Is there any alternative to reducing my mobile plan while still having 1 year to serve on a two year contract or would I have to pay it out? Does optus consider loyalty with this type of request?
Other than paying out the cost of the handset, there's really no other way to go about it.
Cancellation fees were removed from our plans a while back. You can cancel your plan at anytime, but you will need to payout the amount owing on the handset. We do allow customers to split the device payout over their next 3 bills (after cancelling, recontracting or changing your rate plan).