Proposals to overhaul the first-time buyer scheme could be implemented before the next general election.
Tim Crookall was responding to questions in the House of Keys from Jason Moorhouse, who asked about progress on improvements to the purchase assistance scheme.
Public consultation on proposed changes concluded in January 2026, with the feedback now helping to shape final recommendations.
“The feedback from the consultation has been influential in the development of the final recommendations for change,” Mr Crookall told MHKs.
These recommendations are due to be considered by the Council of Ministers shortly, with the intention of bringing the amended scheme to Tynwald for approval in May.
Mr Crookall confirmed he hoped to see the scheme operational “before the next election”, but cautioned: “I have to take it to the Council of Ministers and then bring it forward to Tynwald as soon as possible.”
The minister outlined key improvements being proposed, including “resetting income threshold criteria, increasing predictability for new first-time buyers in relation to their loan interest payments, and improving the flexibility for buying out the government equity share where possible”.