Hey K Dog. There's the caravan park right in the centre of town (near cafe/main strip). Not sure of the name though. Stayed there a few years ago but wasn't impressed with the toliet/shower block. Major plumbing problems. Apart from that it was ok. The camping area is straight across from the cafe/store and very close to front surf beach. 5 minute drive (give or take depending on how you drive) to the Pit.
Kurt, I have found www.promaccom.com.au very useful. It lets you compare the different options. Prices are fairly good if you have a few people sharing.
Sandy Point Cafe (ph 5684 1448) also has two bunk bed style rooms adjoining the cafe which are fairly cheap and have shared cooking and bathroom facilities.