I have already served a 2-yr contract with optus in relation to my home entertainment bundle paying a monthly bill of $105. Plus I have opted for knowledge pack ($6), Indian Hindi pack ($15) and then I pay for my netflix plan ($15 per month). With all of these my total payment reaches $136 per month which I feel is too much.
Now that I have already paid off my fetch box in two year period, should my bill not reduce or is there a way to get it done. Why I'm asking is because I see my friends getting away paying around $60-70 per month for the same services from another options available in the market. Should I simply switch to those or is it something I'm missing onto which I cud get fixed without looking forward to cancelling my account?
With Optus you never own the fetch box, you rent/lease it (so has to go back to Optus if you leave)
As your out of your 2 year contract yourr free to choose another plan, you will remain on your plan you are on until you either move yourself to a new one or Optus withdraws that plan.
As mentioned by @Paddylee you don't/can't own the Fetch box (Optus don't make this sufficiently clear). As an option you can buy a Fetch box outright from say jbhifi. That one you own and you can buy the same packs directly from Fetch. You lose any Optus bonus (like a free pack) but the cost is set.
Hindi Channels and Netflix cost $15 each so that's seperate from Optus. I'm pretty sure your friends are not getting what you are getting for $60. There may be things you don't use (like unlimited data, free sports, nat geo, free netflix streaming etc.) but you need to look at you package as a whole and there may be better deals suited to your needs.
Are you on the NBN yet?
As an option, grab a mighty box as above for $270 and add in your packs and Netflix. That's a seperate cost from any ISP deal you want. Now look to an internet plan that covers the rest of your needs / budget. As you are month to month you are a free agent.