Labour Only Schedule
Download the Labour Only Schedule here.
What is this document?
The Labour-Only Schedule is a detailed budgeting and disclosure form required for clients building a home under a “labour-only” contract. In this arrangement, the client directly manages the construction project and engages individual subcontractors to perform specific tasks, rather than using a full-service building company.
This form:
Breaks down the entire cost of the project,
Lists individual construction items and associated costs (materials and labour),
Identifies cash contributions, financing needs, and estimated timelines,
Requires supporting documentation (e.g. written quotes, consented plans).
It ensures lenders have a complete financial picture of the build, including contingencies, and that construction will follow consented plans and specifications.
When should advisers use this?
Use the Labour-Only Schedule when:
A client is applying for a construction loan under a labour-only building arrangement,
The client will hire and manage subcontractors (e.g. plumber, builder, electrician) directly,
The lender requests a detailed breakdown of expected build costs and funding requirements,
Supporting documentation is available: quotes, council-approved plans, etc.
It is particularly important where the bank needs to see cost certainty and confirm that project completion is viable and financed.
Key Components:
Page 1 – Summary Section:
Client and property details
Project timelines and experience
Land cost, fees, and total contribution breakdown
Final balance to be financed
Page 2 – Itemised Construction Costs:
Detailed line-by-line entries for every build component, including:
Foundations, framing, roofing, plumbing, electrical
Fixtures, fittings, joinery, landscaping, and contingencies
Subcontractor quotes must match listed items
Includes 15% contingency for cost overruns
Supporting Documents Required:
Written quotes for all major materials and labour
Council consented plans and specifications
Details of any amendments or conditions from the council
Notes for Advisers:
Ensure the client completes all sections, especially where costs are estimated.
All quotes must be in writing and submitted with the schedule.
Clarify with the lender whether they accept labour-only contracts, as not all fund them.
Recommend clients allow for realistic timeframes and contingency planning.
This document helps facilitate a smooth loan approval process for labour-only builds by presenting a comprehensive view of the project’s financial and logistical scope.