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DUA is basically in house mortgage insurance. If your lvr is over 80% using dua lenders just simplifies things as the deal only needs to be approved by the lender, rather than the lender AND the insurer. DUA lenders include the big 4, suncorp, St George, AMP, Macq, ME, Bankwest...

If you want to sell quickly, using 80% means you're not wasting LMI so it makes sense to me, assuming you have enough cash/other equity available to fund the reno. If you want to hold, using around 88%ish with a lender who is good with cash out is also a good way to leverage early if you want...