TWO people have been critically injured after being stabbed in a suspected home invasion near Tenterfield early today.

The alleged assailant was allegedly shot by one of the injured residents when an attempt was made to re-enter the home a second time.

Emergency services were called to a rural property in Torrington, 65 kilometres south-west of Tenterfield, at about 12.15am, following reports of a home invasion

Police have been told a 75-year-old man and 72-year-old woman were home at the time when a 34-year-old man entered the premises and allegedly stabbed both with a knife.

The woman collapsed with a chest wound while her husband was slashed across his abdomen, before the man went outside onto the verandah.

The homeowner called Triple Zero seeking urgent assistance and police from Tenterfield and Glen Innes and NSW Ambulance paramedics were immediately despatched.

However, before police arrived, the younger man attempted to get back into the house and was allegedly shot by the resident.

The couple were treated at the scene by NSW Ambulance paramedics for serious injuries, before being airlifted to Gold Coast Hospital in a critical condition.

The younger man was treated at the scene by NSW Ambulance paramedics for a gunshot wound and is being taken by road ambulance to Armidale Hospital under police guard.

He is reported to be in a serious but stable condition.

A crime scene has been established by officers attached to New England Police District and an investigation into the incident has commenced

Inquiries so far indicate the younger man is not known to the couple.

Anyone with information about this incident is urged to contact Crime Stoppers: 1800 333 000 or https://nsw.crimestoppers.com.au

Information is managed on a confidential basis. The public is reminded not to report information via NSW Police social media pages.