thinking of the Simpson 144 and 244, or even better the Malleys Aquarius which was a deluxe version with more options and a recirculating lint filter.
Another option is a Hoover 520, 620 or 720. These are fantastic machines and parts are still available and not expensive. My fave is the 720 but depending on your preferences, if you like enamelled steel tub and lint filter, you might like to hunt up a 520. I think the Hoovers wash much better than the Simpsons. Don't go for a Hoover 820 or later though, they were cheapened up pretty badly by then. Ironically it was because of the takeover of Hoover Aus by Maytag, who wanted to keep the Hoover name as a cheapy and force quality buyers to a Maytag.
If you really love the Maytag then go for it, but I reckon you could get a great old machine for a lot less.
Chris.