Yeah that's right but some lenders are more punitive if you have other loans etc. Lots of lenders assess your other loans at a higher rate of say 8% as opposed to what you are actually paying which can kill your servicing stone-dead.
Trogdor - what do you consider 'cheaper money'? Can get fixed commercial rates for 1-3 years for low-6s these days even at 70-75% LVR. Variable mid-high 6s. That's pretty cheap in my book with no annual reviews etc.