If you have a decent computer with the necessary hookups and some patience, you could do quite well with a Presonus Inspire or similar interface. My band just rerecorded a number of our songs using mine. My dad bought it a long time ago and it has never been used. I got it running on my laptop and simply used the included copy of Cubase to do the recording.
They are about $200 new and can be found on eBay for less. It's nice to be able to record two tracks at once but we ended up doing one at a time. The quality is a huge improvement from my guitarist's Tascam Portastudio DP-01 that carries a price tag of about $400 or $500.
Having patience was critical. I had to plug the device into my notebook's 4 pin Firewire port. It would frequently pop out. If you don't have a computer that has a 6 pin Firewire connection you may be better off with a USB interface like what M-Audio makes. I have never used one but my drummer has one and the quality seems to be quite good. An advantage of the 6 pin Firewire is that it can power the box, eliminating the need for the power supply. It's always nice to save space on the desk.
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Oops. I made the same mistake as Kipaste. I didn't see that you are from Australia. I don't know if any of these products are available over there. Sorry.

Here are a couple of links for your consideration.
Presonus Inspire - Musician's Friend (new, used, refurbished) M-Audio MobilePre USB interface
Between the two I would almost choose the M-Audio. I have to stress that I have not heard the quality of the M-Audio but the convenience of USB is a pretty good reason to consider it, in my opinion.
Here are a couple of MP3s of a song of ours. The first recording is from the Tascam and the second is our new version done with the Presonus Inspire. The quality difference is noteworthy. Keep in mind that the lead guitarist is not in the new recording which may attribute to the improved sound.

We are also missing the bongos and the project is still in progress. There are some issues with levels but you should be able to get the general idea. The guitar was also recorded differently; we did a blend of the built in pickup with a mic placed between the boom hole and the 12th fret.
Quiet Point - I Wonder (Old Recording) - 2.2MB Quiet Point - I Wonder (New Recording) - 2.9MB
Good luck with your recordings. Hopefully I didn't misunderstand your needs. This is a nice way to get good recordings without spending a lot. It may be harder to do if you have older hardware in your computer but it's probably still doable.