An elderly man has shot an alleged home invader accused of stabbing both him and his wife in a horror early-morning incident.

Police will allege the 75-year-old man and 72-year-old woman were attacked by another man, 34, shortly after he broke into their home in Torrington, northern NSW, about 12.15am on Thursday.

The woman was allegedly stabbed in her chest while her husband was stabbed in the abdomen.

The elderly man then twice called police after the alleged home invader ran away.

But before officers and paramedics arrived, he’s alleged to have returned to the home where he was shot in the abdomen by the older man with a registered long arm.

Detective Superintendent Chris McKinnon said the older man’s feat was “quite impressive given the extent of the injuries he’s suffered”.

“He certainly did his best, obviously under very difficult circumstances, to defend himself and his partner,” McKinnon said.

The older couple were airlifted to Gold Coast Hospital in a critical condition.

Meanwhile, the younger man was treated for a gunshot wound and taken to Armidale Hospital under Police guard in a serious but stable condition.

He has since been charged with two counts of causing grievous bodily harm with intent to murder and will appear before Bail Division Court on Thursday.

Initial investigations suggest he is not known to the older couple.

McKinnon said the incident is “extremely rare” in such a rural community, but urged locals to make sure their homes are secured.

Detective Superintendent Chris McKinnon praised the man’s effort to retrieve his gun to protect both he and his partner.Detective Superintendent Chris McKinnon praised the man’s effort to retrieve his gun to protect both he and his partner. Credit: 7NEWS