What is LVR and why does it matter for my mortgage?

“LVR stands for Loan-to-Value Ratio, the amount you're borrowing expressed as a percentage of the property's value. For example, borrowing $480,000 on a $600,000 property gives you an LVR of 80%. A deposit of at least 20% (80% LVR or lower) generally gives you access to the best rates and widest choice of lenders.”