It would be interesting to test their claims that the 'simulator' is CASA approved by rocking up for an I.R. renewal with your log book.
Tell them that you are already endorsed on the B737, so you only need testing by an ATO. Ask them to produce an ATO who can sign it off before parting with your money.
Does the simulator have a CASA approval number and is it on display, or at least available to view, before you spend your money?
Where is their flight school AOC? Soon they will require a CASR Part 142 approval. Who is their current CFI and who will be their Director of Training?
Watch them duck and weave.