We stayed first & second at Pine Trees, which is good but expensive - great for families with small children or older people - all meals included and good food, but you can book to eat here if not staying in house.
Then we stayed at the Leanda Lei apartments as they better suited independent travellers / family with teenagers - cheaper, no meals included, kitchens in apartments & BBQs to make you own meals. Closer to the shops, restaurants, wharf for boat trips etc.
Leanda Lei Apartments
There is also cheaper accommodation for backpackers that I might consider if I came back again - I still have yet to dive at Balls Pyramid - need calm seas to get out there...
Here are my trip advisor reviews of Lord Howe Island, they are a couple of years old so double check current reviews but things move slowly on the island so hopefully still valid...
SydneySkier in Lord Howe Island - TripAdvisor
If you have any other questions, shoot me a PM
Hope this helps.